The E-Sylum:  Volume 8, Number 50, November 27, 2005, Article 10

COMPANIES BATTLING OVER SALE OF KRAUSE PUBLICATIONS BUYER

On November 25 the New York Post reported that "A
fight between two of the big media money power players
in New England — Boston-based Abry Partners and
Providence, R.I.-based Providence Equity Partners —
looks like it will get nastier before anyone comes
to their senses and settles.

The quarrel is over the pricetag for F+W Publications,
a mid-sized publisher for magazine titles including
Writer's Digest, Turkey & Turkey Hunting, Old Cars
Weekly, Numismatic News and several book clubs directed
at hobbyists, including WoodWorker's Book Club.

In August, Abry paid $500 million for F+W Publications,
which was headed by Primedia co-founder William Reilly
with financial backing from Providence Equity.

Three months later, Abry appears to be suffering
from a severe case of buyer's remorse.

On Nov. 3, Abry filed suit against Providence trying
to rescind the purchase or obtain a major damage
settlement.

Abry claims that Providence "had employed a variety
of devices and schemes to artificially inflate the
company's reported revenues for the first half of
the year, according to a suit in Delaware Chancery court."

To read the full story (registration required), see: Full Story

Here's another story in a publication for dealmakers: Full Story

  Wayne Homren, Editor

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