UBM, an international event and conference organiser, has not commented on a Sunday Times story (13 September) that it is advancing plans to sell its PR Newswire division.
The newspaper claimed that UBM is aiming to receive £500m from the sale and had sent out documents to potential buyers and had appointed investment bank Evercore to handle the auction.
UBM makes the bulk of its profits from organising trade fairs and conferences internationally, including an annual jewellery fair in Hong Kong, and the Black Hat hackers convention in Las Vegas. It is thought that UBM boss Tim Cobbold could use some of the proceeds from any sale of PR Newswire to reduce the company’s debt.
UBM spent £600m on rival Advanstar in June and further acquisitions are likely.
If the sale goes through it will signal UBM’s intent to become the world’s biggest business events company and a further move away from print and broadcasting.