PRIMEDIA SELLS 'CHICAGO' MAGAZINE

Publisher Closer to Targeted $250 Million in Asset Sales

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NEW YORK (AdAge.com) -- Following weeks if not months of speculation, Primedia sold Chicago magazine to Tribune Co., publishers of the Chicago Tribune and owners of the Chicago Cubs.

The price was $35 million in cash. Primedia is publisher of 150 titles including Mew York Magazine and Seventeen

The deal brought Primedia

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within about $30 million of the $250 million it said it would recoup in sales of "non-core" assets following its purchase of Emap USA last year, although that process has taken longer than the company initially promised.

Primedia also reported a net loss of $34.4 million on revenues of $422.5 million for the second quarter of 2002, a narrower loss than the $139.7 million it posted in 2001 for the same quarter. Earnings before interest, taxes, depreciation and amortization at continuing businesses rose 26.9% to $65.1 million.

As of mid-afternoon today, Primedia's stock was up to $1.36, after touchnig an all-time low of $0.76 the previous week.

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