INTERMEDIA PARTNERS TO PURCHASE HUNTING, FISHING AND SHOOTING MAGAZINES FROM PRIMEDIA FOR $170 MILLION
InterMedia Partners, L.P., a New York-based private equity firm, announced today that it has agreed to purchase the hunting, fishing and shooting titles operated as part of the Outdoor Group of PRIMEDIA Inc. (NYSE: PRM) for $170 million in cash.
These businesses, which will collectively be renamed InterMedia Outdoors, comprise the leading outdoor magazine group in the United States. They include 17 hunting, fishing and shooting magazines, with such well known and successful titles as Fly Fisherman, Game & Fish, Florida Sportsman, In-Fisherman and Guns & Ammo. In addition to traditional magazine publishing, InterMedia Outdoors has a multi-platform strategy including the market's leading online/digital network, 11 top-rated TV series, syndicated radio, consumer events, and brand-driven merchandising businesses.
Jeff Paro, CEO of InterMedia Outdoors, said "Our entire team is extremely excited about this transaction. We are already the leader in media for outdoor enthusiasts, and we look forward to benefiting from InterMedia's extensive expertise and deep understanding of our large and passionate target audience. We look forward to working together to grow these businesses and expand our ability to meet the needs of our industry partners and outdoor enthusiasts everywhere."
Leo Hindery, Jr., Co-Managing Partner of InterMedia, added, "InterMedia Outdoors is the perfect platform to serve the media needs of the 50 million devoted sportsmen and sportswomen in this country. This is a committed enthusiast group with enormous buying power and advertiser appeal, which has historically been underserved and undervalued by mainstream media. These 17 magazines have broad and deep reach, with terrific growth potential in core publishing, as well as in their related Internet, TV and merchandising areas."
InterMedia Partners is a private equity investment firm that makes control investments in media companies. Currently investing its seventh fund, InterMedia is focused on media content catering to underserved audiences.
