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Primedia sells ExitInfo

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New York--Primedia Inc. announced it sold its ExitInfo business for $24 million in cash to Trader Publishing Co. ExitInfo publishes and distributes Travel Coupon Guides, a collection of free distribution, paid advertising publications circulated throughout the U.S. Primedia acquired ExitInfo for $13.2 million in December 2000. The move is part of Primedia’s strategy to reduce its long-term debt. The company has targeted the sale of $250 million in non-core assets to reduce its debt. With the completion of this sale, Primedia, which publishes Telephony and other b-to-b titles, will have sold more than $185 million in non-core assets at an average EBITDA (earnings before income tax, depreciation and amortization) multiple in excess of 17.
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