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Madame Tussaud's sold
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October 19, 1998: 7:08 a.m. ET
The $600 million price tag is no dummy, say analysts
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LONDON (CNNfn) - Ownership of one of London's most famous tourist attractions changed hands Monday.
Media conglomerate Pearson announced the sale of Tussauds Group, owner of the famous Madame Tussaud's Waxworks, to a venture capital group, Charterhouse Development Capital, for £352 million ($600 million).
Tussauds Group also controls Alton Towers, the UK's largest theme park, as well as a number of other tourist attractions
Pearson announced its intention to sell the group in June.
"It's not a bad price," conceded Anthony de Larrinaga, media analyst at broker Panmure Gordon, "given the current market conditions and falling expectations of U.K. consumer demand."
Some analysts had expected proceeds of £430 million from the deal.
Pearson will use the cash to pay down debt.
Pearson stock slid 2 percent Monday, although brokers said this was more to do with fears that its acquisition of publisher Simon & Schuster might be running into problems.
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