OTHER NEWS - May 16, 1995

Encyclopaedia Britannica Put on Block: The oldest continually published English-language encyclopedia has hired New York investment firm Lazard Freres & Co. to find a buyer and could fetch up to $500 million, the New York Times reports in today’s editions, citing executives familiar with the plans. The Chicago-based company has limped through three years of losses and dwindling sales, the newspaper says. The privately held company does not publicly report its profit or losses. Executives at 226-year-old Encyclopaedia Britannica announced last month that the company needed cash and was considering outside investors or a sale. One executive with knowledge of the plan said the preference is for a sale, the newspaper reports. Potential buyers include Viacom’s Simon & Schuster, K-III Communications and Microsoft, according to the report.