Folio: M&A SCORECARD

Folio: The Magazine for Magazine Management, March 1, 2001

                           Folio: M&A SCORECARD
                           JANUARY 5-FEBRUARY 5
                     A rundown of selected mergers and
                  acquisitions in the magazine industry.
              ACQUISITIONS OF MAGAZINES AND OTHER PROPERTIES
BUYER                     SELLER
Business News Publishing  Cahners Business Information
Troy, Michigan            New York City
America Online            Time Warner
Dulles, Virginia          New York City
Conde Nast Publications   Ideas Publishing Group
New York City             Miami
Cygnus Business Media     Spencer/Cygnus Regional Print
Melville, New York        Network, Timonium, Maryland
GEM Communications        Casino Journal Publishing Group
Norwalk, Connecticut      Fort Lee, New Jersey
Stars & Stripes Omnimedia Validity Magazine
Pittsburgh, Pennsylvania  Milton, Florida
Advance Publications      The New York Times Company
Staten Island, New York   New York City
Haymarket Publishing      Racer Communications
London                    Tustin, California
BUYER                     PROPERTIES
Business News Publishing  Eleven titles from the building/
Troy, Michigan            construction group, the food and
                          packaging group and the manufacturing
                          processes group
America Online            Time Inc. magazines, Time Warner Trade
Dulles, Virginia          Publishing, cable networks, music,
                          filmed entertainment, cable and digital
                          media.
Conde Nast Publications   Nine Spanish-language editions of major
New York City             U.S. magazines, including Vogue en
                          Espanol and Newsweek an Espanol.
Cygnus Business Media     A group of regional magazines about the
Melville, New York        printing industry, including Print &
                          Graphics, Southern Graphics and Printing
                          Views
GEM Communications        Casino Journal, The National Gaming
Norwalk, Connecticut      Summary, a weekly trade newsletter and a
                          trade show division
Stars & Stripes Omnimedia Validity Magazine
Pittsburgh, Pennsylvania
Advance Publications      Golf Digest, Golf Digest Woman, Golf
Staten Island, New York   World, Golf World Business and
                          GolfDigest.com
Haymarket Publishing      A custom publishing division, Racer's
London                    News Bureau and Racer.
BUYER                     PRICE
Business News Publishing  NA
Troy, Michigan
America Online            $103.5B
Dulles, Virginia
Conde Nast Publications   NA
New York City
Cygnus Business Media     Less than
Melville, New York        $5M (est.)
GEM Communications        $4.8M
Norwalk, Connecticut
Stars & Stripes Omnimedia $1M-2M
Pittsburgh, Pennsylvania  (est.)
Advance Publications      $320M-
Staten Island, New York   $350M (est.)
Haymarket Publishing      NA

London