Source Interlink loses for the first half, shutters three titles

Source Interlink, the distribution giant which a little over a year ago bought Primedia's enthusiast titles, recently reported a net loss of $296.7 million for the six month period ending July 31, compared to a $4 million net income for the same period last year. As result, says a story in Folio:, the company has folded three titles.

Net revenue for the period was $1.1 billion, up from $909 million during the period last year.

Source Interlink chairman Michael Duckworth, citing declines in advertising and circulation revenues in its media division, indicated that the company merged three “underperforming” titles with other titles within its portfolio during the period. The folded titles, according to a company spokesperson, are Car Audio and Electronics, Stock Car Racing and Mini Rider. The spokesperson declined to say into what magazines the shuttered titles were folded into, or when exactly the action took place

Source Interlink acquired Primedia Enthusiast Media in August 2007 for about $1.2 billion in stock. Today, Source publishes more than 75 magazines—including Motor Trend, Automobile and Power & Motoryacht—and distributes DVDs, CDs and books.