Primedia agrees to sell Modern Bride Group to Condé Nast

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New York, NY--In what industry observers are saying is a sign of the coming cash crunch in magazine publishing, Primedia Inc. announced Monday that it is selling the Modern Bride Group to Condé Nast Publications for $52 million in cash."Modern Bride is a great publication, but one which has shown few opportunities for synergy with Primedia's growth strategy. As a company, we continue to make significant progress on our strategic plan to divest non-core assets and use the proceeds to strengthen and de-leverage our balance sheet," said Tom Rogers, chairman-CEO of Primedia.Industry observers said the sale of Modern Bride signaled that Primedia's cash flow and debt problems had become so severe that the company would consider the sale of any of its assets, including its b-to-b properties. "I would say that nothing at Primedia at this point appears to be sacred," said Robert Crosland, managing director of AdMedia Partners Inc., New York.

--Sean Callahan

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