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Article: PRIMEDIA Announces Intention to Sell Enthusiast Media Segment.
- Article from:
- Business Wire
- Article date:
- February 9, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Board of Directors Decides to Explore Sale as Alternative to Spin-Off
NEW YORK -- PRIMEDIA Inc. (NYSE: PRM) today announced that its Board of Directors has authorized the Company to explore the sale of its Enthusiast Media segment (PEM). PRIMEDIA has retained Goldman Sachs and Lehman Brothers to manage this process.
PEM is the number one special interest media company in the U.S. with over 70 publications, 90 leading websites and over 65 events, with revenues of over $500 million in 2006, excluding the recently divested Outdoors Group. Some of PEM's best known assets include Motor Trend, Automobile, Hot Rod, Automotive.com, Power and Motoryacht and ...