Kevin Gruneich, a publishing analyst at the First Boston Corporation, said the deal would not stop a takeover attempt.

J. Kendrick Noble, a longtime publishing analyst who heads his own consulting firm, is also optimistic.

Ivan Obolensky, a publishing analyst for Sterling Grace & Company, said the $65 price was a bargain.

In recent months several other trade publications, including Broadcasting, Billboard and Variety, have been sold at what publishing analysts consider very high prices.

Douglas M. Arthur, a publishing analyst at Morgan Stanley, agreed.

Their circulations may be small, but the relative success of King and the others has not come as a surprise to some publishing analysts.

"It is stunning how dull the ad revenues have been," said Douglas Arthur, a publishing analyst at Morgan Stanley.

Bill Lofquist, a publishing analyst at the Commerce Department, said he expected industry sales to rise to $15.9 billion this year.

Bill Lofquist, a publishing analyst at the Commerce Department, said the increase in paperback sales was mainly a result of higher prices.

One publishing analyst noted that the second quarter is not as important for Macmillan as the third quarter because "that is when schools buy books."