EMAP PETERSEN ACQUIRES GENERAL MEDIA'S AUTOMOTIVE TITLES

          EMAP Petersen has entered into an agreement to acquire
     General Media's Automotive Group, which includes four
     monthly magazines and the rights to Four Wheeler TV.  The
     publications -- Four Wheeler, Stock Car Racing, Open Wheel,
     and Drag Racing Monthly -- will become part of Petersen's
     current Automotive Group (Petersen). In N.Y., Keith Kelly
     puts the deal for General Media at $35M and writes that
     industry observers are "wondering" if the selloff of the
     four magazines "will be enough to rescue" General Media's
     "debt-laden" company, which "owes nearly" $80M to its
     bondholders.  Petersen Chair & CEO James Dunning said it was
     an "asset sale" only and was "unsure" how many of GM's
     current employees will "be picked up."  Dunning expects to
     "combine at least two of the titles" with existing Petersen
     titles -- which include Hot Rod and Richard Petty's Stock
     Car Racing -- but "would not specify which ones" (N.Y. POST,
     2/12).  For more on Petersen Publishing, see story (#29).