K Iii Communications

Imation Corp., reporting a third-quarter net loss on lower revenue, on Thursday said it would slash as much as 15% of its work force and take a $200-million charge in the current quarter to restructure its operations. The company, which manufactures data storage and imaging devices, recorded a net loss of $38.7 million, or 97 cents a share, in the third quarter, contrasted with net income of $41.7 million, or $1.05 a share, a year ago. Revenue declined to $529.5 million from $559.

Imation Corp., reporting a third-quarter net loss on lower revenue, on Thursday said it would slash as much as 15% of its work force and take a $200-million charge in the current quarter to restructure its operations. The company, which manufactures data storage and imaging devices, recorded a net loss of $38.7 million, or 97 cents a share, in the third quarter, contrasted with net income of $41.7 million, or $1.05 a share, a year ago. Revenue declined to $529.5 million from $559.

Whittle Communications, in a move that all but ends entrepreneur Christopher Whittle's dream of building a new kind of media empire, is close to selling the Whittle Educational Network to publishing giant K-III Communications Corp. for nearly $300 million, executives close to the negotiations confirmed Tuesday. The sale is the latest and most dramatic downshift yet for Knoxville, Tenn.

Whittle Communications, in a move that all but ends entrepreneur Christopher Whittle's dream of building a new kind of media empire, is close to selling the Whittle Educational Network to publishing giant K-III Communications Corp. for nearly $300 million, executives close to the negotiations confirmed Tuesday. The sale is the latest and most dramatic downshift yet for Knoxville, Tenn.

K-III Communications named Caroline Miller editor in chief of New York magazine, replacing Kurt Andersen, who left the company in August.

Mosby-Year Book and Matthew Bender, two of Los Angeles-based Times Mirror Co.'s professional publishing companies, have combined operations to become Mosby Matthew Bender. The new company said it will acquire the Krames Communications unit from K-III Communications Corp. for undisclosed terms.

K-III Communications Corp.'s Placentia-based magazine unit, McMullen Argus, has acquired Pomona-based Park Avenue Publishing, which publishes Low Rider, a top-selling automotive magazine, as well as Arte, Low Rider Bicycle and Low Rider Japan. The terms of the transaction were not disclosed. Low Rider, which has a monthly circulation of 238,803, is the leading magazine covering low riders, cars highly stylized and customized with hydraulics systems.

K-III Buys Football Magazine: K-III Communications Corp. said it had acquired Pro Football Weekly from its owners--USA Sports, PFWA Investors and Jones Sports--for an undisclosed amount. Chicago-based Pro Football Weekly, which has a distribution of about 100,000 copies, also publishes other football-related publications, operates a radio and television syndication business and distributes news and statistics to newspapers and information services.

Closely held publisher Rodale Press said it will acquire K-III Communications Corp.'s New Woman magazine and will end cigarette and hard-liquor advertisements when it takes control. Terms weren't disclosed. . . . Gateway 2000 Inc. said its president and chief operating officer, Richard Snyder, has resigned to head a venture capital fund in his home state of Michigan. . . . The Motley Fool has launched an online stock portfolio for small investors.

Magazine publisher and mass-media company K-III Communications Corp. said it will restructure, selling non-core businesses such as the Daily Racing Form and Pro-Football Weekly, and offer an additional 12.5 million shares of its common stock in a public sale. The New York-based owner of the Channel One educational TV channel and specialty consumer magazines could reap anywhere from $250 million to $350 million from the sale, analysts said.