PRIMEDIA SELLS EQUITY INTEREST TO LIBERTY MEDIA AND CMGI.Primedia Primedia Inc., NYSE: PRM, formerly known as K-III Communications, is a New York City-based mass media corporation. It is publicly owned, trading on the New York Stock Exchange, but private equity giant KKR holds a controlling stake in the company. Inc. (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 ) has agreed to sell 5% equity stakes in the company to both Liberty Media (New York), the ATT-owned cable television company, and CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) (Andover, MA). CMGI will give Primedia 1.53 million shares in exchange for its stake and Liberty Media will invest $200 million in Primedia in exchange for its 5% stake and for 1.5 million Primedia warrants. Liberty also receives an option to acquire a 12.5% stake in Primedia's new broadband/video unit. Also, Primedia has agreed to buy $25 million in Liberty Media stock. Under a recent reorganization, Pri-media's new business group includes its trade and technical publications, including Intertec, Bacon's Information, and IndustryClick. Earlier this month, Primedia, through its Industry- Click unit, invested $14 million in Digital Media Online. Under terms of that deal, DM0 will license content from seven Intertec entertainment technology publications, including Millimeter One thousandth of a meter, or 1/25th of an inch. See metric system. and Mix. |
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