Maxwell Communication Corporation
Maxwell Communication Corporation was a British media and publishing conglomerate that collapsed in 1991 after the death of its controlling owner, Robert Maxwell.
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Overview
Maxwell Communication Corporation was a major British media and publishing business that developed from the British Printing Corporation, a company created in 1964 through the merger of Hazell Sun and Purnell & Sons. Purnell & Sons also owned the book publisher Macdonald, giving the newly formed group an early connection to both commercial printing and publishing. During the 1960s, the company expanded its magazine interests through a merger with Haymarket Group, while its printing operations remained an important part of the business. The group experienced substantial industrial and organizational turbulence during the 1970s. Relations with trade unions became a recurring issue, and a dispute in 1978 contributed to the non-publication of The Times and The Sunday Times for approximately ten months. The episode illustrated the operational and labor-relations risks associated with running a large British printing and newspaper infrastructure at the time. Robert Maxwell took control through an aggressive acquisition campaign. In July 1981 he launched a dawn raid that gave him a 29 percent stake in the company. He obtained full control the following year and began reshaping the group around a broader communications and media strategy. The company was renamed British Printing & Communications Corporation in March 1982 and adopted the name Maxwell Communication Corporation in October 1987. These changes reflected the movement away from a narrowly defined printing identity toward a diversified international media and information business. The most significant expansion came in the United States. In 1988 Maxwell Communication Corporation acquired Macmillan Inc., a large publisher with substantial educational, professional, and trade publishing interests. The group also acquired Science Research Associates and the Official Airline Guide later that year. These transactions increased its exposure to educational information, reference products, and specialized business data. Science Research Associates was subsequently placed in a joint venture involving Macmillan and McGraw Hill, and that business was sold in 1989. The corporation's growth was closely tied to Robert Maxwell's personal control and the financing structure of the wider Maxwell group. Following his death in 1991, the company entered administration. Its assets and operating businesses were subsequently divided among other media and information companies. Time Warner, then the parent of Little, Brown and Company, acquired Macdonald; McGraw Hill acquired the portion of the Macmillan/McGraw Hill business that it did not already own; Reed Elsevier acquired the Official Airline Guide; and Macmillan was ultimately folded into Simon & Schuster. The collapse also generated extensive legal and regulatory consequences. In 1999, British courts found that Coopers & Lybrand had committed gross errors in auditing Maxwell group companies and imposed a record fine of £3.3 million at the time. Maxwell Communication Corporation is therefore remembered both for its rapid transformation into an international publishing conglomerate and for the corporate failure that followed the death of its dominant owner.
History
Maxwell Communication Corporation originated in 1964 as the British Printing Corporation, formed by the merger of Hazell Sun and Purnell & Sons. Purnell & Sons also owned Macdonald, giving the new organization a publishing component alongside its printing operations. In 1967, the company's magazine interests were merged into Haymarket Group. The business operated in a period when British newspapers and magazines depended heavily on large-scale printing infrastructure, and its industrial relations became increasingly difficult during the 1970s. A major dispute in 1978 contributed to The Times and The Sunday Times not being published for ten months. Robert Maxwell transformed the company after acquiring a 29 percent interest through a dawn raid in July 1981. He gained full control in 1982 and changed the name to British Printing & Communications Corporation in March of that year. In October 1987, the company became Maxwell Communication Corporation, a name intended to reflect its increasingly broad communications and publishing activities. The group pursued an ambitious international acquisition strategy. Its most important transaction was the 1988 purchase of Macmillan Inc. in the United States. Maxwell Communication Corporation also acquired Science Research Associates and the Official Airline Guide during 1988. These businesses gave the group exposure to educational publishing, professional information, reference content, and airline data. Science Research Associates was sold in 1989 to a joint venture involving Macmillan and McGraw Hill. The corporation's expansion was dependent on the wider Maxwell group and remained strongly associated with Robert Maxwell's personal leadership. His death in 1991 was followed by the company's entry into administration. The resulting breakup transferred its assets to several other media and information companies. Time Warner, then the parent company of Little, Brown and Company, acquired Macdonald. McGraw Hill acquired the part of the Macmillan/McGraw Hill operation that it did not already own, Reed Elsevier acquired the Official Airline Guide, and Macmillan was later incorporated into Simon & Schuster. The collapse produced significant legal consequences beyond the disposition of the operating assets. In 1999, British courts concluded that Coopers & Lybrand had made gross errors while auditing companies in the Maxwell group and imposed a £3.3 million fine. The corporation's history is consequently associated with two contrasting developments: the rapid creation of a multinational publishing and information portfolio, and the vulnerability of a highly leveraged, owner-dominated conglomerate after the loss of its central controlling figure.
- 1999
Audit ruling against Coopers & Lybrand
[1]A British court found gross audit errors involving Maxwell group companies and imposed a £3.3 million fine.
- 1991
Administration and breakup
[1]The company entered administration following Robert Maxwell's death, and its assets were sold to multiple buyers.
- 1988
Macmillan Inc. acquired
[1]The acquisition significantly enlarged the company's United States publishing presence.
- 1988
SRA and Official Airline Guide acquired
[1]The group expanded into educational and specialized travel information.
- 1987
Renamed Maxwell Communication Corporation
[1]The group adopted the name by which it became internationally known.
- 1982
Renamed British Printing & Communications Corporation
[1]After securing full control, Robert Maxwell renamed the company.
- 1981
Robert Maxwell acquires a 29 percent stake
[1]Maxwell's dawn raid established his controlling position in the company.
- 1978
Printing dispute disrupts national newspapers
[1]A labor dispute contributed to The Times and The Sunday Times remaining unpublished for approximately ten months.
- 1967
Magazine interests merged into Haymarket Group
[1]The company's magazines were combined with Haymarket Group.
- 1964
British Printing Corporation formed
[1]Hazell Sun merged with Purnell & Sons to create the British Printing Corporation.
Products and positioning
A vertically and internationally diversified media, publishing, printing, and information group. Under Robert Maxwell, the company positioned itself as a broad communications conglomerate rather than solely as a British printer.
Book publishing · 1988
Macmillan publishing
Macmillan was the group's principal international publishing asset after the 1988 acquisition of Macmillan Inc. It gave Maxwell Communication Corporation a substantial position in United States publishing and broadened the group beyond British printing and newspaper-related activities.
Book publishing
Macdonald
Macdonald was a book publisher associated with Purnell & Sons before the creation of the British Printing Corporation. Following the Maxwell group's collapse, it was acquired by Time Warner, then the parent of Little, Brown and Company.
Educational publishing · 1988
Science Research Associates
Science Research Associates was an educational publishing and instructional-materials business acquired by Maxwell Communication Corporation in 1988. It was subsequently sold in 1989 to a joint venture involving Macmillan and McGraw Hill.
Travel information · 1988
Official Airline Guide
The Official Airline Guide was a specialized airline and travel information service acquired by the Maxwell group in 1988. It was later sold to Reed Elsevier after the corporation entered administration.
Printing and magazines · 1964
Commercial printing and magazine operations
The company's original activities centered on commercial printing and magazine publishing. These operations formed the industrial base from which the wider communications and publishing conglomerate developed.
Controversies
Brand decisions
1988
Acquire Macmillan Inc.M&ABackground
Maxwell Communication Corporation pursued international growth through acquisitions.
Action taken
The group acquired the large United States publisher Macmillan Inc.
Aftermath
The transaction expanded the group's international publishing portfolio, although the business was later transferred during the post-1991 breakup.
1988
Acquire Science Research Associates and Official Airline GuideM&ABackground
The corporation was broadening into educational and specialized information businesses.
Action taken
It acquired Science Research Associates and the Official Airline Guide.
Aftermath
Science Research Associates was sold in 1989, while the Official Airline Guide was later acquired by Reed Elsevier.
1987
Adopt the Maxwell Communication Corporation nameStrategyBackground
The group's operations had expanded beyond its original printing identity.
Action taken
The company changed its name to Maxwell Communication Corporation.
Aftermath
The new name accompanied the group's development as an international media and information conglomerate.
1982
Rename the company after Robert Maxwell takes controlStrategyBackground
Robert Maxwell obtained full control after acquiring a major stake in 1981.
Action taken
The British Printing Corporation was renamed British Printing & Communications Corporation.
Aftermath
The renaming marked the beginning of a broader communications-oriented identity.
Sources1 sources
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