Public Relations Unit Sold for $90 Million

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NEW YORK ( -- Primedia today announced a "definitive agreement" to sell its Bacon's Information Unit, a provider of public relations-related information, to the Swedish-traded company Observer AB.

$90 million
The deal is valued at $90 million.

The sale is Primedia's first move in a promised pruning of its wildly diverse portfolio.

In the wake of July's deal to purchase Emap USA, the company had promised to sell $250 million worth of its properties and earmark the proceeds to debt reduction.

Low price
The $90 million deal fell at the low end of its expected sale price, said an executive familiar with the markets.

The company has also placed its gun- and photography-related titles on the sale block.

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