Time Warner to Sell Book Unit

Time Warner Inc. is selling its book publishing division to the French conglomerate Lagardere for $537.5 million, the companies said Monday.

Time Warner Book Group is the fifth-largest U.S. book publisher, with a stable of writers that includes Nelson DeMille and James Patterson. Its major imprints include Warner Books and Little, Brown.

The deal would make Lagardere’s book-publishing unit the third-largest worldwide. The companies said the purchase was part of Lagardere’s strategy of building a portfolio of book publishing in French, English and Spanish.

In addition to publishing books, Lagardere owns Hachette Filipacchi Medias, which publishes magazines including Elle, Premiere and Car & Driver.

Time Warner, the world’s biggest media company, has been trimming its diverse portfolio in recent years.

Shares of New York-based Time Warner rose 17 cents to $18.57 on Monday.