 | |
| Industry | Media |
|---|---|
| Founded | 1964 |
| Defunct | 1991 |
| Fate | Administration |
| Headquarters | London, UK |
Key people | Robert Maxwell (Chairman) |
Maxwell Communication Corporation plc was a leading British media business. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. It collapsed in 1991 following the death of its titular owner.
The company was established in 1964 when Hazell Sun merged with Purnell & Sons (which also owned book publisher Macdonald) to form the British Printing Corporation.[1] In 1967, the British Printing Corporation merged its magazines into Haymarket Group.[2] During the 1970s the British Printing Corporation was involved in many disputes with trade unions.[3] In 1978 such a dispute led to The Times and Sunday Times not being published for ten months.[3]
In July 1981, Robert Maxwell launched a dawn raid on the company, acquiring a stake of 29%; the following year he secured full control of it.[3] He changed the name of the company to British Printing & Communications Corporation in March 1982 and to Maxwell Communication Corporation in October 1987.
The company acquired Macmillan Inc., a large US publisher, in 1988.[4] It went on to buy Science Research Associates and the Official Airline Guide later that year.[5] SRA was sold to a joint venture of Maxwell's Macmillan and McGraw Hill the next year.[6]
The company went into administration in 1991 following the death of Robert Maxwell.[7] Its properties were sold to various media companies. Time Warner (then parent of Little, Brown and Company) acquired Macdonald.[8] McGraw Hill acquired that part of Macmillan/McGraw Hill it did not already own outright. OAG was acquired by Reed Elsevier,[9] while Macmillan was folded into Simon & Schuster.[10]
In 1999, British courts determined that Coopers & Lybrand had made gross errors during their audits of the Maxwell group of companies and fined Coopers & Lybrand a record £3.3 million.[11]