Primedia Delays ‘Guides’ Spin-off
Primedia is delaying a spin-off of its consumer guides group, which had been planned for the third quarter of this year, according to a 8K filed with the SEC this week. The company last year announced plans to separate the guides unit from the enthusiast media and education units. The plan was to separate the businesses through a tax-free spinoff, where shares would be distributed on a pro rata basis to all shareholders. The spin-off is intended to “unlock shareholder value,” Primedia said last year.