EMAP, a British media company, announced on Monday, July 2 that it has sold its United States magazine group (formerly Peterson Publishing) to New York-based Primedia, Inc. for $515 million.

According to a Rueters report appearing on the Yahoo Finance News website, EMAP bought Peterson for $1.2 billion just two years ago, the price based on a strong forecast of U.S. advertising growth.

After the Publishers Information Bureau released word that U.S. magazine advertising dropped 9.4% in May, EMAP made the sale to Primedia, which now becomes the second-largest consumer magazine publishing company in America with some 250 titles.

Included in Primedia’s newly expanded collection of magazines are Motorcyclist and Sport Rider.