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NEW YORK–Primedia, publisher of Seventeen and Automobile, said Monday that it had agreed to acquire specialty publisher Emap USA for $515 million — $505 million in cash and $10 million in warrants allowing the purchase of Primedia shares at $9 each.
U.K.-based Emap acquired the collection of specialty titles three years ago for $1.5 billion and last month took a $767.7 million write-down on the U.S. investment.
Primedia outbid American Media and Texas Pacific Group, to win the deal, excluding men’s title FHM.
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