New York—Wasserstein & Co., along with investment partners Highfields Capital Management and Lexington Partners, announced on Monday the completion of the purchase of Primedia’s business information unit for $385 million in cash. Wasserstein acquired the unit through PBI Media Holdings, an entity controlled by Wasserstein through its U.S. Equity Partners II investment partnership. No other financial terms of the purchase were disclosed. PBI Media Holdings will announce its new company name in the near future, according to Wasserstein. In conjunction with the sale, John French has been promoted to president-CEO of PBI Media Holdings. Andrea Persily has been promoted to CFO-COO. The other senior members of PBI’s current management team will remain in place.