Penton considers buying media company

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Cleveland -- Penton Media has signed a non-binding letter of intent to buy an unidentified business media company for $80 million, according to documents recently filed with the Securities and Exchange Commission. A Penton spokeswoman declined to comment on the matter, citing a proposed offering of common stock currently pending with the SEC. Proceeds from the offering are to be used to finance the acquisition. In the past six months Penton Media has acquired two high-tech publishing companies: Mecklermedia, which added 37 trade shows to the Penton stable, and MFG Publishing.
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