Robert Maxwell, the new owner of New York's Daily News, will sell Pergamon Press, a major moneymaker among his British holdings, The New York Times reported Friday.

Maxwell began his publishing empire 40 years ago.The Maxwell Communication Corp. announced Thursday the sales of Pergamon in Oxford, England, to Elsevier, a Dutch publishing group, for about $770 million, the newspaper said.

The sale is expected to help reduce Maxwell's corporate debt, which the Times said is estimated at $1.7 billion because of recent Maxwell purchases, including the publishing firm Macmillan Inc.