Primedia Enthusiast Media Has Been Sold
In November of 2005, the majority of Automotive.com was acquired by Primedia for $72.5 million. Just today it was announced that Source Interlink has purchased the Enthusiast Media division, of which I’m a part, for $1.2 billion.
Here’s a roundup of the articles:
From thestreet.com: “Our review of strategic alternatives is complete and our direction is clear,” said Source Interlink Chairman Michael Duckworth in a statement. “Over the last several years Source has driven the consolidation of a fragmented and inefficient channel for the distribution and merchandising of home entertainment content at retail and the newsstand. This acquisition is a first step to leverage what we have built by transforming Source into a fully integrated media company with both print and digital content.”
It’ll be interesting to see how things shake out over the next few months.