The sale of UBM’s PR Newswire operation, which was announced at the end of last year, seems to be taking a long time. This is the last significant move in the restructuring of the old United Business Media, which will then get almost all its revenues from exhibitions and other events. The sale, initially expected in the first quarter was delayed by the involvement of US regulators. The Department of Justice has just filed a proposed settlement which allows the deal to go through, so it should complete in the next few weeks. This will trigger a share consolidation and a 55p a share special dividend, absorbing about half the $810 million of cash paid up front — there is another $31 million payable