EMAP Petersen Completes Acquisition of General Media's Automotive Magazine Group
Posted on March 4, 1999EMAP Petersen, Inc. announced that it has completed the acquisition of General Media's Automotive Group for $35 million. The acquisition includes four monthly magazines -- Four Wheeler, Stock Car Racing, Open Wheel, Drag Racing Monthly -- and the rights to Four Wheeler TV. These publications are part of Petersen's Automotive Group, which includes Hot Rod, Petersen's 4-Wheel & Off-Road, Richard Petty's Stock Car Racing and 20 other titles. Petersen announced on February 11th that it had entered into an agreement with General Media to acquire their Automotive Group.
EMAP Petersen, Inc. is a wholly owned subsidiary of EMAP plc, one of the largest magazine publishing companies in the world with 603 magazines, more than 6,000 employees worldwide and annual revenues of approximately US$1.7 billion. In the U.S., Petersen's 154 publications deliver nearly 87 million readers, including nearly 64 million adults and over 22 million teens.