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Article: PRIMEDIA Agrees to Sell Chicago to Chicago Tribune Company For $35 Million in Cash.
- Article from:
- PR Newswire
- Article date:
- July 31, 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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PRIMEDIA Continues Progress on Non-Core Asset Sales Reaching $220 Million
Of Targeted $250 Million
Proceeds to be used to Pay Down Debt Strengthening Balance Sheet
NEW YORK, July 31 /PRNewswire/ -- PRIMEDIA Inc. , the leading targeted media company, announced today that it has agreed to sell Chicago magazine for $35 million in cash to an affiliate of the Chicago Tribune Company. The sale is expected to close very shortly.
With the completion of the sale of Chicago, PRIMEDIA will have sold approximately $220 million of its targeted $250 million in non-core asset sales at an average EBITDA multiple in excess of 17 times. ...