RentPath

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K-III Communications
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For the South African media company, see Primedia. For infomercial company, see PriMedia Inc.
RentPath, LLC
Redfin
(2021–present)
Websitewww.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]

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

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

Premiere, European Travel & Life, Automobile, and New Woman.[9]

In 1992, it acquired medical publisher Krames from

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,

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

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

Country Journal. In October 2001, Primedia dissolved its partnership with Brill.[30]

In 2002, the company sold Modern Bride to

Tribune Company, and sold American Baby to Meredith Corporation
.

In 2003, the company sold Volleyball, Teddy Bear and Friends and

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

Prism Business Media.[39]

In 2006, the company was publishing over 280 separate magazine titles.

Outdoor Group to InterMedia Partners[43]

In 2007, the company sold a group of 17 outdoor-oriented magazines 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

  • Chicago (1995–2002)
  • Country Journal
     (1998–2001)
  • European Travel & Life
  • New Woman (1991–1997)[62][63]
  • New York (1991–2003)
  • Today's Custom Home

Teen

Wellness

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. ISSN 0362-4331
    .
  7. ^ "K-III to Buy Automotive Industry Publisher Ward's Communications". Associated Press. May 7, 1990.
  8. ISSN 0362-4331
    .
  9. ^ "K-III Bid Wins Murdoch Mags". Variety.
  10. ISSN 0362-4331
    .
  11. ^ Jones, Kathryn (March 9, 1994). "COMPANY NEWS; Katharine Gibbs Schools Are Sold". The New York Times.
  12. ^ "Publishers: Editors: Managing Editors". Associated Press. December 27, 1994.
  13. ^ "K-III's Initial Stock Offering". The New York Times. Reuters. October 7, 1995.
  14. Advertising Age
    . September 6, 2011.
  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.
  17. ^ Brandon, Hembree (April 5, 2003). "Farm Press mirrors ag achievement". Farm Press.
  18. ^ "Spotlight: McMullen Argus Buys Park Avenue Publishing". Los Angeles Times. August 7, 1997.
  19. ISSN 0362-4331
    .
  20. ^ "K-III's New Name To Be 'Primedia'". The New York Times. Associated Press. November 1, 1997.
  21. ^ "McCLATCHY FINDS NEW HOMES FOR COWLES DIVISIONS". NewsInc. Jan 19, 1998. Retrieved 2012-09-11.
  22. ISSN 0362-4331
    .
  23. ^ Kelly, Keith J. (March 21, 1999). "KRAVIS PRIMED FOR PRIMEDIA BREAKUP". New York Post.
  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.
  28. ^ "Primedia and Brill Media in Joint Venture". The New York Times. Jan 5, 2001.
  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. 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. 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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