Meredith Corp. sells digital magazine businesses to IAC
The Des Moines-based media company announced that IAC will acquire its digital and magazine businesses as well as its corporate operations.
DES MOINES, Iowa –
A media company based in Des Moines employing more than 800 people in central Iowa on Wednesday announced that its digital and magazine businesses and corporate operations will be acquired by Dotdash from IAC by the end of the year.
The National Media Group of Meredith Corporation will be combined with the digital publishing unit Dotdash to form “Dotdash Meredith”, according to A press release. Dotdash will acquire Meredith in an all-cash transaction at a purchase price of $ 42.18 per share.
Meredith currently publishes PEOPLE, Better Homes & Gardens, and Allrecipes, among other brands.
It comes months after Meredith announced that she would sell her TV station division to Gray Television.
Meredith said the purchase “combines the power of Dotdash’s digital publishing model with Meredith’s portfolio of iconic and trusted brands, loyal following and size.”
The combined company will be headed by Dotdash CEO Neil Vogel. He should be one of the biggest publishers in the country.
Local 5 reached out to the company to see what this would mean for the Des Moines head office.
“The Meredith family is extremely proud of all the company has accomplished over the past 120 years, which is a direct reflection of our dedicated employees,” said Mell Meredith Frazier, vice chairman of the board of directors of Meredith in a statement. “Our creative and dedicated employees have guided our beloved brands through a rapidly changing media landscape, enriching the lives of generations of Americans. The Meredith Foundation will continue to be an active member of the thriving Des Moines community, as will Dotdash Meredith.
Dotdash alone reaches around 100 million online consumers each month, the statement said.
Joey Levin, CEO of IAC, said Meredith is already experiencing record digital growth, but Dotdash can help her grow even faster.
“We admire consumer confidence in Meredith’s more than 40 brands when it comes to life’s essential decisions, and we believe that true and reliable content created by talented, supported writers, editors and photographers by real brands, has a very bright future on all platforms. “Levin said in a statement.” Combined with Dotdash’s ability to provide readers with fresh and unbiased content on any topic, together we can deliver a uniquely engaged audience to advertisers and partners, not based on private information or personal stories, but on relevance to the content they consume and a deep understanding of their needs. No one will do it better than Dotdash Meredith.
RELATED: Meredith Corporation to Sell Its TV Stations Division to Gray Television
RELATED: Amazon Acquires MGM, The Studio Behind James Bond & ‘Shark Tank’