>> THAT BREAKING NEWS FROM ONE OF DES MOINES’ MOST WELL KNOWN EMPLOYERS. MEREDITH CORPORATION IS BEING ACQUED.IR RHEYA IS HERE WITH WHO’S BUYING. >> MEREDITH ANNOUNCED THIS AFTERNOON THAT IT’S BEING BOUGH BY DOTDASH, A DIGITAL PUBLISHER. AND OF COURSE MEREDITH IS KNOWN FOR BRANDS LIKE PEOPLE MAGAZINE, BETTER HOMES AND GARDENS, AND ALLRECIPES AMONG OTHERS. THE ALL CASH TRANSACTION IS VALUED AT $42.18 PER SHARE. THE COMPANY WILL BE KNOWN AS DOTDASH MEREDITH. MEREDITH SAYS IT WILL BE ONE OF THE LARGEST PUBLISHERS IN THE COUNTRY. DOTDASH CEO NEIL VOGEL WILL LEAD THE COMPANY. THE TRANSACTION SHOULD CLOSE BY THE END OF THE YR.EA MEREDITH IS HEADQUARTERED IN DOWNTOWN DES MOINES. THIS STORY BROKE WITHIN THE LAST HOUR AND RIGHT NOW OUR TEAM IS WORKING TO FIGURE OUT WHAT IMPACT THIS ACQUISITION COULD HAVE ON THE LOCAL WORKFORCE. WE’
IAC Dotdash expected to purchase Des Moines-based Meredith Corporation
Updated: 5:46 PM CDT Oct 6, 2021
IAC Dotdash plans to purchase Meredith Corporation, according to a release from Meredith on Wednesday. Meredith Corporation, headquartered in Des Moines, owns multiple media outlets such as People, Better Homes & Gardens, Southern Living, InStyle, Allrecipes and more. IAC’s Dotdash Digital Publishing will purchase the company in an all-cash transaction for $42.18 per share. “We’ve often found opportunities in the digital transformations of businesses and industries: travel, ticketing, dating, home services, and now publishing. Meredith is already seeing record digital growth and we think Dotdash can help accelerate that growth,” said Joey Levin, CEO of IAC.Once the deal has been accepted the company will be called Dotdash Meredith. Dotdash CEO Neil Vogel will step in to lead the publishing company. “Our digital business is growing rapidly, having surpassed our magazine sales for the first time in the company’s history,” said Tom Harty, Chairman and CEO of Meredith. “The combination of Meredith’s celebrated cross-platform brands, creative content and first-party data with Dotdash’s digital-first brands is a game-changer for the industry. Nowhere else will you find such a premium portfolio of media assets under one roof. We are thrilled to join forces to accelerate Meredith’s digital future.”
IAC Dotdash plans to purchase Meredith Corporation, according to a release from Meredith on Wednesday.
Meredith Corporation, headquartered in Des Moines, owns multiple media outlets such as People, Better Homes & Gardens, Southern Living, InStyle, Allrecipes and more.
IAC’s Dotdash Digital Publishing will purchase the company in an all-cash transaction for $42.18 per share.
“We’ve often found opportunities in the digital transformations of businesses and industries: travel, ticketing, dating, home services, and now publishing. Meredith is already seeing record digital growth and we think Dotdash can help accelerate that growth,” said Joey Levin, CEO of IAC.
Once the deal has been accepted the company will be called Dotdash Meredith. Dotdash CEO Neil Vogel will step in to lead the publishing company.
“Our digital business is growing rapidly, having surpassed our magazine sales for the first time in the company’s history,” said Tom Harty, Chairman and CEO of Meredith. “The combination of Meredith’s celebrated cross-platform brands, creative content and first-party data with Dotdash’s digital-first brands is a game-changer for the industry. Nowhere else will you find such a premium portfolio of media assets under one roof. We are thrilled to join forces to accelerate Meredith’s digital future.”
Read More:IAC Dotdash expected to purchase Des Moines-based Meredith Corporation
2021-10-06 22:34:00
