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BNA Parent Absorbs IOMA, Kennedy E-mail
Written by The Progressive Accountant   
Tuesday, 19 April 2011 13:25

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BNA logoThe Bureau of National Affairs has purchased substantially all the assets of BNA Subsidiaries, a subsidiary whose product lines had been IOMA and Kennedy Information. BNA had placed the operation in Chapter 11 bankruptcy in September and a reorganization plan was confirmed by the bankruptcy court on March 22. The unit was to be renamed Kennedy Information. The sale of assets to BNA was made in consideration of its debtor-in-possession financing and intercompany claim.

BNA Subsidiaries was formed at the end of 2008 with the merger of the IOMA and Kennedy operations. Because of Kennedy's decline in revenue, BNA wrote off $17.8 million in impaired goodwill for the year ended December 31. Results for IOMA and Kennedy are reported as part of BNA's specialized business publishing segment. The company's 2010 annual report said that segment saw a 17.9-percent drop in revenue as income from conferences and non-subscription product sales decline. Timing of consulting contracts and research report release dates were also cited as factors.

IOMA's human resource and payroll product lines were integrated into the parent company's operations in that area in 2010. That effort involved the migration of six newsletters, a print reference service, 15 annual surveys/reports and 60 webinars. As a result of the migration, the Human Resources & Payroll Publishing Group staged its first-ever live event under the IOMA brand during the year.


The Progressive Accountant
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