IAC / InterActiveCorp. on Wednesday announced plans to buy media assets from publisher Meredith Corp. for about $ 2.7 billion.
The company plans to combine Meredith MDP,
with his existing media business Dotdash, which manages properties in a number of verticals such as food and finance. The Wall Street Journal previously reported that IAC IAC,
and Meredith were discussing a deal.
IAC acquires National Media Group from Meredith for $ 42.18 per share. Meredith shares rose 6.3% after-hours Wednesday to $ 58.20. The company previously announced its intention to sell its television stations to Gray Television for $ 16.99 per share.
IAC shares rose 6.7% in the secondary market. The company said in its statement that the Dotdash Meredith Joint Unit will reach a monthly audience of 175 million people, 95% of whom are American women. Dotdash CEO Neil Vogel will lead the combined group.
Media giant IAC is known for growing businesses and then turning them into stand-alone businesses, and the company is reinventing itself once again after recently sending out Match Group Inc. MTCH,
and Vimeo Inc. VMEO,
come out on their own. The company has been bullish on opportunities in the digital publishing industry and is focusing on what it says is intention-driven content as many readers come to the Dotdash portfolio of sites looking for answers. to specific questions.
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Dotdash currently owns properties like Brides, Serious Eats and Investopedia. Meredith adds franchises like People, Allrecipes and InStyle.
