AOL Drops Sale of Books Division

AOL Time Warner Inc. said it has scrapped plans to sell its book publishing division after months of seeking a buyer and failing to find an attractive bid.

A sale of the books division, which includes Little, Brown & Co. and Warner Books, had been part of the company’s efforts to cut net debt from $26 billion last quarter to $20 billion by the end of 2004.

Shares of AOL fell 15 cents to $15.38 on the NYSE.

From Reuters