CMGI takes 5% stake in Primedia

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Internet investor CMGI, Andover, Mass., which owns a network of Internet companies, announced plans to acquire about 5% of media company Primedia in exchange for 1.53 million shares of CMGI. The companies are coming together to fund and develop a series of new Web ventures in areas such as agribusiness, telecommunications and entertainment. Those ventures will be able to leverage CMGI-related companies such as Engage Technologies and to help drive traffic and gain hosting capabilities.

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