Primedia Buys About Inc.

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New York--In yet another attempt to wed the Internet to traditional media, Primedia Inc. said Monday it has agreed to buy About Inc., a Web site that creates online information guides, for $690 million in stock. The deal will enable the New York-based publisher of consumer and trade titles to channel its content online. About's 700 Internet guides cover topics ranging from pregnancy to automobiles, complementing such Primedia magazines as American Baby and Automobile. About CEO Scott Kurnit will keep his title and also become chief Internet officer at Primedia. Toward the close of U.S. markets on Monday, About was trading around $24 a share, while Primedia shares were trading around $11. The deal comes on the heels of Primedia reporting a net loss of $43 million for the three months ended Sept. 30, compared with a loss of $17.1 million during the same period last year.
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