Co-ownership agreement for Prism Business Media/Penton Media.MidOcean Partners (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 ), a private equity firm focused on the middle market, and Wasserstein & Co. (New York), have entered into an agreement for co-ownership of Prism Business Media (New York), upon completion of Prism's previously announced purchase of Penton Media Penton Media, Inc. (OTC: PTON.OB), founded in 1892, is a diversified business-to-business media company. Penton Media is a mass media corporation that publishes and produces over 40 magazines, 80 trade shows, and 47 web sites. . Under terms of the deal, MidOcean will acquire 50% ownership interest in the combined Prism/Penton entity from Wasserstein & Co. and its investment partners, Highfields Capital Management (Boston, MA) and Lexington Partners (New York). No terms of the deal were given. In early November, Wassserstein & Co. and its co-partners agreed to acquire Penton Media for a cash consideration of $194.2 million. The total value of the transaction, including the assumption of or repayment of debt, is $530 million, or 2.67 times Penton's 2005 revenue of $198.85 million. The deal is expected to close in the first half of 2007. Anup Bagaria, vice chairman of Wasserstein & Co. and Tyler Zachem, a managing director at MidOcean Partners, will serve as co-chairmen of the merged company. The new entity will retain the Penton Media name. Penton produces 50 magazines, more than 80 trade shows and conferences and a range of online media products, including 43 web sites, in four main divisions. The Industry division includes products for its Aviation, Design/Engineering, Economic Development, Government Compliance, Manufacturing, Mechanical Systems/Construction and Supply Chain units and publishes such titles as "Air Transport World," "Machine Design," "Expansion Management," "Government Product News; "American Machinist," "HPAC HPAC Hyde Park Art Center (Chicago) HPAC Heating/Piping/Air Conditioning HPAC Hazard Prediction and Assessment Capability HPAC High-Pressure Air Compressor HPAC Health Promotion Access Catalogue (UK) Engineering" and "Logistics Today." The Technology division covers the Business Technology, Digital Home, Electronics and Enterprise IT markets and publishes such titles as "Business Performance Management," "Electronic Design" and "SQL Server An earlier relational DBMS from Sybase and from Microsoft. Sybase introduced SQL Server in 1988 for various Unix versions. In that same year, with help from IBM, Sybase created an OS/2 version that Microsoft licensed and branded as Microsoft SQL Server. ." The Retail division covers the Bakery/C-Store, Foodservice and Leisure/Hospitality markets and produces "Baking baking: see cooking. baking Process of cooking by dry heat, especially in an oven. Baked products include bread, cookies, pies, and pastries. Management," "Food Management" and "Lodging Hospitality," while the Lifestyle division covers natural products and produces such titles as "Natural Foods Merchandiser" and "Nutrition Business Journal." For the first nine months of 2006, Penton had revenue of $144.1 million, a decrease of $4 million, or 3%, compared to the same 2005 period. The company had a net loss of $3 million compared with a net loss of $3.7 million in the first nine months of 2005. Online revenue in the period increased $4 million, or 30.4%, going from $13.1 million in 2005 to $17.1 million this year, while event revenue decreased $6.9 million, or 21.1%, to $25.8 million. Publishing revenue was down $1 million, or 1%. Adjusted for closed publications, publishing revenue was down $300,000, or 0.4%. While nine-month revenue for the Industry division increased $1.5 million, or 2.7%, to $58.8 million, revenue for the other three divisions declined. Revenues for the Technology division dropped $700,000, or 1.6%, to $42.2 million, while revenue for the Retail division declined $100,000 to $15.8 million. Revenue for the Lifestyle division fell $4.8 million, or 14.8%, to $27.3 million. Wasserstein purchased Prism, then Primedia Business Information (Overland Park Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , KS), from Primedia (New York) in early August 2005 for $385 million in cash. Prism serves 21 market sectors, including the Agribusiness agribusiness Agriculture operated by business; specifically, that part of a modern national economy devoted to the production, processing, and distribution of food and fibre products and byproducts. , Communications, Electrical & Public Services Public services is a term usually used to mean services provided by government to its citizens, either directly (through the public sector) or by financing private provision of services. , Entertainment, Marketing and Transportation markets through the production of 71 magazines, 130 web sites, 180 e-mail newsletters, 17 trade shows and more than 500 directories and other information products. Prism magazine There are a number of magazines called Prism magazine, including:
The company operates 15 offices in 12 states, including major operations in Overland Park (KS), New York, Chicago, Stamford (CT) and San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. (CA). As Primedia Business Information, the company had 2004 revenues $224.8 million, an increase of 1.3% over 2003 revenue. Other media investments by Wasserstein & Co. include legal and business publisher ALM, Hanley Wood, Real Estate Media and "New York Mgaazine." |
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