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Microcap & Penny Stocks : TSIG.com TIGI (formerly TSIG) -- Ignore unavailable to you. Want to Upgrade?

To: Sammie who wrote (26814)	4/26/1999 12:28:00 AM
From: Renamed	Read Replies (1) \| Respond to of 44908

Lifetime Learning / PRM Thoughts on this ? ====================================================================== Lifetime Learning Systems, a subsidiary of Primedia, Inc. (NYSE: PRM - news), is the nation's recognized leader in the creation and dissemination of corporate-sponsored educational materials. ====================================================================== Thursday April 22, 3:29 pm Eastern Time FOCUS - Primedia to sell education group, cut debt (Recasts lead, adds analyst quote 8th para, stock price final para, details throughout) By Franklin Paul NEW YORK, April 22 (Reuters) - Publisher Primedia Inc. (PRM - news), looking to cut debt and sharpen its focus on the advertising-rich magazine sector, said Thursday it plans to sell its supplemental education group. The company said the group, which produces classroom staples like Funk & Wagnalls' encyclopedias and the World Almanac, is increasingly peripheral to its media focus, and some analysts agree the time is right to sell it. They say the publisher of over 200 popular magazines, including ''Seventeen,'' ''Cats'' and ''New York,'' Primedia could fetch between $300 and $500 million for the group. The New York-based company has earmarked proceeds from the sale to cut its debt. In the statement accompanying its first quarter earnings report, Primedia said Thursday that ''long-term debt and other,'' totalled more than $2.1 billion. The company reported a first quarter loss of 41 cents a share, on sales from continuing operations of $411 million, versus a loss of 25 cents, on sales of $345 million. Ad revenues increased 19.2 percent to $151.6 million. ''(The educations group) is not central to our targeted media focus and its divestiture will enable us to reduce our leverage and further clarify our objectives as a targeted media company,'' Primedia's Chief Executive William Reilly said in the statement. Primedia has hired Morgan Stanley Dean Witter to handle the sale and Berkery, Noyes & Co. to act as advisor. ''It has become apparent in the context of the acquisitions that they have made that their focus is the advertising-driven, targeted media sector,'' said BT Alex. Brown analyst Peter Appert. ''If you look at the growth in their magazine operation, that's really where the emphasis has been.'' Appert added that the time is right to sell the education group, which also includes products like Weekly Reader and the Facts on File electronic news service, noting that market for education publishing assets is currently robust. In recent years, Primedia has actively shed underperforming assets, while feeding its healthy appetite for acquisition. In mid-1998 it sold the venerated racing newspaper the Daily Racing Form, and bought two publishing divisions of Cowles Media from McClatchy Company for roughly $200 million. Then in December it strengthened its dominant position as a publisher of magazines for young adults with the acquisition of the publishers of magazines like Teen Beat and Tiger Beat. The company, whose revenues hit $1.6 billion in 1998, continues to run other non-magazine segments, including trade shows, Web sites and the Channel One Network. Primedia shares eased 56 cents to $17.19 a share in thin trade on the New York Stock Exchange

To: Sammie who wrote (26814)	4/26/1999 2:07:00 AM
From: kbear	Read Replies (3) \| Respond to of 44908

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