Press release
PRIMEDIA Exits Auto Guide Business
July 21, 2008
ATLANTA - PRIMEDIA Inc. (NYSE: PRM), the #1 print and online publisher and distributor of advertising-supported consumer guides in the U.S. through its Consumer Source operation, today announced that the Company has sold its South Florida and Wisconsin Auto Guide publications as well as the Web site www.autoguide.com to Target Media Partners, a leading independent print and online publisher of classified and used vehicle photo advertising. In addition, the Company closed its Atlanta Auto Guide. The Company had previously announced its intention to exit the Auto Guide business by the end of the second quarter of 2008.
About PRIMEDIA Inc.
PRIMEDIA Inc., through its Consumer Source Inc operation, is an integrated media business that provides advertising supported print and online consumer guides for the apartment and new home industries. Consumer Source publishes and distributes more than 38 million guides - such as Apartment Guide and New Home Guide - to approximately 60,000 U.S. locations each year through its proprietary distribution network, DistribuTech. The Company also distributes category-specific content on its leading Web sites, including ApartmentGuide.com, NewHomeGuide.com and Rentals.com, a comprehensive single-unit real estate rental site. For more information, visit www.primedia.com.
Forward-looking Statements
This release contains forward-looking statements as that term is used under the Private Securities Litigation Reform Act of 1995. When used in this release, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions identify forward-looking statements. These forward-looking statements are based on the current assumptions, expectations and projections of the Company's management about future events, and the Company can give no assurance that they will prove to be correct. These forward-looking statements are subject to risks and uncertainties, including those detailed from time to time in the Company's filings with the Securities and Exchange Commission, that may cause the Company's actual results to differ materially from those indicated in these forward-looking statements. Many of these risks and uncertainties are beyond the ability of the Company to control or predict. These potential risks and uncertainties include, among others, general economic trends and conditions and, in particular, trends and conditions in the apartment leasing and new home sales sectors of the residential real estate industry, as well as changes in technology and competition; the implementation and results of the Company's ongoing strategic initiatives; the demand by customers for the Company's premium services; expenses or adverse results from litigation; increases in paper costs; and risks arising from potential weaknesses in the Company's controls environment, particularly the weaknesses previously identified in the Company's Annual Report on Form 10-K. The Company cautions you not to place undue reliance on these forward-looking statements. All information in this release is as of May 8, 2008. The Company undertakes no duty to update or otherwise revise the information contained in this release.
CONTACT:
Investor Relations
Kate Messmer
678.421.3800
