Primedia Business, the company formerly known as Intertec Publishing, is changing its name once again.
The new name: Prism Business Media Inc.
The company had been scouting new names since August, when Primedia sold its business information
unit to Wasserstein & Co. for $385 million in cash. The new entity temporarily held as PBI Media Holdings, Inc.
Also yesterday, the company announced
the acquisition of the assets of aviation directory publisher Boston Aviation Services (BAS). BAS publications include The Air Charter Guide, The Executive Traveler Edition and The Cellular Pilot. BAS will become part of Prism Business Media's Information data products group. Terms of the transaction were not disclosed.
What's in a Name
In an e-mail to employees, CEO John French wrote that the company considered a number of factors in choosing the name.
“It needs to be ﾅ Memorable ﾅ Unique ﾅ Meaningful ﾅ Sustainable ﾅ Positive ﾅ Protectable as a trademark,” French wrote. “We also want the name to reflect who we are as a company and the image we want to project to customers, employees and competitors.” French added that the company hoped to convey through the name a “broad portfolio” and a “fresh start” alongside the ubiquitous “quality” and “market leader” branding buzz terms.
“Prism – like transmitting or reflecting light, like a ray of light passing through a prism. Prism is a reflection of what we represent within the organization and the industry. Shedding light, information, reflecting quality,” French wrote in a seperate e-mail announcing the new name. “We ask everyone in the organization to enthusiastically embrace our new name. Carry it positively to the marketplace and avoid the inclination to say 'why didn't we name it this or that.' It was a very tough process and many excellent names were not useable due to trademark issues.”
The newly-named company’s assets includes 70 publications, more than 100 Web sites, 25 events and 50 directories and data products. It was hit hard during the recession, with several changes in senior management. But it has turned around over the last year, the company said, with accelerating revenue and earnings growth. Primedia Business generated $224.8 million in 2004, an increase of 1.5 percent over 2003. Through March, the unit took in $53.5 million, down from last year's $54.9 million first quarter performance. The unit’s EBITDA was $37.4 million in 2004.