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Article: CMP SEEKS TO 'UNLOCK' ITS VALUE: FAMILY CONTROLLED PUBLISHER OPENS UP THE DOOR TO A SALE.
- Article from:
- Advertising Age
- Article date:
- February 15, 1999
- Author:
CopyrightCOPYRIGHT 1999 Crain Communications, Inc. 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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For sale by owner: one technology media company, publicly held but still tightly controlled by its founding family. Price tag: north of $600 million.
The big question is who will end up owning CMP Media. The most likely names floated last week by close CMP watchers: VNU and International Data Group.
CMP Media, frustrated by its depressed valuation on Wall Street, put itself in play last week by announcing it hired Lazard Freres & Co. ``to explore strategic alternatives for the company including but not limited to a sale or merger.''
The market reacted, rocketing CMP's stock 40%, from $19 before the announcement to $26.63 a share at week's end. ...