Times Mirror May Sell Two Units

Times Mirror Co. said it has commenced a comprehensive review of the strategic position of and alternatives for its legal publisher, Matthew Bender & Co., and medical professional publisher, Mosby Inc. Times Mirror, Los Angeles-based parent of The Times, said it will evaluate a variety of alternatives, including a sale, a spinoff to shareholders and swaps for other strategic assets. The company said it does not expect a definitive announcement of the results of its review before next spring. “The quickening pace of consolidations in these industries and our normal strategic review process led to this broader-scale review,” said Mark H. Willes, Times Mirror chairman, president and chief executive officer and publisher of The Times. Matthew Bender and Mosby both rank third in their respective fields, Willes said. Times Mirror shares gained $2.50 to close at a record high of $60 following the announcement.