Primedia's Price Tag: $1 Billion?

Primedia, the once-powerful niche magazine publisher on Fifth Avenue, may still command a hefty price tag for its enthusiast unit‘s 70-plus magazines — with names like Hot Rod Bike-Works, Muscle Mustangs & Fast Fords and Practical Horseman — but Folio: reports the bidders, reportedly including Bono‘s Elevation Partners, are beginning to drop below the magical billion-dollar mark:

A source with knowledge of the process said that while the requirement for getting into the second round was a bid of over a billion dollars, prospective offers are now dropping below that mark as bidders review the specifics of the business.

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