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May 13, 1997updated 05 Sep 2016 12:23pm

CMP SEEKS $115M IN IPO

By CBR Staff Writer

CMP Media Inc is reportedly seeking to raise up to $115m in an initial public offering. The privately-held Manhasset, New York- based publisher of computer industry titles was most recently linked with Japan’s Softbank Corp, which already owns Comdex and Ziff-Davis (CI No 3,139). It was thought CMP may have been ready to sell a 20% stake as its founders are aging and the only other alternative to avoid those nasty 50% inheritance taxes is to go public. Such a sale, observers said, would be accounted as a capital gain at a more reasonable 28% tax rate. CMP is supposedly going to use the funding to service its credit lines and invest the remainder in its business. While CMP’s profit rose to $16m in 1996 on revenue which grew nearly 10% in 1996 to $418m, the business has slowed when compared to growth in previous years which has topped 20% on some occasions. Reportedly 72% of CMP’s revenue is derived from advertising sales.

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