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Primedia to Buy McClatchy Publications

January 10, 1998|Reuters

Primedia Inc. said it will buy two magazine and book publishing businesses from Sacramento-based McClatchy Newspapers Inc. for about $200 million. The acquisition of the Cowles Enthusiast Media and Cowles Business Media divisions of Cowles Media Co. is subject to the completion of McClatchy's $1.4-billion purchase of Cowles Media, which was announced in November and is expected to close by March 31. Cowles Business Media publishes specialized business magazines and information services. Cowles Enthusiast Media publishes special-interest consumer magazines and related books and products. McClatchy said it plans to use the proceeds of the sales to repay debt related to the Cowles transaction. Primedia is a New York-based information services company that publishes specialty and trade magazines, as well as consumer, business and education publications. Primedia's stock fell 50 cents a share to close at $12 on the New York Stock Exchange. McClatchy was off 37.5 cents at $26.19 on the NYSE.

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