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Petersen Acquires Dobbs Publishing Group

2 April 1998

The Petersen Companies Acquires Dobbs Publishing Group

        - Eight Automotive Magazines to be Added to Petersen's Roster
                        of More than 80 Publications -

    LOS ANGELES, April 2 -- The Petersen Companies, Inc.
today announced the acquisition of Dobbs Publishing Group,
publishers of niche automotive magazines.  Petersen, a leading multi-media
marketing company and publishers of special interest magazines including MOTOR
TREND and HOT ROD, acquired Dobbs Publishing Group, the Lakeland, Florida
company founded by Larry Dobbs, and its eight automotive magazines, according
to Neal Vitale, President and Chief Operating Officer of The Petersen
Companies, Inc.
    The terms of the transaction were not disclosed.  The first twelve months
should be accretive to the 1998 earnings per share.
    The eight Dobbs magazines that Petersen acquired include SUPER FORD, a
monthly that covers all Ford power cars, focusing on the performance segment
of the market; MUSTANG MONTHLY, a monthly that focuses on vintage Mustang
reproductions and modified cars; MUSCLE CAR REVIEW, a six-times-a-year
magazine that focuses on the V-8 high performance American classics of the
1960's and early 70's; MOPAR MUSCLE, a monthly that targets Chrysler
performance enthusiasts focusing on cars, trucks, hot rods and powered race
boats; JP, the first publication dedicated to Jeep owners and enthusiasts
published six times a year; CORVETTE FEVER, the largest paid circulation
all-Corvette magazine, published 12 times a year; CHEVY TRUCK, published six
times a year and the only regularly published, all-Chevrolet truck magazine,
and a recent launch, CRUISIN' USA.
    In making the announcement Vitale said: "Larry Dobbs has built a terrific
organization.  The assortment of niche automotive titles deepens Petersen's
leadership in all phases of the performance marketplace.  We are also excited
to have a base of operations in Florida, which will provide a platform for all
of Petersen."
    Larry Dobbs cited Petersen's premier position in the automotive market,
aggressive growth posture and a corporate culture similar to Dobbs' as reasons
for choosing Petersen over numerous other suitors who've attempted to acquire
DPG.  Clay Hall of Hallmark Ventures represented Dobbs in the sale.
    John Dianna, President of Petersen's Automotive Performance Group, said
"The Dobbs titles make a perfect fit in the APG.  Petersen already publishes
specific-interest enthusiast automotive titles that run the gamut from
broad-based titles such as HOT ROD, our largest special interest title, to
more vertical titles such as 4-WHEEL & OFF-ROAD.  We serve unique market
segments as do the Dobbs titles.  Our plan is to integrate the magazines into
our group and build on their strength, which will allow us to cover more
markets from top to bottom."
    Dobbs Publishing Group was founded in 1976 by Larry Dobbs, a newspaper
advertising salesman, who started a Mustang supply company and later that year
a newsletter for Mustang enthusiasts such as himself.  During the 1980's, DPG
acquired titles as well as launched new publications.  In 1995 DPG launched
CHEVY TRUCK and in 1996 it launched JP.
    Petersen is the unrivaled leader among automotive publishers, with the
strongest consumer brands in the field.  Petersen automotive titles, including
the Dobbs magazines, have a total audited circulation of nearly 4.4 million --
almost 50% greater than the next largest publisher.
    The Petersen Companies, Inc., is a leading multi-media marketing solutions
and brand development company, with a diverse portfolio of more than 80
special-interest magazines, television programs, licensing, trade shows,
consumer events, databases, custom publishing, and retail promotions.
    Petersen publications deliver an estimated 69 million readers, including
52 million adults and 17 million teenagers.  Petersen's internationally-
recognized magazines include MOTOR TREND, HOT ROD, TEEN, SPORT, HUNTING, SKIN
DIVER, MOTORCYCLIST and 4-WHEEL & OFF-ROAD.  The Petersen Companies, Inc., is
traded on the New York Stock Exchange under the symbol PTN.

SOURCE  The Petersen Companies, Inc.