United nets $520m in magazines sale $520m

Lord Hollick's United News & Media pressed on with its restructuring programme yesterday with the sale of US consumer magazine business, UAP, for $520m (£336m) in cash to Trader Publishing.

Bernard Gray, director of strategy for United, said: "The sale of UAP is another milestone in the development of United as a focused media company."

United still plans to sell the continental European operations and some of its Miller Freeman interests in the US. Yesterday's sale involved free distribution titles such as Apartments for Rent.

It raises disposal proceeds to $840m since United began to streamline its operations in the wake of agreeing to merge with Carlton Communications in December. The merger is on hold pending regulatory approval approvals due in July.

United shares closed up 16.5p at 769.5p.