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Article: PRIMEDIA to Sell Modern Bride Group to Conde Nast Publications For $52 Million; Deal Valued at 18 x 2002 Modern Bride Group Cash Flow.
- Article from:
- PR Newswire
- Article date:
- January 14, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. 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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Part of Strategy to Sell Non-Core Assets and Pay Down Debt
NEW YORK, Jan. 14 /PRNewswire-FirstCall/ -- PRIMEDIA Inc. , the leading targeted media company, announced today that it has entered into a definitive agreement to sell its Modern Bride Group for total cash consideration of $52 million to Conde Nast Publications. Based on projected 2002 EBITDA for that Group, the consideration represents an EBITDA multiple of approximately 18 times. The closing will take place following standard U.S. regulatory approval and the transaction is expected to close in the first quarter of 2002.
PRIMEDIA's sale of Modern Bride Group is a part of its ongoing plan to ...