Primedia to sell Pictorial to BISYS

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New York-based Primedia Inc. announced Thursday it has agreed to sell Pictorial to BISYS Group Inc., Little Falls, N.J., for $129 million in cash. Primedia Chairman-CEO Tom Rogers announced earlier this year that the company would divest 20 properties with the expectation of generating $125 million to $150 million in proceeds, to be used for debt repayment. Pictorial, which is based in Indianapolis, provides training and licensing management to insurance carriers and agents. BISYS provides services to financial and insurance companies.
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