Buyer Source Interlink to Form Full-Service Media Company
NEW YORK (AdAge.com) -- Source Interlink Cos., the home- entertainment distributor, this afternoon said it agreed to buy Primedia's enthusiast-media division,
Primedia's enthusiast division, just sold to Source Interlink Cos., includes 70 magazines, 90 websites and 60 event programs.
which includes magazines such as Hot Rod and Motor Trend, for $1.2 billion.
Full article on Advertising Age
So giant mag publisher gets sold off for $1.2B. Same day Chrysler is sold to Cerbus Capital Management for $7.45B. Either Primedia got a killer deal or the automaker got low balled big time. But then again Google bought Youtube for $1.6B which everyone thought was the same thing as flushing your money down the toilet.
Especially when Viacom charges a $1B lawsuit against Youtube the second after it's bought by Google.