Petersen and EMAP Complete Acquisition
Posted on January 22, 1999
James D. Dunning, Jr., Chairman and President of EMAP Petersen, Inc., announced today the completion of EMAP's acquisition of The Petersen Companies, Inc. for US$1.5 billion. The combined company, EMAP plc, has annual revenues of US$1.7 billion, 603 magazines and more than 6,000 employees worldwide.
Dunning said, "We are pleased to have delivered a great transaction for our employees, customers, shareholders and EMAP. We look forward to a new exciting world platform with EMAP. As part of the world's largest publishing company, we will continue to aggressively pursue trade and consumer magazine acquisitions and launches with plans to invest in the U.S. up to $500 million in 1999."
EMAP Petersen is poised to become a more powerful multimedia company by introducing select EMAP titles to the U.S. market while more aggressively focusing on acquisitions, launches and expansion of their existing brands both here and in Europe. EMAP Petersen, Inc. is an indirect wholly owned subsidiary of EMAP plc with headquarters in Peterborough, England.
