Goldman Sachs Retained to Sell Primedia Crafts Magazines

Via the Sonic Underground, Folio Magazine reports:

Management presentations are underway in a highly selective process intended to conclude with the sale of the 11-title Primedia crafts magazine group, an informed industry source said yesterday.

Primedia, which announced last month that it intends to split itself into two separate public companies, is apparently pursing the simultaneous objective of opportunistic divestiture of its huge selection of consumer magazines.

The informed source said that Primedia retained Goldman Sachs recently and began contacting prospective crafts-group buyers—Time Inc. and Meredith are two—in the last month. Other Primedia enthusiast groups are being considered for divestiture as well, but the crafts titles are on the “fast track,” the source said.

Primedia executives were unavailable for comment at press time.

Read the full article here.

Primedia owns the popular scrapbooking magazine, Creating Keepsakes.