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CMGI, Liberty Media take stakes in Primedia

Published on .

Primedia Inc. CEO Tom Rogers on Thursday announced several aggressive moves to bolster the company's Internet standing. Most importantly, CMGI and Liberty Media Corp. will each take 5% equity stakes in Primedia, New York. Under the terms of the CMGI deal, Primedia will receive 1.53 million shares of CMGI stock. The two companies plan to pursue joint ventures in b-to-b and consumer online communities and marketplaces. Under the terms of the Liberty Media deal, Primedia will receive $200 million in cash from Liberty Media. Additionally, Primedia has agreed to purchase $25 million in Liberty Digital stock, Liberty Media's interactive television and Internet affiliate. Liberty and Primedia say they will develop consumer broadband video content. In an additional announcement, Primedia appointed John Loughlin, former president of Meredith Corp.'s broadcast group, to head Primedia's new magazine and Internet group.
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