Primedia Cuts Losses

  • October 31, 2002
The soft ad market, particularly in its trade magazine division, has kept magazine publisher Primedia in the red for another quarter. For the three months ending September 30, Primedia reported a loss of $2.8 million, although revenues rose 5.8% to $400 million. In release its third quarter numbers Thursday, chairman/CEO Tom Rogers says its general interest magazines like Seventeen are still stable. “While the advertising environment is still somewhat uncertain, we continue to see strength in consumer endemic advertising and brand advertising is more stable, but B2B trade advertising remains soft.” Since buying EMAP USA last year, Primedia has cut its debt by $300 million, in part through the sale two titles: Modern Bride and Chicago magazine. “Our mood is upbeat,” says Rogers. “We believe we have turned the corner and have entered a period of sustainable growth.”

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