NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance -- Global Media & Communications today announced that it has expanded its presence in the enthusiast publishing market by providing financing to Intermedia Outdoor, Inc. to support the acquisition of PRIMEDIA Outdoors, a leading media resource to outdoor lifestyle, hunting, fishing and shooting enthusiasts.
The GE business unit acted as joint lead arranger and joint bookrunner for the $130.5 million credit facility, which closed on January 31, 2007.
"The enthusiast magazine space is a strong niche market that has a laser-focused target audience, an attractive characteristic to advertisers and investors," said Tom Regan, managing director, GE -- Global Media & Communications. "We are excited that we had the opportunity to work with a well-known media investor, InterMedia, again and we look forward to expanding our footprint in this space."
One-third of the 10,000 to 12,000 magazines published in the United States are enthusiast magazines. According to a research report published in 2006, the advertising growth rate of the enthusiast magazine sector has outpaced all other sectors combined over the past 10 years.
GE -- Global Media & Communications is a leading market lender for niche markets, including enthusiast publishing with financial commitments totaling nearly $300 million to date.
About GE Commercial Finance -- Global Media & Communications
With over $7 billion in assets and offices in Atlanta, Beverly Hills, Chicago, Hong Kong, London, New York, Norwalk and San Francisco, Global Media & Communications represents a one-stop source for the comprehensive range of GE's debt and equity financing services offered to the media, communications & entertainment sectors and the technology that enables them. For more information, please visit gegmc.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $206 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
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or
CJP Communications
Dawn Cabral, 203-378-1152 x147
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Britta Kons
GE Healthcare Global Services
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1-203-400-1892