Primedia losses narrow in fourth quarter

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New York--Primedia Inc. Wednesday reported its fourth-quarter loss narrowed sharply, helped by cost cuts and increased advertising.

The company, which publishes many b-to-b titles, including Telephony and Ward's Auto World, posted a loss of $87.4 million, or 34 cents per share, for the fourth quarter, compared with a loss of $628.2 million, or $2.60 per share, a year earlier.

Revenue in the fourth quarter rose 0.7% to $412.5 million, from $409.6 million a year earlier.

Primedia has shed several of its core assets in the last few months to shore up its finances, including metro title Chicago magazine and the consumer title, Modern Bride. Last week, the company said it was considering selling Seventeen, one of its largest magazines.

Last Thursday, Tim Andrews resigned as CEO of Primedia Business Magazines & Media.

--Matthew Schwartz

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