London-based media conglomerate United News & Media yesterday announced an agreement to sell its US consumer magazine business UAP for £340 million. The deal is the latest in a disposal programme begun when United announced plans to merge with Carlton Communications; it hikes UN&M’s recent disposals to above the £500 million mark

UAP, which posted 1999 sales of $300 million and pre-tax profits of $59 million, also operates a specialist online real estate advertising business. It is being sold to Trader Publishing of the USA.

Remaining disposals will focus on elements of UN&M’s business-to-business publishing and exhibitions operation Miller Freeman, leaving the subsidiary to focus on technology, medical publications and the pulp and paper industry.

Sourced from: The Times (UK)