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K-III COMPLETES EXCHANGE OFFER

 NEW YORK, July 9 /PRNewswire/ -- K-III Communications Corporation announced today that its exchange agent, Marine Midland Bank, N.A., has completed the final count of shares of $11.625 Series A exchangeable preferred stock tendered in connection with K-III's exchange offer commenced on June 9, 1993 and completed on July 7, 1993. The final count showed that 1,025,510 shares of Series A exchangeable preferred stock, representing 100 percent of the shares outstanding, had been validly tendered and not withdrawn. The shares of Series A exchangeable preferred stock so tendered will be exchanged for an equal number of shares of $11.625 Series B exchangeable preferred stock. The terms of the Series B exchangeable preferred stock are identical to the terms of the Series A exchangeable preferred stock except that the Series B exchangeable preferred stock is being issued in a registered public offering while the Series A exchangeable preferred stock was issued in a transaction exempt from registration and is restricted stock.
 The exchange agent commenced mailing certificates representing the shares of $11.625 Series B exchangeable preferred stock issued in connection with the exchange offer on July 8, 1993.
 K-III Communications is a diversified publishing, information and direct response company. Its properties include such well known publications as Seventeen and New York magazines, Weekly Reader, Daily Racing Form and Funk & Wagnalls Encyclopedia.
 -0- 7/9/93
 /CONTACT: Gregory William Miller of Robinson, Lake Lerer & Montgomery, 212-484-7404, for K-III/


CO: K-III Communications Corporation ST: New York IN: PUB SU:

MP-LR -- NY025 -- 9854 07/09/93 10:57 EDT
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Publication:PR Newswire
Date:Jul 9, 1993
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