Time Inc. Buys Scott, Foresman

Associated Press

Time Inc. has agreed to acquire Scott, Foresman & Co., one of the nation's leading textbook publishers, from SFN Companies Inc. for $520 million in cash, the companies announced today.

SFN also said it has agreed to sell its South-Western Publishing Co., another educational publisher, to Toronto-based International Thomson Organisation Ltd. for $270 million in cash. SFN said the sales were motivated by the changes in the nation's tax laws scheduled to become effective Jan. 1. SFN said it intends to liquidate its remaining assets.

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