Barry Diller’s IAC Buys People Magazine Publisher Meredith
The digital publishing arm of Barry Diller’s IAC/InterActive Corp. has cliched a deal to buy Meredith, the 120-year-old Iowa-based publisher of People magazine and a stable of other storied titles.
It’s an all cash transaction valued at $2.7 billion — or $42.18 per share. IAC’s Dotdash digital publishing unit will acquire the entity that will hold Meredith Corp.’s National Media Group, comprised of its digital and magazine businesses and corporate operations
The combined companies are expected to reach more than 175 million online consumers monthly, including 95% of U.S. women with a portfolio including Better Homes & Gardens, Allrecipes, Southern Living, InStyle and Real Simple and digital-first brands Verywell, The Spruce, Investopedia, Byrdie and Brides.
The announcement puts combined pro forma advertising revenue at more than $1 billion along. The combined company, to be called Dotdash Meredith, will be led by Dotdash CEO Neil Vogel. The deal is expected to close by the end of the year.\
“The Meredith family is extremely proud of everything the company has achieved over the past 120 years, which is a direct reflection of our dedicated employees,” said Mell Meredith Frazier, Vice Chairman of the Meredith board of directors. “Our creative and devoted employees have guided our beloved brands through a fast-changing media landscape – enriching the lives of generations of Americans. The Meredith Foundation will continue to be an active member in the flourishing Des Moines community, as will Dotdash Meredith.”
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