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Article: PRIMEDIA Inc. Files Information Statement Relating to the Proposed Sale of Its Enthusiast Media Division.
- Article from:
- Business Wire
- Article date:
- June 22, 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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Shareholder Vote Gives Board Discretion to Implement a 1 - 6 Reverse Stock Split
NEW YORK -- PRIMEDIA Inc. (NYSE: PRM) today filed with the U.S. Securities and Exchange Commission its preliminary information statement relating to the sale of its Enthusiast Media Division ("PEM") to Source Interlink Companies, Inc. PRIMEDIA announced on May 13, 2007 its agreement to sell PEM to Source Interlink for cash consideration of $1,177,900,000 pursuant to the Stock Purchase Agreement entered into by PRIMEDIA, Source Interlink and Consumer Source Inc. PRIMEDIA's Board of Directors and the holders of a majority of PRIMEDIA's capital stock entitled to vote on the transaction ...