Last year, the unit had revenue of $1.76 billion with an adjusted operating profit of $233 million. Most of the revenue came from advertising, and in a statement, Reed said it was seeking to reduce its exposure “to advertising markets and cyclicality.”

The UK paperback adult fiction market is down 5.8% in the year to date, however Harlequin M&B is up 6.4% with the M&B imprint and Mira imprint reporting rises of 29.4% and 22.7% respectively.