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 operationsThe 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,
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