IAC’s Dotdash buys magazine publisher Meredith for $ 2.7 billion

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The offices of the IAC. REUTERS / Fred Prouser (UNITED STATES – Tags: ENTERTAINMENT BUSINESS)

October 6 (Reuters) – Dotdash, the digital media arm of IAC (IAC.O), on Wednesday agreed to buy Meredith Corp in a deal valued at around $ 2.7 billion, bringing together People magazine , Allrecipes and Investopedia under one roof.

The combined company, which will be called Dotdash Meredith, will be headed by Dotdash boss Neil Vogel, the companies said.

The deal will combine Meredith’s more than 40 brands, including People, Better Homes & Gardens and Allrecipes, with Dotdash’s digital labels such as Investopedia, Serious Eats and Brides.

Dotdash will purchase an entity that will own Meredith’s National Media Group and its corporate operations in an all-cash transaction of $ 42.18 per share.

In June, Meredith agreed to a revised offer from broadcast company Gray Television Inc (GTN.N) to buy the operations of Meredith’s television stations for around $ 2.83 billion.

On its own, Dotdash currently reaches approximately 100 million online consumers each month and its collection of 14 healthcare, financial and lifestyle media brands are among the growing online media brands. the fastest. It is one of the rapidly expanding businesses in the portfolio of parent company IAC.

IAC, TV mogul Barry Diller, who is known to start businesses and later list them on the stock exchange, successfully created the online video platform Vimeo (VMEO.O) and the online dating platform Match Group. (MTCH.O), which has popular online dating services including Tinder and Hinge.

Reporting by Manas Mishra and Subrat Patnaik in Bengaluru; Editing by Shailesh Kuber

Our Standards: Thomson Reuters Trust Principles.

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