Primedia plans to sell magazine division

Primedia Inc. plans to sell its magazine unit, with 70 titles that include Motor Trend and Surfer, in a transaction that would leave the company a distributor of free auto and home guides.

The Enthusiast Media group had more than $500 million in sales last year, representing about half of Primedia’s annual revenue. Goldman, Sachs & Co. and Lehman Bros. will manage the sale, New York-based Primedia said.

Primedia, which is about 60% owned by private-equity firm Kohlberg Kravis Roberts & Co., is shedding its magazines to raise cash and reduce debt.