When Reed Elsevier sold Harcourt Education to Barry Cunningham’s debt-driven publishing mashup (now operating as Education Media & Publishing Group) bankers forced them to take a small share in the company, valued at $300 million. But in yesterday’s earnings report, Reed disclosed that they have marked down the value of that stake in EMPG to 15 million euros. As the Independent notes, “Reed Elsevier’s valuation on its stake points to an overall equity valuation of ¬127m for EMPG, which has a debt mountain of over $7bn.” EMPG tells the newspaper that “across our group of shareholders, investors carry their investments […]
