Primedia buys nearly $10 million in stock from retiring chairman

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New York--Primedia announced that it purchased 694,637 shares of Primedia common stock from retiring chairman William Reilly in a transaction worth nearly $10 million. The price per share of $14.396 reflected the three-day closing average through Aug. 23. As part of the arrangement relating to Mr. Reilly's retirement, he has agreed not to sell additional shares for at least six months. A search for Mr. Reilly's replacement continues, said David Adler, VP-corporate communications.
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