Bonita Springs, FL — Primedia Inc. has sold its Enthusiast Media division to Source Interlink Companies in a deal valued at approximately $1.2 billion. Enthusiast Media has a portfolio that includes more than 65 events, 70 magazine titles and 90 Web sites in markets including auto, boating, action sports and horseback riding.
Its publications include such familiar titles as Motor Trend, Surfer, Power & Motoryacht and Soap Opera Digest. Its events include Auto Interiors Exposition & Conference, Hard Drive and Turner Bash After Dark.
The division will be run by its current president, Steve Parr, who will join Source Interlink and report to Source Interlink Chairman Michael Duckworth. “Over the last several years, Source has driven the consolidation of a fragmented and inefficient channel for the distribution and merchandising of home entertainment content at retail and the newsstand,” said Duckworth. “This acquisition is a first step to leverage what we have built by transforming Source into a fully integrated media company with both print and digital content.”
Primedia CEO Dean Nelson said the transaction, which should close this summer, leaves his company debt-free and able to devote full attention to its Consumer Source business.