Primedia’s Price Tag: $1 Billion?

Primedia, the once-powerful niche magazine publisher on Fifth Avenue, may still command a hefty price tag for its enthusiast unit‘s 70-plus magazines — with names like Hot Rod Bike-Works, Muscle Mustangs & Fast Fords and Practical Horseman — but Folio: reports the bidders, reportedly including Bono‘s Elevation Partners, are beginning to drop below the magical billion-dollar mark:

A source with knowledge of the process said that while the requirement for getting into the second round was a bid of over a billion dollars, prospective offers are now dropping below that mark as bidders review the specifics of the business.

The sale may not garner as much industry ink as Time Inc.’s shedding of 18 titles, but it could quietly become the year’s biggest media sell-off this side of Winter Park, Florida.

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