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P. M. Briefing : 2 Simon & Schuster Units Sold

From Times Wire Services

Paramount Communications Inc. announced today that it has completed the sale of two Simon & Schuster units to Macmillan Inc., a subsidiary of Maxwell Communication Corp. PLC.

The acquisition price was not disclosed but was reported to be $40 million.

The two units sold to Macmillan were Prentice Hall Information Services, which publishes loose-leaf-format research and information products, and Prentice Hall Information Network, which electronically delivers tax publications and professional tax research information.

Earlier this year, Paramount launched an unsuccessful $12.2-billion, or $200-a-share, hostile bid for Time Inc. in an effort to block Time’s merger with Warner Communications Inc.

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