Penton merges technology, lifestyle divisions

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Cleveland--In a cost-cutting measure, struggling Penton Media Inc. announced Wednesday that it had merged its technology and lifestyle divisions into a single unit called Penton Technology & Lifestyle Media Division.

David B. Nussbaum, formerly president of the technology division, will head the newly created unit, which includes Internet World and New Hope Natural Media.

“This division consolidation creates a structure that will help fuel the growth and ongoing success of key Penton businesses, while at the same time ensuring we manage the organization as effectively as possible through the current economic cycle,” said Daniel J. Ramella, Penton’s president-COO.

Penton now operates three divisions, including Penton Industry Media and Penton Retail Media.

In early morning trading today, Penton's stock was selling at 22 cents a share, unchanged from Wednesday's close. The company was notified last month by the New York Stock Exchange that it faces delisting if its share price does not climb above $1. Following notification, companies generally have six months to boost their share price above $1 to maintain their listing.

--Sean Callahan

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