United Business Media may sell its subsidiary PRNewswire to fund the expansion of its events business, Citigroup has speculated.
American financial service provider Citigroup told The Guardian that although UBM has not said it wanted to sell the business, PRNewswire could be worth £380m which could go towards further acquisitions in its events division.
Citigroup upgraded UBM from ‘sell’ to ‘hold’, although its share price is down due to a falling market.
Last month Reed Exhibitions chairman Mike Rusbridge dismissed speculation of plans to sell its exhibitions division.
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