Seventeen Mag May Be Put on Block
New York-based Primedia Inc., publishers of teen lifestyle magazine Seventeen, said it is considering selling the publication and other assets, including Teen magazine, to focus on niche-oriented titles that are less susceptible to the volatile ad market.
The company has retained investment banker Morgan Stanley to “explore strategic, value creation options” for the nearly 60-year-old book. Seventeen is the top teen magazine in terms of advertising pages, revenues and readership and has a circulation of 2.4 million with 15 overseas editions. The other assets involved include Teen magazine, seventeen.com, teenmag.com and Cover Concepts, a teen marketing unit operated along with Seventeen that provides book covers, sample packs and other brand-sponsored products.
“It is clear that Primedia’s market valuation is not reflective of Seventeen’s strengths and its position as the leader in the teen category,” said the company’s chief executive officer, Tom Rogers, during a conference regarding its year-end financial results. “As a result, we have decided to explore our options, including strategic relationships or an outright sale.”
—Robert McAllister
