Primedia said Wednesday they are looking into strategic alternatives, including sale, for Seventeen magazine citing the market’s lack of recognition for the strength of the magazine.
Primedia has retained Morgan Stanly to “explore strategic, value creation options for Seventeen and other properties.
“The (Seventeen) brand has successfully expanded its franchise over the past few years,” said a spokesman for Primedia. “But the equity markets are not giving Primedia a market value that reflects the strength of Seventeen and its leadership in the teen category.”
“There are opportunities to grow businesses beyond the current structure that Seventeen was in,” Primedia Chairman and Chief Executive Tom Rogers told Reuters. “Because we have had so many approaches (on Seventeen), we said: maybe people have some ideas here.”
There was no elaboration on that statement.
