PRIMEDIA, publisher of Motor Trend, Hot Rod, Automobile and a few other magazines you may have heard of, shelled out $72.5 million in cash for an initial 80% stake of Automotive.com. The remaining 20% will be acquired by early 2010 at a price contingent on incremental earnings.
The acquisition strengthens PRIMEDIA's already impressive online automotive presence, which includes IntelliChoice.com, MotorTrend.com, Lowriders.com, Automobilemag.com and HotRod.com. PRIMEDIA additionally holds 50 other online properties in its enthusiast group and reaches 9 million visitors per month and generates roughly 38 million pageviews.
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