73 Primedia Titles for Sale | Adweek
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73 Primedia Titles for Sale

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NEW YORK Primedia is looking to get out of the enthusiast magazine arena altogether, putting its remaining 73 category titles such as Motor Trend and Automobile and their related properties on the block.

The division includes 90 Web sites and more than 65 events, and generated more than $500 million in 2006 revenue. The company has retained Goldman Sachs and Lehman Brothers to manage the process.

Dean Nelson, chairman, president and CEO of Primedia, said that given the strong multiples it received from the sale of its outdoors titles in December and the strong investment and debt markets, Primedia's board decided it made sense to explore a complete sale of its enthusiast titles rather than spin off its Consumer Source division, a publisher of free consumer guides.

Primedia also is exploring a possible sale of its other business, the education division. That segment includes Channel One, a proprietary network to secondary schools; Films Media Group, an educational video unit; and Primedia Healthcare, a continuing medical education business.

If the enthusiast group is sold, proceeds would be used to pay down Primedia's debt, which totaled $1.31 billion as of Sept. 30, 2006.

Primedia has been selling off its enthusiast titles in parts over the past year. It agreed in December to sell its 17 hunting, fishing and shooting titles to reduce its debt and focus on its young men-aimed titles. In 2006, it sold nine consumer crafts titles and four jewelry titles.