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Primedia to explore sale of business information segment.

Primedia, Inc. (New York) has retained Credit Suisse First Boston (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," "Mix," "Radio"); Meetings & Events ("Association Meetings," "Medical Meetings"); Marketing ("PROMO," "Direct"); Telecommunications ("Telephony," "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, 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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Title Annotation:Primedia Inc.
Comment:Primedia to explore sale of business information segment.(Primedia Inc.)
Publication:Business Publisher
Geographic Code:1USA
Date:Apr 30, 2005
Words:337
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