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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: carepedeum2000 who wrote (39877)	10/30/2000 9:27:49 AM
From: xcr600	Read Replies (1) \| Respond to of 57584

biz.yahoo.com Monday October 30, 9:22 am Eastern Time Primedia to buy About for $690 million in stock (UPDATE: adds background, pre-opening trading prices) NEW YORK, Oct 30 (Reuters) - Primedia Inc. (NYSE:PRM - news), publisher of New York and Seventeen magazines, on Monday said it would buy online media company About Inc. (NasdaqNM:BOUT - news) for $690 million in stock, expanding its push into the Internet. The move will combine Primedia, one of the biggest U.S. publishers of speciality magazines, with an Internet portal that is the seventh-most-visited Web site. Primedia said in a statement that shareholders of About, which operates the About.com online network, would get 2.3409 Primedia shares for each share of About. Primedia, majority-owned by investment firm Kohlberg Kravis Roberts & Co., will issue about 45.2 million shares in the deal. The transaction values About at roughly $35.70 per share, a 50 percent premium from its closing price on Friday. Shares in New York-based About were at $29-1/8 on the Instinet electronic broker system in pre-opening trading, up from a Friday close at $23-7/8 on the Nasdaq market. Primedia closed at $15-1/4 on the New York Stock Exchange on Friday. The stock was not active in pre-opening trading. ``In one fell swoop we are marrying Primedia's powerhouse of content in more than 700 media niches with About's more than 700 topic-specific Guide Sites and some 10,000 associated experts,'' Primedia Chairman and Chief Executive Tom Rogers said. Primedia has been pushing into the Internet as advertisers increasingly ask to buy online and print advertising simultaneously. Primedia has made dozens of deals to beef up its online presence. Earlier this month it agreed to buy closely held media research firm Kagan World Media Inc. in a stock deal whose terms were not disclosed. About's founder, Chairman and Chief Executive Scott Kurnit, will stay on as About chief executive and will become Primedia's chief Internet officer