CMGI Completes Purchase of 5% Stake in PRIMEDIA; Investment Begins Important Growth Initiatives in B2B and B2C Verticals.Business Editors & Entertainment/High Tech Writers NEW YORK New York, state, United States 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 ANDOVER, Mass.--(BUSINESS WIRE)--June 6, 2000 PRIMEDIA Inc.(NYSE NYSE See: New York Stock Exchange :PRM PRM Partner Relationship Management PRM Parameter PRM Bureau of Population, Refugees and Migration (US State Department) PRM Partidul Romania Mare (Romania Mare Party) PRM Professional Risk Manager ) and CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMGI) have completed a previously announced transaction in which CMGI acquired an approximate 5 percent stake in PRIMEDIA in exchange for 1.53 million shares of CMGI stock. The companies have also formed a strategic alliance designed to enable faster growth of PRIMEDIA's 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 and B2C (Business to Consumer) Refers to a business communicating with or selling to an individual rather than a company. See B2B. online communities and marketplaces. The companies expect to create joint ventures in key verticals in the B2B and B2C spaces. In addition to completing the initial share exchange, the new online companies, to be jointly created and funded by CMGI and PRIMEDIA, are expected to include participation from CMGI @Ventures, CMGI's affiliated venture capital arm, and vertical-specific content and intellectual property investments from PRIMEDIA. In addition, it is intended that each vertical venture will access and leverage the growing stable of CMGI-related products and services including companies such as MyWay.com, Engage, 1stUp.com, and NaviSite to help drive traffic, fuel monetization and provide access and hosting capabilities. CMGI and PRIMEDIA are also jointly identifying key vertical areas, spanning both business-to-consumer (B2C) and business-to-business (B2B) categories, such as agribusiness, digital entertainment, electrical/construction and telecommunications, for these new companies. The B2B ventures will cover vertical online communities being developed by PRIMEDIA's IndustryClick, the company's B2B portal. PRIMEDIA Inc. is a targeted media company, reaching consumer and business-to-business audiences through print, Internet, live events, video and radio. Some key consumer brands include Seventeen, New York, Chicago, Fly Fisherman one who fishes using natural or artificial flies as bait, especially one who fishes exclusively in that manner. - Walton. See also: Fly , Channel One Network, Horticulture, Modern Bride and American Baby and some key business-to-business brands include IntelliChoice, Telephony, Ward's, PROMO, SIMBA and American Demographics. Some of its more than 200 Internet sites include Seventeen.com, Mediacentral.com, Apartmentguide.com and Modernbride.com. For further information about PRIMEDIA Inc., visit the company's Web site at www.primediainc. This release contains certain forward-looking statements concerning operations, economic performance and financial condition of CMGI and PRIMEDIA. These statements are based upon a number of assumptions and estimates which are inherently subject to uncertainties and contingencies, many of which are beyond the control of such companies, and reflect future business decisions which are subject to change. Some of these assumptions may not materialize, and unanticipated events will occur which can affect such companies' results. |
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