Diageo to Sell Guinness Records

Beverage company Diageo has agreed to sell its Guinness World Records business for $63 million in cash, the company said Sunday.

The business, which compiles, accredits and publishes information on world records, would be bought by media company Gullane Entertainment.

Although London-based Diageo owns the Guinness brewing business, Gullane, based in Eastleigh, England, would acquire the name for use with the world records title, which has sold more than 80 million copies.

Created by the merger of Guinness and Grand Metropolitan in 1997, Diageo is the world leader in wines and spirits, with labels including Smirnoff, Johnnie Walker, Gordon’s and Baileys. Last year it linked up with Pernod Ricard of France to buy Seagram Co.’s wine and spirits business for $5 billion.

“The sale of Guinness World Records underlines our commitment to focus on our core business as the world’s leading premium drinks company,” said Nick Rose, Diageo’s group finance director. “We’re confident that Gullane will provide Guinness World Records with the right platform for its further development.”

The Guinness Book of Records was first published in 1955, when Sir Hugh Beaver commissioned twins Norris and Ross McWhirter to compile the first edition.

The book is now sold in more than 77 countries and in 38 languages. Guinness World Records has sales of just more than $32 million and profit of $8.4 million.

“Guinness World Records is an outstanding intellectual property which significantly enhances Gullane’s position as a family entertainment studio,” Gullane Chief Executive William Harris said.