K-III bids for Westcott

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K-III Communications has made a friendly tender offer to buy Westcott Communications for $422 million. Westcott broadcasts training and educational programs via satellite. Westcott's headquarters will remain in Dallas and current management will remain in place. Separately, K-III said revenues for the first quarter were up 32% over last year to $315 million. Earnings before interest, taxes depreciation and amortization were up 22.2% to $51.2 million. The company still posted a net loss of $20.7 million, identical to its net loss in the same period a year ago.

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