Saturday, February 10, 2007

PRIMEDIA Acquires Modified Automotive Group

NEW YORK, NY —February 8, 2007—PRIMEDIA Inc. (NYSE: PRM), America's leading targeted media company, today announced that its Enthusiast Media Segment acquired Toronto-based VerticalScope Inc.’s Modified Automotive Group (MAG), publisher of Modified Magazine, Modified Luxury & Exotics Magazine, Modified Mustangs Magazine, and their related event partnerships and websites. Terms of the transaction were not disclosed.

“The Modified Automotive Group has been an outstanding growth company. PRIMEDIA, as a strategic buyer, is ideally positioned to leverage Modified’s assets for growth into the future primarily by cross-selling with PRIMEDIA’s existing brands, and realizing numerous economies of scale, particularly in the areas of sales, production, distribution, and direct mail,” said Steve Parr, President of PRIMEDIA Enthusiast Media.

MAG was founded in July 2002, with the premiere issue of Modified Magazine, a performance magazine for sport compact and import car enthusiasts. MAG has delivered strong revenue growth in each year of its existence. The Modified brand is well known and highly respected by both marketers and enthusiasts.

Modified Luxury & Exotics Magazine was launched in November, 2004, and caters primarily to the high-end market. Modified Mustangs, launched in October 2005, skews toward a younger demographic. All three MAG publications complement PRIMEDIA’s existing assets and broaden PRIMEDIA’s addressable market.

“In addition to the synergies we expect to realize, we intend to expand Modified’s online presence, begin to generate licensing revenue using Modified’s strong brands, and benefit from Modified’s event partnerships,” Parr added.

VerticalScope was represented in the sale by DeSilva & Phillips, LLC.

北米チューニング雑誌出版社のモディファイド社が大手出版社のプライメディアに買収されたというニュースが2日前に発表されました。プライメディアはnasdaqに上場している大手雑誌出版社。特定趣向の中堅雑誌を何誌も持っているトップ10に入る雑誌出版社です。自動車雑誌で有名なのはMotortrendですね。チューニング雑誌で有名なのはSuper StreetやSports compact car。とにかく業界を代表するメディア会社です。
このモディファイド、本社はなんとカナダにあります。チューナー系の情報発信はほとんどアメリカ西海岸なのに。でも一番驚くのはこのモディファイの社長のRob Laidlawはなんと若干25歳。びっくりです。

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