Primedia

(PRM)

, publisher of

Seventeen

,

New York

and

Modern Bride

magazines, is buying

About.com

(BOUT) - Get Report

TST Recommends

in a $690 million deal.

Shareholders of About.com, a Web site built around content areas that are headed by individual guides, will receive 2.3409 Primedia shares for each share of About.com. Primedia publishes numerous magazines, Web sites and other publications, such as apartment guides.

The deal values About.com, which closed at $23.88 on Friday, at $35.70 a share. Primedia closed at $15.25 on Friday. It had traded at $33.50 last March. About.com is also well off earlier highs. It traded at $101.75 in mid-March.

The companies said About.com has no debt. Its cash holdings total $133 million.

The companies appear to be feeling the pressure of the planned merger of new media and old media giants

America Online

(AOL)

and

Time Warner

(TWX)

. And the fact that dot-coms have taken big hits to their stock prices has opened up opportunities for buyers.

"While the AOL and Time-Warner merger announced earlier this year created a mass-media powerhouse of new and traditional media, the Primedia and About merger creates the leading model for the integration of traditional and new media niche content and the resulting delivery of targeted marketing vehicles," Tom Rogers, Primedia's chief executive officer, said in a statement.