Encyclopaedia Britannica, looking for an outside investor or buyer since the spring, said Monday it will be acquired by Swiss-based investor Jacob E. Safra, nephew of noted investment banker Edmond J. Safra.
Analysts said Britannica had been hurt by falling sales and a late start with a CD-ROM product.Financial terms weren't disclosed.
Joseph J. Esposito, chairman and president of Britannica, said the sale would allow the company to "intensify its focus and efforts in extending the vast editorial wealth of the Britannica, as well as in strengthening our leadership on the World Wide Web."
Jacob Safra said in a statement distributed by Britannica that the encyclopedia represents "the crown jewel of accumulated knowledge."
One of the best-known English-language encyclopedias, the Britannica was founded in Edinburgh, Scotland, 227 years ago.