Far From Its Prime, Primedia Explores Strategic Alternatives

Primedia, once one of the biggest media companies in America, this morning announced it is exploring "a variety of strategic alternatives," and has retained Moelis & Co. as its financial advisor.

Primedia, which now refers to itself as a "premiere vertical search company in the business of providing renters and new home buyers with the information and tools they need to find the ideal place to live," at one time was one of the largest publishers of special interest magazines, as well as some high-profile consumer magazines, such as New York, most of which have since been divested.

During its heyday, it had also owned and operated in-school media network Channel One, and bet heavily on digital media during the height of the first dot-com boom, acquiring About.com for a then record sum, which was subsequently sold to the New York Times Co.

The company said it has not set a definitive timetable for completing its exploration of strategic alternatives, and noted that there is "no assurance" that it will result in any transaction.

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