Primedia has sold a majority interest in Folio and Circulation Management, its two key trade titles covering the magazine publishing industry.
The magazines were sold to a joint venture with Primedia as a minority owner and majority-controlled by Red 7 Media Inc., whose M10 title competes with Folio, M10 said yesterday. Financial terms of the sale were not disclosed.
The news follows a Primedia second-quarter earnings statement Aug. 5 that said the New York publisher was exploring partnerships for Folio, Circulation Management and American Demographics. Primedia officials did not return calls for comment.
The joint venture will run Folio and Circulation Management as well as their trade shows. It will include M10 and Event Marketer magazine and their trade shows. Red 7 Media executives will manage all of the titles and shows, with headquarters in Norwalk, CT.
The alliance takes effect after the publication of M10's September/October issue. That title then will combine with Folio, which will use the M10 editorial platform. M10 will be used in other media. Circulation Management will continue to publish under its name.
