Maxwell to sell part of Family-Owned Firm:...
From Times Staff and Wire Reports
Maxwell to sell part of Family-Owned Firm: Robert Maxwell, the British publisher who took over the New York Daily News last month, said he plans to sell almost half of his family-owned Mirror Group Newspapers to pay off debt. The Mirror said that between 45% and 49% of the firm would be sold in a public stock offering next month. The deal is expected to value the whole group, privately owned by Maxwell and his family, at $900 million (about 500 million pounds). Maxwell, who is quitting as chief executive of the firm in July, has yet to put a price on the shares of Mirror Group, which has nine newspapers in Britain.
