Times Mirror, Reed-Elsevier Complete Deal

Times Mirror Co. and Anglo-Dutch publishing group Reed-Elsevier announced the completion of their joint venture to own Shepard’s, the nation’s premier legal citation service. Times Mirror had announced in July that it would contribute Shepard’s to a new 50-50 partnership with Reed Elsevier upon completion of the sale of Times Mirror’s higher education group to McGraw-Hill Cos. in exchange for Shepard’s and other consideration. As a result of this transaction, Times Mirror legal publisher Matthew Bender, Shepard’s and Reed-Elsevier online service Lexis-Nexis “are much better positioned to compete in the legal marketplace and pursue new joint opportunities for growth,” said Mark H. Willes, chairman and chief executive of Times Mirror, parent of The Times. Times Mirror stock rose 62.5 cents to $52.375 on the NYSE.