Primedia 8-K Completion of Acquisition or Disposition of Assets

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Exhibit 99.2

PRIMEDIA INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Financial Statements

        On February 17, 2005, the Company announced that it had reached an agreement to sell About, Inc. ("About"), part of the Enthusiast Media segment, to The New York Times Company for approximately $410 million. The sale was completed on March 18, 2005.

Pro Forma Financial Statements

        The following unaudited pro forma condensed consolidated financial statements have been prepared based on the historical consolidated financial statements of PRIMEDIA Inc. ("PRIMEDIA") after giving effect to the sale of its wholly-owned subsidiary, About, and the assumptions and adjustments described in the accompanying notes to these unaudited pro forma condensed consolidated financial statements. The unaudited pro forma condensed statements of consolidated operations give effect to the disposal of About by PRIMEDIA as if it had occurred on January 1, 2002 and the unaudited pro forma condensed consolidated balance sheet gives effect to the disposal of About by PRIMEDIA as if it had occurred on December 31, 2004. The unaudited pro forma condensed consolidated financial statements were derived by adjusting the historical consolidated financial statements of PRIMEDIA for the removal of assets, liabilities, revenues and expenses associated with About and the pro forma adjustments described in the footnotes. In the first quarter of 2005, Primedia will classify the results of operations of About as a discontinued operation in accordance with Statement of Financial Accounting Standards No. 144,Accounting for the Impairment or Disposal of Long-Lived Assets.

        The unaudited pro forma condensed consolidated financial statements, including the notes thereto, are qualified in their entirety by reference to, and should be read in conjunction with, the audited historical consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004, filed on March 16, 2005.

        The unaudited pro forma condensed consolidated financial statements are presented for illustrative purposes only and are not necessarily indicative of the consolidated financial position or results of consolidated operations that would have actually been reported had the disposition occurred on January 1, 2002 for statements of consolidated operations purposes and as of December 31, 2004 for consolidated balance sheet purposes, nor are they necessarily indicative of PRIMEDIA's future consolidated financial position or consolidated results of operations. The unaudited pro forma condensed consolidated financial statements are based upon estimates and assumptions. These estimates and assumptions are preliminary and have been made solely for the purposes of developing this pro forma information.

PRIMEDIA INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Consolidated Balance Sheet
(dollars in thousands)

			December 31, 2004
			Historical Consolidated			About		Pro Forma Adjustments(h)			Pro Forma Consolidated
Assets
Current assets:
	Cash and cash equivalents		$	13,000				$	8,200	(a)	$	21,200
	Accounts receivable, net			179,005		$	6,982					172,023
	Inventories			22,696								22,696
	Prepaid expenses and other			29,423			337					29,086
	Assets held for sale			40,274								40,274
		Total current assets		284,398			7,319		8,200			285,279
Property and equipment, net				79,806			5,048					74,758
Other intangible assets, net				242,884			8					242,876
Goodwill				902,579			15,429					887,150
Other non-current assets				49,381								49,381
Total Assets			$	1,559,048		$	27,804	$	8,200		$	1,539,444
Liabilities and Shareholders' Deficiency
Current liabilities:
	Accounts payable		$	84,732		$	3,190				$	81,542
	Accrued expenses and other			143,112			2,003	$	3,500	(b)(c)		149,309
									4,700	(b)
	Deferred revenues			157,314			488					156,826
	Current maturities of long-term debt			24,919								24,919
	Liabilities of businesses held for sale			26,980								26,980
		Total current liabilities		437,057			5,681		8,200			439,576
Long-term debt				1,635,964]					(401,800	)(a)		1,708,723
Shares subject to mandatory redemption				474,559]
Deferred revenues				17,093								17,093
Deferred income taxes				75,172								75,172
Other non-current liabilities				64,023								64,023
		Total Liabilities		2,703,868			5,681		(393,600	)		2,304,587
Shareholders' deficiency:
	Common stock			2,709								2,709
	Additional paid-in capital			2,354,778								2,354,778
	Accumulated deficit			(3,426,263	)		22,123		22,123	(b)(d)		(3,046,586	)
									379,677	(b)
	Accumulated other comprehensive loss			(167	)							(167	)
	Common stock in treasury, at cost			(75,877	)							(75,877	)
		Total shareholders' deficiency		(1,144,820	)		22,123		401,800			(765,143	)
Total Liabilities and Shareholders' Deficiency			$	1,559,048		$	27,804	$	8,200		$	1,539,444

2

PRIMEDIA INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Statement of Consolidated Operations
(dollars in thousands, except per share amounts)

		Year ended December 31, 2004
		Historical Consolidated			About			Pro Forma Adjustments (h)			Pro Forma Consolidated
Revenues, net:
	Advertising	$	847,548		$	35,193					$	812,355
	Circulation		278,435			16						278,419
	Other		181,096			609						180,487
	Total revenues, net		1,307,079			35,818						1,271,261
Operating costs and expenses:
	Cost of goods sold		275,415			9,428						265,987
	Marketing and selling		265,868			4,305						261,563
	Distribution, circulation and fulfillment		217,178			23						217,155
	Editorial		107,876			1,739						106,137
	Other general expenses		155,010			7,956						147,054
	Corporate administrative expenses		25,715					$	(278)	(e)		25,437
	Depreciation of property and equipment		37,380			3,332						34,048
	Amortization of intangible assets and other		26,669			1,141						25,528
	Severance related to separated senior     executives		658									658
	Non-cash compensation		6,097									6,097
	Provision for severance, closures and     restructuring related costs		9,651			5						9,646
	Provision for unclaimed property		5,500			100						5,400
	Gain on sale of businesses and other, net		(952	)								(952	)
Operating income			175,014			7,789			278			167,503
Other income (expense):
	Provision for impairment of investments		(804	)								(804	)
	Interest expense		(123,317	)								(123,317	)
	Interest on shares subject to mandatory     redemption		(43,780	)								(43,780	)
	Amortization of deferred financing costs		(4,986	)								(4,986	)
	Other income, net		19,204			16,686						2,518
Income (loss) from continuing operations     before provision for income taxes			21,331			24,475			278			(2,866	)
Provision for income taxes			(14,945	)		(4	)					(14,941	)
Income (loss) from continuing operations			6,386			24,471			278			(17,807	)
Preferred stock dividends and related accretion			(13,505	)								(13,505	)
Income (loss) from continuing operations     applicable to common shareholders		$	(7,119	)	$	24,471		$	278		$	(31,312	)
Per common share:
	Basic and diluted loss from continuing     operations	$	(0.03	)							$	(0.12	)
Basic and diluted common shares outstanding			260,488,000									260,488,000

3

PRIMEDIA INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Statement of Consolidated Operations
(dollars in thousands, except per share amounts)

		Year ended December 31, 2003
		Historical Consolidated			About			Pro Forma Adjustments (h)			Pro Forma Consolidated
Revenues, net:
	Advertising	$	825,169		$	13,584					$	811,585
	Circulation		288,335			73						288,262
	Other		169,246			471						168,775
	Total revenues, net		1,282,750			14,128						1,268,622
Operating costs and expenses:
	Cost of goods sold		276,167			6,183						269,984
	Marketing and selling		251,184			2,688						248,496
	Distribution, circulation and fulfillment		222,211			24						222,187
	Editorial		100,506			817						99,689
	Other general expenses		154,929			7,652						147,277
	Corporate administrative expenses		26,151					$	231	(f)		26,382
	Depreciation of property and equipment		46,351			7,896						38,455
	Amortization of intangible assets, goodwill     and other		53,589			7,131						46,458
	Severance related to separated senior     executives		9,372									9,372
	Non-cash compensation		11,184									11,184
	Provision for severance, closures and     restructuring related costs		8,102			590						7,512
	Loss on sale of businesses and other, net		591									591
Operating income (loss)			122,413			(18,853	)		(231	)		141,035
Other income (expense):
	Provision for impairment of investments		(8,975	)								(8,975	)
	Interest expense		(122,914	)								(122,914	)
	Interest on shares subject to mandatory     redemption		(21,889	)								(21,889	)
	Amortization of deferred financing costs		(3,462	)								(3,462	)
	Other expense, net		(3,002	)								(3,002	)
Loss from continuing operations before     provision for income taxes			(37,829	)		(18,853	)		(231	)		(19,207	)
Provision for income taxes			(12,220	)								(12,220	)
Loss from continuing operations			(50,049	)		(18,853	)		(231	)		(31,427	)
Preferred stock dividends and related accretion, net			(41,853	)								(41,853	)
Loss from continuing operations applicable to common shareholders		$	(91,902	)	$	(18,853	)	$	(231	)	$	(73,280	)
Per common share:
	Basic and diluted loss from continuing operations	$	(0.35	)							$	(0.28	)
	Basic and diluted common shares outstanding		259,230,001									259,230,001

4

PRIMEDIA INC. AND SUBSIDIARIES
Unaudited Pro Forma Condensed Statement of Consolidated Operations
(dollars in thousands, except per share amounts)

		Year ended December 31, 2002
		Historical Consolidated			About			Pro Forma Adjustments (h)			Pro Forma Consolidated
Revenues, net:
	Advertising	$	855,377		$	11,261					$	844,116
	Circulation		310,154			17						310,137
	Other		175,232			1,228						174,004
	Total revenues, net		1,340,763			12,506						1,328,257
Operating costs and expenses:
	Cost of goods sold		290,568			4,442						286,126
	Marketing and selling		275,206			3,479						271,727
	Distribution, circulation and fulfillment		228,686									228,686
	Editorial		110,917			2,875						108,042
	Other general expenses		160,963			2,330						158,633
	Corporate administrative expenses		31,172					$	1,710	(f)		32,882
	Depreciation of property and equipment		56,172			5,335						50,837
	Amortization of intangible assets,     goodwill and other		158,893			30,806	(g)					128,087
	Non-cash compensation		10,502			2,706						7,796
	Provision for severance, closures and     restructuring related costs		49,516			592						48,924
	Loss on sale of businesses and other, net		7,247									7,247
Operating loss			(39,079	)		(40,059	)		(1,710	)		(730	)
Other income (expense):
	Provision for impairment of investments		(19,045	)								(19,045	)
	Interest expense		(138,593	)		(122	)					(138,471	)
	Amortization of deferred financing costs		(3,469	)								(3,469	)
	Other income, net		4,993			(301	)					5,294
Loss from continuing operations before     provision for income taxes			(195,193	)		(40,482	)		(1,710	)		(156,421	)
Provision for income taxes			(46,375	)		(38	)					(46,337	)
Loss from continuing operations			(241,568	)		(40,520	)		(1,710	)		(202,758	)
Preferred stock dividends and related accretion, net			(47,656	)								(47,656	)
Loss from continuing operations applicable to common shareholders		$	(289,224	)	$	(40,520	)	$	(1,710	)	$	(250,414	)
Per common share:
	Basic and diluted loss from continuing operations	$	(1.14	)							$	(0.99	)
	Basic and diluted common shares outstanding		253,710,417									253,710,417

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NOTES TO UNAUDITED PRO FORMA CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

Note 1.    Basis of Pro Forma Presentation

        The pro forma condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission.

        The unaudited pro forma condensed consolidated financial statements of PRIMEDIA and About have been prepared based on the historical consolidated balance sheets of PRIMEDIA and About as of December 31, 2004 and the historical statements of consolidated operations of PRIMEDIA and About for each of the three years in the period ended December 31, 2004, after giving effect to the adjustments and assumptions described below.

        PRIMEDIA and About employ accounting policies that are in accordance with accounting principles generally accepted in the United States of America. In management's opinion, all material adjustments necessary to reflect fairly the pro forma financial position and pro forma results of operations of PRIMEDIA and About have been made.

        The ongoing activity presented in these pro forma condensed consolidated financial statements represents PRIMEDIA's assets, liabilities, revenues and expenses that will not be divested in the sale of About.

Note 2.    Pro Forma Assumptions

        Pro forma adjustments:

        The accompanying unaudited pro forma condensed consolidated financial statements have been prepared as if the divestiture was completed on December 31, 2004 for consolidated balance sheet purposes and as of January 1, 2002 for statements of consolidated operations purposes and reflect the following pro forma adjustments:

(a)

The net proceeds of the sale are being used for the repayment of outstanding indebtedness under PRIMEDIA's revolving loan facilities and for general corporate purposes. PRIMEDIA intends, through a series of steps, to further reduce outstanding long-term debt and/or redeem outstanding shares subject to mandatory redemption.



(b)

To record the pro forma net gain as a result of the disposition.

Total consideration (excluding any adjustment for changes in net working capital)	$	410,000
Transaction costs		4,700
Net proceeds		405,300
Carrying value of the net assets sold		22,123
Pro forma net gain before income tax expense		383,177
Income tax expense		3,500
Pro forma net gain	$	379,677

(c)

The income tax expense recorded on the sale of About includes current federal Alternative Minimum Tax liability as well as current state and local income taxes. The income tax expense has been computed taking into consideration various factors, including the expected utilization of capital loss and net operating loss carryforwards and the related release of valuation allowance.

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(d)

To eliminate About's equity from consolidated equity as a result of the disposition.



(e)

To adjust for expenses that are not expected to be incurred subsequent to the disposition of About.



(f)

To adjust for expenses that were originally allocated to About but will continue to be incurred by PRIMEDIA after the sale of About.



(g)

Includes $22,122 of provision for impairment of goodwill recorded in accordance with SFAS 142,Goodwill and Other Intangible Assets.



(h)

The net proceeds of the sale are being used for the repayment of outstanding indebtedness under PRIMEDIA's revolving loan facilities and for general corporate purposes. PRIMEDIA intends, through a series of steps, to further reduce outstanding long-term debt and/or redeem outstanding shares subject to mandatory redemption. Since PRIMEDIA has not finalized which of its obligations will be reduced, the accompanying unaudited pro forma condensed consolidated financial statements do not include any pro forma adjustments relating to the reduction of interest expense and interest on shares subject to mandatory redemption. However, based on the weighted average interest rates at December 31, 2004 applied to PRIMEDIA's outstanding long-term debt and shares subject to mandatory redemption at year-end, the annual reductions in interest expense and interest on shares subject to mandatory redemption would aggregate to approximately $31,000.

Note 3.    Unaudited Pro Forma Earnings Per Share Data

        Basic and diluted pro forma earnings per share were calculated using the weighted average shares outstanding of PRIMEDIA for each of the three years in the period ended December 31, 2004. As the pro forma condensed statements of consolidated operations for each of the three years in the period ended December 31, 2004, show a net loss from continuing operations applicable to common shareholders, weighted average basic and diluted shares are the same.

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PRIMEDIA INC. AND SUBSIDIARIES Unaudited Pro Forma Condensed Consolidated Balance Sheet (dollars in thousands)
PRIMEDIA INC. AND SUBSIDIARIES Unaudited Pro Forma Condensed Statement of Consolidated Operations (dollars in thousands, except per share amounts)
PRIMEDIA INC. AND SUBSIDIARIES Unaudited Pro Forma Condensed Statement of Consolidated Operations (dollars in thousands, except per share amounts)
PRIMEDIA INC. AND SUBSIDIARIES Unaudited Pro Forma Condensed Statement of Consolidated Operations (dollars in thousands, except per share amounts)
NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS