Primedia to explore sale of business information segment.Primedia, 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 retained Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. (New York) to assist it in exploring the sale of its Business Information segment. Primedia said no decision has been made as to whether Primedia will engage in a transaction resulting in the sale of the segment, and "there can be no assurance that any transaction will occur, or, if undertaken, the terms or timing of such a transaction." Primedia's Business Information segment consists of 70 publications, more than 100 web sites, 25 events and 50 directories and data products targeted to professionals in 20 industry sectors. Sectors include: Agriculture ("Beef," "Western Farm Press." "Farm Industry News"); Electrical ("Electrical Wholesaler"); Entertainment Technology ("Broadcast Engineering," "Millimeter One thousandth of a meter, or 1/25th of an inch. See metric system. ," "Mix," "Radio"); Meetings & Events ("Association Meetings," "Medical Meetings"); Marketing ("PROMO pro·mo n. pl. pro·mos Informal A promotional presentation, such as a television spot, radio announcement, or personal appearance. ," "Direct"); Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. ("Telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. ," "Wireless Review"); Textiles ("Modern Uniforms," "Stitches") and, Transportation ("American Trucker," "Ward's Dealer Business," "Fleet Owner"), among others. Following three years of declining ad revenue, the segment showed a slight 1.5% increase last year, going to $224.8 million, and a 5.2% increase for the fourth quarter of 2004. Primedia president/ceo Kelly Conlin said that "when these results attracted the attention of several qualified buyers, the company felt that our shareholders would be best served by evaluating these offers in the context of a competitive review of the value of our business information segment." The company has already sold some its consumer magazine titles, including "Seventeen" and "New York Magazine," in an effort to pay off its debt, much of which was related to its purchase of About.com for $690 million in 2000. In February, Primedia sold About.com to The New York Times Co. for $410 million. Other Primedia segments include: Primedia Enthusiast A person who enjoys using computers and electronic equipment. Enthusiasts like technology and are willing to learn more of the ins and outs of a product than the average consumer, who just wants to use it. An enthusiast is more like a "prosumer." See consumer and prosumer. , the producer of 120 consumer magazines in the automotive, outdoor, sports, crafts, history, marine and home technology sectors; Primedia Consumer Guides, the producer of 81 apartment guides in 75 U.S. markets; Primedia Education, including Channel One, Films Media Group and Interactive Medical Network; and, Primedia Enterprises, the company's brand licensing division. |
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