 | |
| Formerly | K-III Communications (1989–1997) PriMedia (1997–2013) RentPath (2013-2022) |
|---|---|
| Company type | Subsidiary |
| Founded | 1989; 36 years ago (1989) |
| Founder | Bill Reilly |
| Headquarters | Atlanta,Georgia,United States |
Key people | Jon Zigler (CEO) |
| Parent | Rocket Mortgage |
| Website | www |
Rent Group Inc., stylized asRent., is amedia company that ownsRent.com, ApartmentGuide.com, Lovely, and Rentals.com. It was previously calledK-III (1989–1997),PriMedia (1997–2013), andRentPath (2013-2022).
The company at one time owned over 200 magazines, includingChicago andNew York, as well asAutomobile,Truckin' Magazine,Soap Opera Digest,Soap Opera Weekly,Seventeen, andWeekly Reader.
The company, initially calledK-III Communications Corporation, was founded in 1989 byKohlberg Kravis Roberts andMacmillan Inc. presidentBill Reilly,[1] as a platform to buy media properties. Its first acquisitions were Macmillan's Book Clubs, Gryphon Editions (renamed Newbridge Communications), and Intertec Publishing; andMaxwell Communications Corporation's Webb Publishing.[2]
In 1990, K-III acquiredWard's fromThomson Corporation[3] It also acquired the business publications of Andrews Communications; Readers Garden, operator of special interest book clubs; andWeekly Reader andFunk & Wagnalls fromMarshall Field V.[4]
In 1991, it acquired nine magazines fromNews Corporation for $600 million:Daily Racing Form,Soap Opera Digest,Soap Opera Weekly,New York,Seventeen,Premiere,European Travel & Life,Automobile, andNew Woman.[5]
In 1992, it acquired medical publisher Krames fromGrolier,[6] andFilms for the Humanities & Sciences.
In 1993, it acquired three magazines from Wiesner, andThe World Almanac fromE. W. Scripps Company.
In 1994, K-III acquiredStagebill;Gibbs College;[7] Haas Publishing (now Consumer Source Inc.), publisher ofApartment Guide; and PJS Publications.[8]
In 1995, the company became apublic company via aninitial public offering, selling 15 million shares at $12 per share in a deal that left Kohlberg Kravis Roberts with control of 82.2% of the company's shares.[9] It also acquired the US trade magazine operations ofMaclean-Hunter,[10]Chicago fromLandmark Media Enterprises, and McMullen & Yee Publishing, a publisher of automotive magazine.
In 1996, the company acquired 14 publications fromCahners Consumer Magazines,Pro Football Weekly,[11] and Westcott Communications,[12] later renamedPrimedia Workplace Learning.
In 1997, the company acquired Farm Press,[13] Park Avenue Publishing, publisher ofLowrider,[14] and Intellichoice. It also sold Krames to theTimes Mirror Company,[15] soldNew Woman toRodale, Inc., and sold Gibbs College toCareer Education Corporation.
On November 18, 1997, the company changed its name toPrimedia to more clearly focus on its core business.[16][17]
In 1998, the company acquired the Cowles Enthusiast Media and Cowles Business Media divisions ofCowles Media Company fromMcClatchy Newspapers for $200 million.[18] It soldDaily Racing Form to private investors, soldStagebill to Fred B. Tarter, sold Newbridge Communications toDoubleday Direct,[19] and acquiredSterling/MacFadden's teen magazines and teen publisherLaufer Publishing.
In 1999, as the company's stock remained moribund,[20] it sold its education unit (Weekly Reader,The World Almanac) toRipplewood Holdings, acquired Multimedia Publishing,[21] and soldBetter Nutrition,Southwest Art, andVegetarian Times to Sabot Publishing.[22][23]
In 2000, the company acquiredAbout.com for $690 million.[24][25]
In January 2001, as part of a joint venture, Primedia handed over editorial control of its trade publications that reported on the media industry toSteven Brill.[26] Later that year, the company acquiredEMAP's U.S. magazines[27] and closedCountry Journal. In October 2001, Primedia dissolved its partnership with Brill.[28]
In 2002, the company soldModern Bride toCondé Nast Publications,[29] soldPro Football Weekly to Arkush family, soldChicago toTribune Company, and soldAmerican Baby toMeredith Corporation.
In 2003, the company soldVolleyball,Teddy Bear and Friends andDoll Reader to Ashton International Media,[30] soldSeventeen toHearst Corporation for $182.4 million,[31] soldNew York to Bruce Wasserstein for $55 million,[32] soldTiger Beat andBop toLaufer Media, soldKitplanes to Belvoir Publications,[33] and sold Simba Information toR.R. Bowker.[34]
In 2004, the company soldFolio andCirculation Management to ajoint venture with Red 7 Media.[35]
In 2005, the company soldAbout.com toThe New York Times Company for $410 million,[36] soldPrism Business Media (ex-Intertec) to private investorsWasserstein & Co. (later merged withPenton Media), and soldWard's toPrism Business Media.[37]
In 2006, the company was publishing over 280 separate magazine titles.[38] That year, it sold history magazines toWeider History Group,[39] sold Crafts Group to Sandler Capital Management for $132 million,[40] and soldOutdoor Group toInterMedia Partners[41]
In 2007, the company sold a group of 17 outdoor-oriented magazines toInterMedia Outdoors for $170 million in cash, in a deal that includedGuns & Ammo andFly Fisherman. It also sold its Enthusiast Media division toSource Interlink, controlled byRonald Burkle, in a deal that netted Primedia $1.15 billion in cash in exchange for a group of more than 70 magazines, includingMotor Trend andSoap Opera Digest and 90 consumer websites. The deal left Primedia to focus on a series of free print and online consumer guides published by its Consumer Source unit.[42][43] It also sold Gems group to Interweave,[44] soldClimbing to Skram Media,[45] sold Films for the Humanities & Sciences toInfobase Publishing,[46] and soldChannel One News to Alloy Media and Marketing.
In 2008, the company soldSouth Florida Auto Guide andWisconsin Auto Guide to Target Media Partners and closedAtlanta Auto Guide.
In 2009, the company closedToday's Custom Home.
In 2011,TPG Capital bought Primedia for $525 million,[47] taking the company private and delisting it from theNew York Stock Exchange. In 2012, Primedia acquiredrent.com fromeBay.[48][49]
In 2013, the company changed its name toRentPath. In 2014 it acquired Lovely for $13 million.[50]
In 2014,Providence Equity Partners LLC acquired 50% of the company.[51]
In July 2015, former CEO ofAutotrader.com, Chip Perry, was named president and CEO of RentPath. He succeeded Charles Stubbs, who remained on the RentPath board of directors.[52] In November 2015, Chip Perry stepped down as president and CEO of RentPath, to take over as CEO ofTrueCar.[53]
RentPath named Marc P. Lefar as President and CEO on April 4, 2016.[54]
In February 2020, RentPath filedbankruptcy in preparation for acquisition by CoStar, which reached an agreement to acquire RentPath for $588 million.[55]
In December 2020, the company terminated the acquisition by CoStar.[56]
In April 2021, RentPath was acquired byRedfin for $608 million.[57]
In June 2022, it changed its name to Rent Group, stylized as "Rent.".[58]
Primedia, Inc. has sold Southwest Art, Inc. to Sabot Publishing, Inc.
