Prism Business Media Holdings, the B-to-B media company whose portfolio includes Direct and Multichannel Merchant magazines, announced it has agreed to buy the stock of Penton Media for $194.2 million.
Prism will also assume Penton’s outstanding debt, bringing the total value of the buyout to around $530 million. The deal is expected to be completed in the first half of 2007, pending the approval of Penton shareholders.
Prism is owned by U.S. Equity Partners, an investment fund sponsored by Wasserstein & Co., LLP, and by co-investors Highfields Capital Management and Lexington Partners. It operates 70 magazines, 170 e-mail newsletters, and 17 industry trade shows in 20 industry sectors.
Cleveland-based Penton Media also produces targeted magazines, shows and online media in fields ranging from business technology and design/engineering to hospitality and food/retail.
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