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Hearst reportedly plans to buy Primedia's 'Seventeen'

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New York--Primedia Inc. is near to closing a deal to sell Seventeen magazine to Hearst Corp. for $180 million, The New York Times reported Thursday. The price is reportedly about $20 million less than Primedia hoped to get. The proceeds from the deal will be used in large part to pay down the company’s debt. In the wake of Thomas S. Rogers’ resignation as chairman-CEO of Primedia last week, it has been widely speculated that Primedia is preparing to sell many of the assets it has acquired over the past 10 years, including Primedia Business Magazines & Media, which publishes Telephony and Beef magazines.
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