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Primedia group: landmarks

Landmarks

This chronology is indicative only.

Antecedents

1944 Seventeen magazine launched by Annenberg

1952 Chicago magazine launched

1976 junk-bond vendor Kohlberg Kravis Roberts (KKR) founded

1977 funds buyout of AJ Industries for US$25m

1977 funds buyout of LR Foster for US$94m

1978 funds buyout of Houidaille Industries for US$380m

1981 funds buyout of Fred Meyer for US$533m

1983 funds US$1.2bn buyout of Union Texas Petroleum

1984 funds buyout of Wometco for US$1.07bn

1985 funds buyout of Storer Communications for US$2.43bn

1986 funds buyout of Beatrice foods for US$8.7bn

1986 funds buyout of Safeway for US$4.7bn

1986 funds US$4.6bn buyout of Owens-Illinois

1988 funds buyout of Duracell for US$1.8bn

1988 funds buyout of RJR Nabisco for US$31.4bn

1989 RJR Nabisco stake in ESPN sold

Beginnings

1989 KKR establishes K-III Communications Corporation

1989 K-III buys technical and trade publisher PRIMEDIA Business Magazines & Media Corporation

1989 buys Macmillan Book Clubs

1989 buys Intertec Publishing and Newbridge Communications for US$320m

1990 buys the specialized directories publisher International Thomson Transport Press from Thomson

1991 controversial media entrepreneur Christopher Whittle of Whittle Communications and Channel One in-school advertorial service announces Edison Project- 1,000 new, for-profit schools at projected cost of US$2.5 billion

1991 Primedia buys Weekly Reader from Weekly Reader Corp., publisher of periodicals for elementary and secondary schools

Magazines

1991 buys Funk & Wagnalls encyclopedia from Field Publications

1991 buys Murdoch Magazines, publisher of New York, Soap Opera Digest, Soap Opera Weekly, Seventeen, Automobile, New Woman, Premiere and Daily Racing Form

1991 establishes Primedia Consumer Magazines division

1992 buys educational video distributor Films for the Humanities & Sciences

1992 KKR buys American Re for US$1.5bn

1993 Primedia buys educational publishers World Almanac Books and World Almanac Education from United Media Publishing

1993 Whittle reduces scope of Edison Project to managing 20 public schools but is removed by investors

1994 buys US apartment guide publisher Haas Publishing

1994 Whittle Communications collapses, Whittle sells Channel One to Primedia for US$300m

1995 Primedia buys McMullen & Yee, an automotive-truck "enthusiast" publisher

1995 buys Bacon's Information directory publisher and press release services for US$50m

1995 buys PJS Publications, publisher of thirteen special interest publications

1995 buys Argus Georgia (inc National Real Estate Investor, Trusts & Estates, Delta Farm Press and American City & County)

1995 buys Chicago magazine

1995 KKR funds £210m buyout of UK newspaper group Newsquest (Reed newspapers) from Elsevier

1996 Newsquest sells Doncaster Newspapers to Johnston for £15m, buys Bury Times and other papers from Johnston for £5.7m

1996 sells Midlands North titles to Midland Independent Newspapers for £12m

1996 buys Westminster Press group from Pearson for £298m

1996 Primedia buys Cahners Consumer Magazines (inc American Baby, Modern Bride, Sail, and Power & Motor-yacht) from Elsevier

Internet

1997 renamed as Primedia Inc

1997 Newsquest floated on London Stock Exchange with market capitalisation of £500m

1998 forms venture capital fund to invest in e-commerce

1998 buys Cowles Enthusiast and Business Media (25 enthusiast titles, 11 technical and trade magazines, 15 trade shows)

1998 buys Teen Beat, Teen Beat Allstars, Sixteen, Sixteen Superstars, Tiger Beat, Superteen and Teen Machine magazines from Sterling/Macfadden Teen Network

1998 buys two youth magazines from Laufer Publishing

1998 sells Just CrossStitch and Woodworker's Journal

1999 sells Supplemental Education Group

1999 Gannett UK buys Newsquest for £1.057bn

2000 Primedia sells pictorial for $129m to Bisys

2000 launches Gr8ride "most comprehensive online destination for the hardcore automotive enthusiast"

2000 Liberty Media buys 5% of Primedia

2000 Primedia buys travel coupon group ExitInfo for US$13.2m

2000 Commonwealth Business Media Inc formed as MBO of some Primedia transport and arts publications (later buys Journal of Commerce Group from Pearson-controlled Economist group)

2001 Primedia buys emap usa (formerly known as Petersen Publishing) from EMAP for US$515m

2001 Primedia and About, Inc announce US$374m merger - in move described as "accretive and supercharges Primedia for growth"

Downsizing

2001 Deutsche Bank analyst suggests Primedia's assets are worth US$3bn with debt of US$2.6bn

2001 Primedia and Steven Brill form Media Central partnership

2001 Brills Content closed

2001 Country Journal closed

2001 sells Bacon's Information group to Observer AB for US$105

2001 Primedia closes venture capital arm

2002 sells Modern Bride magazine group to Advance for US$52m

2002 announces launch of Primedia Home Video Label

2002 sells Chicago magazine to Tribune for US$35m

2002 sells ExitInfo to Trader Publishing for US$24m

2002 sells American Baby Group to Meredith for US$115m

2003 sells New York magazine to Bruce Wasserstein consortium

2003 sells Seventeen magazine and Cover Concepts to Hearst

2005 sells About.com to New York Times for US$410m

2006 Weider buys Primedia's military history and American social history magazines and related sites (incl American History, Civil War Times, British Heritage and Historynet.com)

2006 Primedia sells Lapidary Journal, Step by Step Beads, Colored Stone, and related magazines and events to Interweave Press (Aspire Media)