PRIMEDIA SELLS PORTION FOR 1.2 BILLION CASH

The automotive world is buzzing this morning, and not only for the Cerberus bid for Chrysler. We’ve just received word that two of our favorite monthly automotive magazines have been sold to a company that we’ve never heard of before.

Primedia has sold its “enthusiast magazine” group to Source Interlink Companies, including Automobile and Motor Trend, according to a press release that we obtained from a Primedia employee. The Bonita Springs, FL-based company bought the magazine bundle for $1.2 billion USD. Source Interlink calls itself a “leading provider of merchandising and fulfillment services for home entertainment.” The press release states that Citigroup Global Markets put up financing to Source Interlink to assist with the bid.

Who is Source Interlink? That’s a good question.

Source: PRIMEDIA