Business News

PRIMEDIA Announces Share Repurchase Program

Friday 26. December 2008 - PRIMEDIA Inc. (NYSE: PRM) today announced that its Board of Directors has authorized a program to repurchase up to $5 million of the Company's common stock over the next 12 months.

Under the terms of the repurchase program, the Company may repurchase shares in open market purchases or through privately negotiated transactions. The Company expects to use cash on hand to fund repurchases of its common stock.
“This repurchase program demonstrates the confidence that our Board of Directors and senior management have in the future of PRIMEDIA and our belief that our shares are currently undervalued,” said Charles Stubbs, President and Chief Executive Officer of PRIMEDIA. “It also underscores our confidence in PRIMEDIA’s fundamental business position, our growth and earnings prospects and our ability to continue to generate strong cash flows for 2009 and forward.”
PRIMEDIA reported $0.20 EPS from continuing operations for the third quarter of 2008. The Company expects to continue to pay a regular quarterly cash dividend of $0.07 per share for the foreseeable future.
PRIMEDIA management will determine the timing and amount of any repurchase based on its evaluation of market conditions, business considerations and other factors. Stock repurchases under the program will be conducted in compliance with the safe harbor provisions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The program may be extended, modified, suspended or discontinued at any time, at the Company’s discretion.