Folio: for sale: As blogged earlier, Primedia today announced that the magazines Folio:, Circulation Management and American Demographics were “discontinued operations” in search of a “strategic partnership.” Running those terms through Google’s MBA-to-English translation tool reveals they mean, “for sale.” At least that’s what’s being said in e-mail I’m receiving from, as they say, “people close to the situation.”
Rafat Ali has obtained the internal e-mail sent to Primedia employees and has posted it on PaidContent.org.
“Today, as part of the second quarter earnings release, PRIMEDIA will be announcing that we are evaluating strategic partnerships regarding three Primedia Business properties: Folio:, Circulation Management and American Demographics. Securities laws require us to disclose these discussions even though they haven’t concluded; but we expect that we can give you more specific information about the nature of the potential partnerships shortly. These discussions affect no other PRIMEDIA business property.
From e-mails I’ve received from individuals “close to” the publications affected, there was little explanation given internally until the story started appearing elsewhere. For example, it was not until late this afternoon that the employees were told definitively that the properties were for sale and not being shut down. There is still (6 p.m. est) no story on the Folio: website. Earlier, M10 Report, the magazine industry trade publication-website whose editor-publisher, Tony Silber, is a former Folio: editor-publisher, sent an e-mail alert regarding the Primedia press release but has yet to report anything on its site, as well.