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Primedia: Integration Causes Reduction of 160 Jobs in Intertec and IndustryClick Units

Press release from the issuing company

3/16/01 - Primedia announced today new integration initiatives designed to increase efficiencies and streamline its Intertec and IndustryClick business units. Primedia’s Business-to-Business Group integration includes the reduction of approximately 140 positions at Intertec and 20 positions at IndustryClick. The reorganization includes a consolidation of functions, driven in large part by efficiencies that can be brought about as a result of integration initiatives. These initiatives include the merger of About’s, Inc. B2B offering ABZ with IndustryClick which will expand the Web communities across the entire Business-to-Business Group. “Integration is not just a ‘buzz word,’ it is a reality at Primedia,” said David Ferm, CEO of Primedia’s Business-to-Business Group. “The Business-to-Business Group has formed an integrated marketing strategy, which is focused on selling targeted advertising solutions more effectively across Intertec and IndustryClick. By focusing on the opportunities that the combination of traditional and new media businesses afford, we will enhance revenue growth by creating a more nimble and accountable organization.” “Integration is one of the keys to unlocking the value of Primedia’s assets,” said Tom Rogers, Chairman and CEO of Primedia. “Primedia’s Intertec and IndustryClick business units have created a structure that enhances their ability to save costs while delivering better more targeted solutions for advertisers. These announcements are part of Primedia’s $49 million in expense reduction in 2001 as previously announced as part of the About, Inc. merger.”

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