IAC agrees to pay $2.7 billion for Meredith media assets

IAC agrees to pay $2.7 billion for Meredith media assets
IAC agrees to pay 27 billion for Meredith media assets


IAC/InterActiveCorp. announced Wednesday that it plans to purchase publisher Meredith Corp.’s media assets for about $2.7 billion. The company plans to combine Meredith
MDP,
+0.22%
with its existing Dotdash media business, which runs properties in a number of verticals such as food and finances. The Wall Street Journal previously reported that IAC
IAC,
+0.91%
and Meredith were in discussions about a deal.

IAC is acquiring Meredith’s national media group for $42.18 a share. Shares of Meredith were up 6.3% in after-hours trading Wednesday to $58.20. The company previously announced plans to sell its TV stations to Gray Television for $16.99 a share. Shares of IAC were up 6.7% in the aftermarket. The company said in its release that the joint Dotdash Meredith unit will reach a monthly audience of 175 million people, including 95% of U.S. women. Dotdash Chief Executive Neil Vogel will head the combined group. Media giant IAC is known for growing companies and then spinning them out into stand-alone businesses, and the company is in the process of reinventing itself once again after recently sending Match Group Inc.
MTCH,
+1.82%
and Vimeo Inc.
VMEO,
-1.44%
out on their own. The company has been upbeat about opportunities in the digital publishing business and focuses on what it says is intent-driven content, since many readers come to the Dotdash portfolio of sites looking for answers to specific questions. Don’t miss: Vimeo CEO says momentum can continue past pandemic: ‘We’re looking to create a market that was never there’ Dotdash currently owns properties like Brides, Serious Eats and Investopedia. Meredith adds franchises like People, Allrecipes and InStyle.



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