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Source Interlink to acquire Primedia's Enthusiast Media unit

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Bonita Spring, Fla.—Source Interlink Companies, which provides merchandising and fulfillment services for home entertainment products, has signed a definitive agreement to acquire Primedia's Enthusiast Media division for $1.2 billion. Primedia's Enthusiast Media division has 70 magazines and 90 Web sites. Its portfolio includes Automobile, Hot Rod, Motor Trend, Power & Motoryacht and Soap Opera Digest. The transaction is expected to close this summer. Primedia has for the past few years been gradually divesting its assets. In 2005, it sold its b-to-b division to Wasserstein & Co. for $385 million. It sold Web portal About.com, which it paid $690 million for in 2000, to The New York Times Co. for $410 million, also in 2005.
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