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Technology Stocks : About.com (BOUT)

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To: Susan G who wrote (423)	10/30/2000 9:12:15 AM
From: Glenn Petersen	Read Replies (1) of 438

Primedia Inc to Buy About Inc for $690 Million in Stock New York, Oct. 30 (Bloomberg) -- Primedia Inc. agreed to buy About Inc., a Web site that creates online information guides, for $690 million in stock, allowing the publisher of Seventeen and New York magazines to channel its content online. Primedia will exchange 2.3409 shares for each About share, according to Primedia spokesman Whit Clay. Based on Friday's close of $15.25, that values About at $35.70 a share, 50 percent more than Friday's closing price of $23.88. About shares rose $6.13 to $30 in early Instinet trading. About's 700 Internet guides cover topics ranging from pregnancy to automobiles, matching Primedia's magazines like American Baby and Automobile. About Chief Executive Scott Kurnit will keep his title and become chief Internet officer at Primedia. The transaction is expected to add to earnings after it closes in the first quarter next year. Primedia shares fell $1 to $15.25 Friday. (Conference call: The companies will hold a conference call at 10 am local time at 1-877-282-0743 in the U.S. and 1-703-871-3073 elsewhere. A recorded version of the call will be available two hour after at 1-888-266-2081 in the U.S. and 1-703-925-2533 outside. The password is 9876543.) Oct/30/2000 9:00 ET

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