ADVANSTAR CONFIRMS THAT IT IS EXPLORING OPTIONS; FORMS DEAL WITH B2B WORKS.Advanstar Communications (Cleveland, OH) parent and investment firm Hellman & Friedman (San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , CA) has hired investment bank Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) and Peter J. Solomon Co. (New York) to examine strategic alternatives, including alternatives related to a potential sale of Hellman & Friedman's equity interest in Advanstar. Advanstar chairman/ceo Robert Krakoff said that "in response to recent unsolicited approaches from several interested parties, the Advanstar Board of Directors now feels it is the right time to explore the marketplace." Krakoff noted that "both Advanstar's track record and its bright prospects for future growth create an attractive opportunity for a suitable buyer." Advanstar is the sixth largest U.S. b-to-b publishing company and the third largest U.S. trade exhibition company. The company publishes 103 magazines in the U.S., as well as related books and directories, and operates 101 expositions, including the Men's Apparel Guild in California (MAGIC) show, acquired in 1998 for $234 million. In a SEC filing, Advanstar reported net income of $78.5 million, before interest and one-time items, on revenue of $328 million. Hellman & Friedman partner John Pas-quesi said that "we are very pleased with the outstanding progress made in growing this business over the last four years[ldots]Advanstar has more than tripled operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. while building a world-class management team." Hellman & Freidman purchased Advanstar in 1996 for $237 million. In related news, Advanstar has entered into an partnership with B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business Works (Chicago, IL) to put all of its 79 Web sites on B2B's ad network. Advanstar receieves an equity interest in B2B Works while B2B becomes Advanstar's exclusive ad selling unit for out-sourced advertising on Advanstar Internet properties. Also, both International Data Group (Framingham, MA), through IDG IDG International Data Group IDG Integrated Drive Generator IDG Installation Design Guide IDG Internet Discussion Group IDG Inset Dielectric Guide IDG International Dangerous Goods (mail, shipping) Ventures, and Primedia (New York), through IndustryClick, have equity interests in B2B. B2B now supplies online advertising for more than 300 Web sites. |
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