CMGI acquires 5% stake in Primedia

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Primedia Inc., New York, announced Tuesday that it has completed its previously announced transaction with Andover, Mass.-based CMGI Inc. in which CMGI acquired about 5% of Primedia in exchange for 1.53 million shares of CMGI. The companies have also formed an alliance to pursue joint ventures in both b-to-b and consumer vertical markets. The online companies to be formed are expected to include participation from CMGI @Ventures and content from Primedia.
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