Primedia Sells B2B Unit To Wasserstein & Co. For $385 Million

Will the last person at Primedia turn out the lights? Seriously, my former employer is paring down again — this time it’s the Business Information unit sold to Wasserstein & Co.-controlled PBI Media Holdings for $385 million in cash. (Consider that Primedia sold online-only About.com to the New York Times Company last year for $410 million.) The deal, which includes 70 publications, 100-plus web sites, 25 events and 50 directories/data products, is slated for a 4Q05 close. Primedia says the unit generated 224.8 million in revenue is expected to close in the fourth quarter.
This brings Primedia closer to its goal of a consumer-oriented company; when the sale is complete the three major units left will be Enthusiast Media, Consumer Guides and Education.

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