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about_logo.jpgThe New York Times has agreed to buy Primedia’s in an all cash fire-sale deal valued at $410 million. That’s nearly $300 million less than Primedia paid for in 2000.
Interestingly, the Times story doesn’t even mention the fact that’s 500 guides all operate blogs on what’s site describes as 50,000+ topics from personal finance to health and fitness. The guides converted to blogs two years ago, using Moveable Type.
Having such a vast network of blogs and bloggers certainly positions the Times well for incorporating blogging into its infrastructure.
The Times says the deal will give it the 12th largest Internet presence “and a platform for future online growth.” I’ll say!
According to Crain’s, The Times Co. says it expects to operate as a distinct division and expand its content.
Primedia, which is owned by Kohlberg Kravis Roberts & Co., bought in October 2000 for $690 million in stock, but was never able to successfully integrate the property with its stable of enthusiast magazines.