PRIMEDIA Names Tom Rogers Chairman and Chief Executive Officer.NEW YORK--(BUSINESS WIRE)--Sept. 27, 1999--
Top NBC NBC
in full National Broadcasting Co.
Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. Executive Tapped to Bring New Media Focus to
Strong Portfolio of Print and Video Businesses
Tom Rogers Thomas Andrew Rogers (February 12, 1892 - March 7, 1936) was a Major League Baseball pitcher from 1917 to 1921 for the St. Louis Browns, Philadelphia Athletics, and New York Yankees. , President of NBC Cable and Executive Vice President, NBC, has been appointed Chairman and Chief Executive Officer of PRIMEDIA, Inc. (NYSE NYSE
See: New York Stock Exchange :PRM PRM Partner Relationship Management
PRM Bureau of Population, Refugees and Migration (US State Department)
PRM Partidul Romania Mare (Romania Mare Party)
PRM Professional Risk Manager ), a diversified media and information company, the Company's Board of Directors announced today.
This appointment signifies a much deeper new media focus for PRIMEDIA, building upon its already existing internet operations and its strong portfolio of print and video brands.
Mr. Rogers is credited with having been the driving force over the last decade in the reshaping of General Electric's NBC from a traditional broadcast company to a highly diversified and integrated mass media company with major interests in many cable program channels, international television services, as well as multiple internet, digital and interactive businesses. Among his many accomplishments, Rogers founded CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence)
CNBC Consumer News and Business Channel
CNBC Congress of National Black Churches, Inc. , the nation's leading business news channel; established the NBC/Microsoft cable channel and internet joint venture, MSNBC MSNBC Microsoft/National Broadcasting Company ; established a wide number of internet businesses culminating in the creation of NBCi, soon to trade as a public entity, of which he was slated to become Vice Chairman; and most recently, he put together NBC's new relationship with the Paxson TV network and station group.
Rogers has also been NBC's chief strategist, and his expertise was recently recognized by the Industry Standard magazine where he was named as one of the "Net 21" - the twenty-one most influential people of the internet economy The Internet Economy refers to conducting business through markets whose infrastructure is based on the Internet and World-Wide Web. An Internet economy differs from a traditional economy in a number of ways, including: communication, market segmentation, distribution costs, and price. . Among the more than two dozen internet businesses that Rogers has steered NBC into ownership positions with are C-NET, iVillage and Net2Phone.
"Tom is the ideal person to lead PRIMEDIA into the future," said Henry R. Kravis, a director of the Company and a founding partner of Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late-stage leveraged buyouts. It was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. & Co. (KKR KKR Korringa-Kohn-Rostoker (method)
KKR Kohlberg, Kravis & Roberts & Co.
KKR Kalkara (postal locality, Malta)
KKR Kramers-Kronig Relations
KKR Komarappa Gounder Ramalingam (hospital in India) ), PRIMEDIA's largest shareholder. "His accomplishments as a highly respected leader and strategic thinker in the media business, his strong background in creating new media businesses from traditional media assets, his success in creating new information and news franchises, both domestically and internationally, and his enthusiasm for the potential inherent in PRIMEDIA's great assets will create the foundation for the next chapter in PRIMEDIA's growth."
PRIMEDIA, which had 1998 sales from continuing operations continuing operations
Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $1.5 billion and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of $330 million, owns over two hundred print and video media businesses including consumer magazines such as 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 , Chicago, Seventeen, Modern Bride, Soap Opera Digest Soap Opera Digest is a magazine chronicling the stories airing on American soap operas and the off-screen lives of the actors appearing on them. The magazine first debuted in November 1975, with John Aniston, Ron Tomme, Audrey Peters, Birgitta Tolksdorf, Jerry Lacy and Tudi , Automobile and American Baby. Video businesses include Channel One, the television news channel provided to 12,000 high schools serving 8 million students throughout the country. PRIMEDIA's trade publications range from such telecommunications, media, and marketing titles as Telephony, Cable World, American Demographics and Folio, to a wide array of other business-to-business titles covering the transportation, real estate, industrial and agricultural sectors. The company also owns the largest collection of consumer enthusiast publications including Sail, Power and Motoryacht, Surfing, Fly Fisherman one who fishes using natural or artificial flies as bait, especially one who fishes exclusively in that manner.
See also: Fly , Horticulture and Military History.
PRIMEDIA, which has over 7,000 employees, publishes the largest number of magazine ad pages of any media company in the country, and has a total circulation across all its businesses of 70.3 million. Eighty four percent of the company's products are ranked #1 or #2 in their respective markets.
PRIMEDIA has begun an aggressive effort to expand into internet and E-commerce-related businesses in both the consumer and business sectors. The Company intends to leverage its very significant trade information businesses into a substantial business-to-business internet-based effort. The company presently operates over 200 internet sites tied to its many publications and other informational businesses, including Seventeen.com and Channel One.com, both focused on the exploding web market aimed at teenage users. The Company's internet businesses also include such properties as Media Central.com, an aggregator of news and information relevant to the media industry, and apartmentguide.com, a consumer service providing apartment rental listings around the country serviced by PRIMEDIA's HPC (Handheld PC) A palmtop computer that weighs less than one pound and runs specialized versions of popular applications. Microsoft coined the term for its Windows CE operating system, which is an abbreviated version of Windows. See Pocket PC. Publishing, the largest publisher of free apartment guides in the country distributed in 70 regional markets. The company currently has 55 million average monthly page views across all its sites, and over 5.5 million sessions.
"PRIMEDIA's existing media properties are a consistently performing, powerful collection of assets that address a substantial number of highly targeted consumer interests and business needs, that are very well suited for creating significant internet value and accelerated growth," Rogers said. "I am very excited about being able to apply my background as a GE-trained executive to the opportunity at PRIMEDIA to do what I do best - update a company's strategic focus by creating new media businesses out of a traditional media base. PRIMEDIA's existing team of managers has gotten this process off to a good start, and I look forward to being a catalyst that helps propel PRIMEDIA to the head of the pack in the magazine industry and its other business sectors as a new media innovator."
Rogers continued, "I was also very impressed by KKR's enthusiasm for the Company making the level of investments necessary to build further a major internet presence."
Said Kravis, "As enthusiastic supporters of the Company, we are confident that Tom will be most effective in bringing a whole new focus to PRIMEDIA, and in working with us to create greater value for its shareholders."
PRIMEDIA also holds positions in a number of internet ventures, including CarsDirect.com, Internet Gift Registries, MyPoint.com, Utility.com and Craftshop.com.
Mr. Rogers, 45 years old, joined NBC in 1987, and was named President of NBC Cable in 1988. In 1992, he was additionally named Executive Vice President of NBC. In 1996, he was also named the company's Chief Strategist. From 1981 to 1986, he was Senior Counsel to the House of Representatives Subcommittee on Telecommunications, where, among other things, he was instrumental in writing the Cable Act of 1984, which helped reshape the cable industry. Prior to that, he was an attorney with a Wall Street law firm. A graduate of Columbia Law School Columbia Law School, located in the New York City borough of Manhattan, is one of the professional schools of Columbia University, a member of the Ivy League, and one of the leading law schools in the United States. and Wesleyan University, he and his wife Sylvia have three children.