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CMP Media Files for IPO

May 12, 1997|(Bloomberg News)

CMP Media Inc., a publisher of magazines and newspapers covering the computer, Internet and electronics industries, plans to raise as much as $115 million in an initial public offering of stock. The Manhasset, N.Y.-based company, whose properties include Computer Retail Week and CommunicationsWeek, filed with the Securities and Exchange Commission for the sale. After the offering and taxes are taken into account, CMP will report net income of $16.06 million on revenue of $418.06 million last year, up from net income of $9.54 million on revenue of $382.36 million in 1995, the SEC filing said. The bulk of the company's revenue comes from advertising because most of its publications are distributed for free. CMP did not say how many shares it plans to sell or provide a share price for the stock. However, it said that proceeds from the offering will be used to repay debt and for general purposes, according to the filing with the SEC.

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