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PRIMEDIA CLOSES SALE OF UNIT

Bacon's Information Sold to Swedish Concern

By Published on .

NEW YORK (AdAge.com) -- Primedia announced today it has closed the sale of its Bacon's Information unit, a provider of public relations-related information, to Sweden's Observer AB, for $90 million.

The sale,

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PRIMEDIA BEGINS SELLING OFF HOLDINGS
Public Relations Unit Sold for $90 Million
announced Nov. 14, is part of Primedia's plan to sell assets to reduce its debt load.

The publishing company's heavily leveraged balance sheet has caused speculation that it may not be able to meet the restrictions of its bank covenants concerning its debts.

Merrill Lynch projects Primedia's debt at the end of 2001 at $2 billion.

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