RentPath

Last updated
RentPath, LLC
FormerlyK-III Communications
(1989–1997)
PriMedia
(1997–2013)
Company type Subsidiary
Founded1989;35 years ago (1989)
Founder Bill Reilly
Headquarters Atlanta, Georgia, United States
Key people
Jon Zigler (CEO)
Parent Redfin
(2021–present)
Website www.rentpath.com

RentPath Inc. is a media company that owns Rent.com, ApartmentGuide.com, Lovely, and Rentals.com, which combined see 16 million visitors each month. [1] It was previously called K-III and PriMedia. [2] The company was acquired by Redfin in April 2021. [3]

Contents

During its heyday of c. 1991 to c. 2007, K-III/Primedia built a collection of more than 200 magazines that included Chicago and New York , [4] as well as Automobile , Truckin' Magazine , Soap Opera Digest , Soap Opera Weekly , Seventeen , and Weekly Reader .

History

Foundation as K-III

The company, initially called K-III Communications Corporation, was founded in 1989 by Kohlberg Kravis Roberts and Macmillan Inc. president Bill Reilly, [5] as a platform to buy media properties. Its first acquisitions were Macmillan's Book Clubs, Gryphon Editions (renamed Newbridge Communications), and Intertec Publishing; and Maxwell Communications Corporation's Webb Publishing. [6]

In 1990, K-III acquired Ward's from Thomson Corporation [7] It also acquired the business publications of Andrews Communications; Readers Garden, operator of special interest book clubs; and Weekly Reader and Funk & Wagnalls from Marshall Field V. [8]

In 1991, it acquired nine magazines from News Corporation for $600 million: Daily Racing Form , Soap Opera Digest , Soap Opera Weekly , New York , Seventeen , Premiere , European Travel & Life, Automobile , and New Woman. [9]

In 1992, it acquired medical publisher Krames from Grolier, [10] and Films for the Humanities & Sciences.

In 1993, it acquired three magazines from Wiesner, and The World Almanac from E. W. Scripps Company.

In 1994, K-III acquired Stagebill ; Gibbs College; [11] Haas Publishing (now Consumer Source Inc.), publisher of Apartment Guide; and PJS Publications. [12]

Going public

In 1995, the company became a public company via an initial 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. [13] It also acquired the US trade magazine operations of Maclean-Hunter, [14] Chicago from Landmark Media Enterprises, and McMullen & Yee Publishing, a publisher of automotive magazine.

In 1996, the company acquired 14 publications from Cahners Consumer Magazines, Pro Football Weekly , [15] and Westcott Communications, [16] later renamed Primedia Workplace Learning.

In 1997, the company acquired Farm Press, [17] Park Avenue Publishing, publisher of Lowrider , [18] and Intellichoice. It also sold Krames to the Times Mirror Company, [19] sold New Woman to Rodale, Inc., and sold Gibbs College to Career Education Corporation.

Rebranding as Primedia; shift away from print

As of November 18, 1997, the company changed its name to Primedia to more clearly focus on its core business. [20]

In 1998, the company acquired the Cowles Enthusiast Media and Cowles Business Media divisions of Cowles Media Company from McClatchy Newspapers. [21] It sold Daily Racing Form to private investors, sold Stagebill to Fred B. Tarter, sold Newbridge Communications to Doubleday Direct, [22] and acquired Sterling/MacFadden's teen magazines and teen publisher Laufer Publishing.

In 1999, as the company's stock remained moribund, [23] it sold its education unit ( Weekly Reader , The World Almanac) to Ripplewood Holdings, acquired Multimedia Publishing, [24] and sold Better Nutrition, Southwest Art, and Vegetarian Times to Sabot Publishing. [25] [26]

In 2000, the company acquired the digital media company About.com for $690 million. [27]

In January 2001, as part of a joint venture, Primedia handed over editorial control of its trade publications that reported on the media industry to Steven Brill. [28] Later that year, the company acquired EMAP's U.S. magazines [29] and closed Country Journal . In October 2001, Primedia dissolved its partnership with Brill. [30]

In 2002, the company sold Modern Bride to Condé Nast Publications, [31] sold Pro Football Weekly to Arkush family, sold Chicago to Tribune Company, and sold American Baby to Meredith Corporation.

In 2003, the company sold Volleyball, Teddy Bear and Friends and Doll Reader to Ashton International Media, [32] sold Seventeen to Hearst Corporation for $182.4 million, [33] sold New York to Bruce Wasserstein for $55 million, [34] sold Tiger Beat and Bop to Laufer Media, sold Kitplanes to Belvoir Publications, [35] and sold Simba Information to R.R. Bowker. [36]

In 2004, the company sold Folio and Circulation Management to a joint venture with Red 7 Media. [37]

In 2005, the company sold About.com to The New York Times Company for $410 million, [38] sold Prism Business Media (ex-Intertec) to private investors Wasserstein & Co. (later merged with Penton Media), and sold Ward's to Prism Business Media. [39]

In 2006, the company was publishing over 280 separate magazine titles. [40] That year, it sold history magazines to Weider History Group, [41] sold Crafts Group to Sandler Capital Management for $132 million, [42] and sold Outdoor Group to InterMedia Partners [43]

In 2007, the company sold a group of 17 outdoor-oriented magazines to InterMedia Outdoors for $170 million in cash, in a deal that included Guns & Ammo and Fly Fisherman. It also sold its Enthusiast Media division to Source Interlink, controlled by Ronald Burkle, in a deal that netted Primedia $1.15 billion in cash in exchange for a group of more than 70 magazines, including Motor Trend and Soap 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. [44] [45] It also sold Gems group to Interweave, [46] sold Climbing to Skram Media, [47] sold Films for the Humanities & Sciences to Infobase Publishing, [48] and sold Channel One News to Alloy Media and Marketing.

In 2008, the company sold South Florida Auto Guide and Wisconsin Auto Guide to Target Media Partners and closed Atlanta Auto Guide.

In 2009, the company closed Today's Custom Home.

Acquisition by TPG Capital and shift toward real estate

In 2011, TPG Capital bought Primedia for $525 million, [49] and in 2012, Primedia acquired rent.com from eBay. [50] [51]

In 2013, the company changed its name to RentPath. In 2014 it acquired Lovely for $13 million. [52]

In 2014, Providence Equity Partners LLC acquired 50% of the company. [53]

In July 2015, former CEO of Autotrader.com, Chip Perry, was named president and CEO of RentPath. He succeeded Charles Stubbs, who remained on the RentPath board of directors. [54] In November 2015, Chip Perry stepped down as president and CEO of RentPath, to take over as CEO of TrueCar. [55]

RentPath named Marc P. Lefar as President and CEO on April 4, 2016. [56]

Bankruptcy

In February 2020, RentPath filed bankruptcy in preparation for acquisition by CoStar, which reached an agreement to acquire RentPath for $588 million. [57] On December 29, 2020, new CEO Dhiren Fonseca [58] terminated RentPath's agreement to be acquired by CoStar. [59]

On April 5, 2021, RentPath was acquired by Redfin for $608 million. [60] RentPath rental home listings were to be integrated into Redfin.com by 2022. RentPath's headquarters remain in Atlanta and Fonseca remains in his role as CEO while the new owners seek a new permanent head.

Former notable magazine titles

Action sports

Automotive

Entertainment

Enthusiast

Equestrian

Lifestyle

Teen

Wellness

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References

  1. ↑ "Redfin Completes Acquisition of RentPath for $608 Million | Redfin Press Center". press.redfin.com. Retrieved 2021-05-12.
  2. ↑ Quinones, Eric R. (October 30, 1997). "K-III changing 'horrible' name to Primedia to better reflect business".
  3. ↑ "Redfin Completes Acquisition of RentPath for $608 Million | Redfin Press Center". press.redfin.com. Retrieved 2021-05-12.
  4. ↑ Weber, Bruce. "Bill Reilly, Magazine Publishing Executive, Dies at 70", The New York Times , October 20, 2008. Accessed October 23, 2008.
  5. ↑ Fell, Jason (October 20, 2008). "Industry Reacts to Death of Primedia Founder: Charlie McCurdy: O'Reilly 'forever changed the face of specialty publishing.'". Folio .
  6. ↑ "THE MEDIA BUSINESS; Macmillan and Maxwell Sell Four Units to Kohlberg". The New York Times . December 2, 1988. ISSN   0362-4331.
  7. ↑ "K-III to Buy Automotive Industry Publisher Ward's Communications". Associated Press . May 7, 1990.
  8. ↑ Hicks, Jonathan P. (December 22, 1990). "COMPANY NEWS; K-III Holdings to Buy Field Assets". The New York Times . ISSN   0362-4331.
  9. ↑ "K-III Bid Wins Murdoch Mags". Variety. 1991-04-29.
  10. ↑ "K-III Buys Publisher". The New York Times . Reuters. February 19, 1992. ISSN   0362-4331.
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  13. ↑ "K-III's Initial Stock Offering". The New York Times . Reuters. October 7, 1995.
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  15. ↑ "MEDIA". Los Angeles Times . July 8, 1996.
  16. ↑ Fabrikant, Geraldine (April 23, 1996). "COMPANY REPORTS;K-III to Acquire Westcott After Twice Raising Its Bid". The New York Times .
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  18. ↑ "Spotlight: McMullen Argus Buys Park Avenue Publishing". Los Angeles Times . August 7, 1997.
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  24. ↑ Elder, Laura (October 10, 1999). "Tech wildcatter sells company for $35 million". American City Business Journals .
  25. ↑ "Deals-Southwest Art". Desilva + Phillips. May 1999. Archived from the original on October 29, 2013. Primedia, Inc. has sold Southwest Art, Inc. to Sabot Publishing, Inc.
  26. ↑ Lazarus, George (November 9, 1999). "Alberto Move From Lois A Beauty For Tatham". Chicago Tribune .
  27. ↑ "Primedia buys About.com". CNN . October 30, 2000.
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  29. ↑ "Primedia Agrees to Acquire Emap's U.S. Magazine Assets". The Wall Street Journal . July 2, 2001.
  30. ↑ Barringer, Felicity (16 October 2001). "Brill's Content Closes; Web Site, Inside.com, Is Cut Back". The New York Times . Retrieved 19 August 2020.
  31. ↑ Rose, Matthew (January 14, 2002). "Conde Nast to Buy Modern Bride From Primedia for $52 Million". The Wall Street Journal .
  32. ↑ "Transactions - JEGI from 2002". Archived from the original on 2016-03-15. Retrieved 2020-11-27.
  33. ↑ "Primedia to Sell Seventeen To Hearst for $182.4 Million". The Wall Street Journal . April 24, 2003.
  34. ↑ Rose, Matthew; Frank, Robert (December 17, 2003). "Wasserstein Wins Primedia Auction To Buy New York". The Wall Street Journal .
  35. ↑ Pew, Glenn (October 5, 2003). "KITPLANES Joins AVweb Under Belvoir".
  36. ↑ "R.R. Bowker Acquires Simba Information". September 23, 2003.
  37. ↑ Kelly, Keith J. (August 13, 2004). "PRIMEDIA OFFLOADS 2 TRADES". New York Post .
  38. ↑ "The Times Company Acquires About.com for $410 Million". The New York Times . February 18, 2005.
  39. ↑ "PRIMEDIA's Wards Automotive Magazines Sold to Prism Media". December 22, 2005.
  40. ↑ "Climbing and C&K Unaffected By Primedia Challenges". Outside Business Journal . Apr 5, 2006.
  41. ↑ "Weider Purchases History Magazines From Primedia". February 28, 2006.
  42. ↑ Fiore, Marrecca (June 16, 2006). "BREAKING NEWS: Primedia To Sell Crafts Group for $132 Million". Folio .
  43. ↑ "Primedia To Sell Outdoor Group". Folio . December 7, 2006.
  44. ↑ Lazaroff, Leon (May 15, 2007). "Billionaire Burkle to buy Primedia". The Sun Sentinel. Bloomberg News.
  45. ↑ "Magazine Publisher Is Selling Special-Interest Unit for $1.15 Billion". The New York Times . Reuters. May 15, 2007.
  46. ↑ Kinsman, Matt (September 5, 2006). "Interweave Press Buys Primedia's Gems Group". Folio .
  47. ↑ Mickey, Bill (January 5, 2007). "Primedia Unclips Climbing". Folio .
  48. ↑ "Infobase Buys Films Media Group". Library Journal . June 28, 2007.
  49. ↑ Lattman, Peter (May 16, 2011). "After 22 Years — 22 Years! — K.K.R. Is Exiting Primedia". The New York Times .
  50. ↑ "PRIMEDIA to Acquire Rent.com from eBay Inc" (Press release). Business Wire. March 22, 2012.
  51. ↑ Rao, Leena (March 22, 2012). "eBay Sells Off Real Estate Listings Site Rent.com To Primedia". TechCrunch .
  52. ↑ Lunden, Ingrid (April 2, 2014). "TPG's RentPath Buys Lovely For $13M To Expand From property search into full rental services". TechCrunch .
  53. ↑ Hudson, Phil W. (October 22, 2014). "Providence Equity, TPG become equal partners in RentPath". American City Business Journals .
  54. ↑ "Former AutoTrader CEO Chip Perry named RentPath CEO". American City Business Journals . July 13, 2015.
  55. ↑ UNDERCOFFLER, DAVID (November 23, 2015). "Chip Perry, TrueCar's new CEO, seeks to rebuild dealers' trust". Automotive News .
  56. ↑ "RentPath Names Marc Lefar as President and Chief Executive Officer" (Press release). PR Newswire. April 4, 2016.
  57. ↑ Saunders, Jessica (February 12, 2020). "Atlanta-based RentPath files Chapter 11, agrees to be bought by CoStar for $588M". American City Business Journals .
  58. ↑ Peters, Joe. "Executive Team Members". RentPath. Retrieved 2021-05-12.
  59. ↑ "RentPath terminates agreement to be acquired by CoStar Group". AP NEWS. 2020-12-29. Retrieved 2021-05-12.
  60. ↑ "Redfin Completes Acquisition of RentPath for $608 Million | Redfin Press Center". press.redfin.com. Retrieved 2021-05-12.
  61. ↑ "Dumb and Dumber". Forbes . Nov 10, 2003.
  62. ↑ Levere, Jane L. (Aug 12, 1999). "THE MEDIA BUSINESS: ADVERTISING; After a redesign and editorial changes, Rodale Press promotes a new New Woman magazine". The New York Times .
  63. ↑ Kelly, Keith J. (December 9, 1999). "NEW WOMAN FOLDS: RODALE PULLS PLUG AFTER 2 YRS., $40M". New York Post .
  64. ↑ Bloomberg News (March 2, 2002). "Primedia to Shut Down Teen Magazine". The New York Times .
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