Britain's UBM is exploring the sale of PR Newswire, a deal that could fetch more than $700M, according to a Reuters report.

Confidential discussions have been held with potential suitors, including private equity firms that have been active in snapping up marketing and PR services outfits.

UBM declined comment about selling PRN, which is considered a non-core business of the second biggest organizer of trade events.

In 2014, UBM introduced its three-to-five year "Events First" strategy to enhance its market position. It also shelled out nearly $1B to acquire trade show organizer Advanstar Communications.

UBM, on April 24, said Q1 financial performance was "in line with expectations and on track for the full year." There was growth in large shows and marketplace events performed well, while PRN performed "satisfactorily."

PRN, which distributes content to more than 200,000 "media points" and 10K websites, chalked up $302M in 2014 revenues, which were down three percent from the year ago period. Operating profit slipped 1.8 percent to $69M.