IAC agrees to pay $ 2.7 billion for Meredith’s media assets

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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,
+ 0.22%
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,
+ 0.91%
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,
+1.82%
and Vimeo Inc. VMEO,
-1.44%
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.


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