Prism Business Media Announces Agreement To Purchase Penton Media, Inc.

Prism Business Media Holdings, Inc., a leading business-to-business media company, today announced the signing of an agreement to purchase Penton Media, Inc. for aggregate consideration payable to Penton's stockholders of $194.2 million. The total value of the transaction, including the assumption or repayment of the expected debt at closing, is approximately $530 million. The closing will take place following standard U.S. regulatory approval and satisfaction of other normal conditions. The transaction is expected to close in the first half of 2007. Prism is owned by U.S. Equity Partners II, LP, an investment partnership sponsored by Wasserstein & Co., LP, and by co-investors Highfields Capital Management and Lexington Partners.

"We are extremely pleased to have reached an agreement that will bring together two of the most respected names in business-to-business media," said Anup Bagaria, Vice Chairman of Wasserstein & Co. "We have great confidence that the momentum exhibited by both companies over the past year will continue to grow."

"Together, Penton and Prism provide a compelling combination of leading brands and integrated media products for business readers and marketers across a wide diversity of vertical industry segments," said John French, CEO of Prism. "Both companies share a tradition of success, innovation and customer service that provides a solid foundation for the future."

Financing sources for the transaction include UBS, J. P. Morgan Securities Inc. and GE Commercial Finance. Morrison Cohen LLP and Jones Day provided legal advice to Prism on the transaction and its financing. DeSilva & Phillips provided financial advisory services to Wasserstein & Co.

Additional information regarding the transaction may be found in a Current Report on Form 8-K that will be filed November 2, 2006 by Penton Media, Inc.