Primedia says losses narrow amid advertising recovery
NEW YORK - Primedia, the US publisher that snapped up Emap USA, has posted narrowed second-quarter losses of $31m (£20m) compared with $153.4m last time.
The company, which publishes magazines such as Seventeen, New York magazine and former Emap title Teen Magazine, attributed its performance to a recovery in brand advertising at its consumer division, as well as increasing stability in business-to-business advertising.
The losses, which amount to 12 cents a share, beat analyst expectations of 16 cents a share, according to a poll of analysts by Thomson 1st Call.
Primedia said it is selling its Chicago magazine to Tribune Co, which owns the Los Angeles Times, for $35m in cash, as part of its plan to offload its non-core assets to improve operations.
Primedia bought Emap USA, publisher of titles such as Hot Rods and Guns & Ammo, for £365m a year ago, almost half the price £720m Emap paid for it in 1998.
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