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Primedia Sells Gun Dog, Enthusiast Mags For $1.2B To Ron Burkle-Owned Co.

superstang_primedia.jpgBreaking: Primedia, the once-powerful niche magazine publisher on Fifth Avenue, has agreed to sell its 70-plus enthusiast magazines — with names like Hot Rod Bike-Works, Muscle Mustangs & Fast Fords and Practical Horseman — to Source Interlink for about $1.2 billion in an all-cash deal. It would appear to end well for Primedia, which had been reportedly seeking $1 billion for the group from a handful of bidders, including Bono‘s Elevation Partners.

Source Interlink is owned by Yucaipa Cos., a supermarket-holding company owned by billionaire businessman-cum-Jared Paul Stern lawsuit target Ron Burkle.

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