TEEN FOLDS: Primedia Inc., said Friday it would close the monthly Teen magazine. Primedia purchased Teen as part of its $515 million Emap USA acquisition last summer. The magazine, which has a rate base of 1.2 million, has been struggling for years, facing insurmountable competition from Seventeen, YM, Teen People and Cosmogirl! The closing of Teen is expected to allow Primedia to focus its resources on its profitable Seventeen magazine. Subscribers will receive Seventeen after the May issue of Teen, the magazine’s final one.