Primedia Gets Out of Events Business
Staff -- Tradeshow Week, 8/13/2007
In the first week of August, Primedia completed the sale of its Enthusiast Media Division to Source Interlink Companies for $1.2 billion.
Primedia will continue to operate Consumer Source, its consumer guides business, which publishes and distributes free print guides and classified listing Internet Web sites.
But all of Enthusiast Media's more than 65 events, as well as 70-plus magazine titles and 90 Web sites, will now be under the Source Interlink banner.
"We are very pleased with the end result of this transaction and believe that we have the right team and strategies in place to enhance a business that is already a market leader in a high-growth industry," said Dean B. Nelson, chairman, president and CEO of Primedia. "Through the leadership and direction of this experienced management team, as well as our work over the past several months to recapitalize the company, Primedia is well positioned as a low-leverage, high-margin business that will generate cash and deliver strong returns to shareholders."
Due to the sale, a number of leadership positions have shifted at Primedia;
- Robert Metz, currently executive vice president at Primedia and CEO of Consumer Source, will be president and CEO of Primedia, effective Sept. 1.
- Kim Payne, current CFO of Consumer Source, was appointed CFO of Primedia.
- Keith Belknap, current general counsel of Consumer Source, will be general counsel of Primedia, effective Sept. 1.
