Times Mirror to Sell Art Book Unit Harry N. Abrams

Times Mirror Co. said Wednesday that it wants to sell its Harry N. Abrams book publishing unit as part of an ongoing effort to return the Los Angeles-based news and information company to its fundamental operations.

Times Mirror discontinued most of its trade book publishing in the 1980s, and last year “clarified our strategy as an information company focusing on newspapers, professional information and magazines,” said Mark H. Willes, chairman, chief executive officer and president of Times Mirror, which publishes the Los Angeles Times, Newsday, the Baltimore Sun and other newspapers.

“As a result, we have concluded that Abrams would benefit from an association with a more compatible parent company, and we will now seek a more appropriate home for Abrams in which it can grow and prosper in the future,” Willes said.

Harry N. Abrams Inc. is the nation’s largest publisher of art and illustrated books, with projected revenue this year of $47 million. Times Mirror bought the company, which currently is profitable, in 1966. Abrams is based in New York and has 150 employees.

Times Mirror has received “expressions of interest” in Abrams in the past but has no specific offer now, a Times Mirror spokeswoman said. The company hopes to announce an agreement by the end of the year, she said.

Times Mirror also owns companies that publish professional information for the legal, aviation, medical and training markets, and magazines such as Field & Stream.

“It’s part of the ongoing saga at Times Mirror to downsize before they upsize, I guess,” said Edward J. Atorino, a media analyst at the Oppenheimer & Co. investment firm.

It’s difficult to determine what price Abrams would command, Atorino said, estimating “maybe $100 million.”

“Abrams is such a specialized publisher. It could be a cachet kind of purchase for certain interested parties, but for others it might not be their cup of tea,” Atorino said. “It’s sort of like selling a piece of art.”

Times Mirror’s stock rose 12.5 cents to close at $44.125 on the New York Stock Exchange.

The plan to sell Abrams is part of a strategy announced in mid-1995 when Times Mirror began a sweeping cost-cutting campaign that included closing the New York edition of Newsday, the evening edition of the Baltimore Sun and certain sections of The Times.