Thomson Reuters expects to complete sale of $3bn-valued intellectual property and science units this year
Thomson Reuters expects to sell off its intellectual property and science units, which have been valued at around $3bn (£2.1bn), this year.
The US media company said in its first quarter report, released today, that a sale process has been launched and a deal is due to complete in the second half of 2016.
The figures
Thomson Reuters reported a one per cent revenue fall in the first quarter to $2.8bn.
Read more: Cinven is considering a bid for part of Thomson Reuters
Its earnings before interest, taxation, depreciation and amortisation (Ebitda) were up two per cent to $748m.
And its underlying operating profit was $498m, up eight per cent year-on-year.
Thomson Reuters' adjusted earnings per share (EPS) were $0.48, up 23 per cent, or $0.09.
Why it's interesting
Private equity group Cinven and others have been linked with bids for the intellectual property and science units of Thomson Reuters.
The divisions – which reported revenues of $1bn last year and an operating profit of $221m – have been valued at around $3bn by analysts.
Cinven already owns intellectual property firm CPA Global, and sources told City PM in March that a bid for the Thomson Reuters intellectual property arm on its own would "make sense".
Thomson Reuters has declined to provide further details on the sale.
What the company said
President and chief executive Jim Smith:
The year is off to a solid start… Today’s results are in line with our expectations and it is encouraging to see the continued positive trajectory of our business, despite a somewhat volatile and challenging period in external markets during the first quarter.