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Oct. 7, 2021, 8:07 a.m. EDT

IAC agrees to pay $2.7 billion for Meredith media assets

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By Emily Bary

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 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 /zigman2/quotes/205118493/composite IAC +1.61% 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. /zigman2/quotes/207178501/composite MTCH +2.58% and Vimeo Inc. /zigman2/quotes/226848462/composite VMEO -0.92% 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.

/zigman2/quotes/205118493/composite
US : U.S.: Nasdaq
$ 129.11
+2.05 +1.61%
Volume: 580,179
Dec. 6, 2021 4:00p
P/E Ratio
11.02
Dividend Yield
N/A
Market Cap
$11.38 billion
Rev. per Employee
$371,668
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/zigman2/quotes/207178501/composite
US : U.S.: Nasdaq
$ 129.44
+3.25 +2.58%
Volume: 3.63M
Dec. 6, 2021 4:00p
P/E Ratio
66.72
Dividend Yield
N/A
Market Cap
$35.72 billion
Rev. per Employee
$1.26M
loading...
/zigman2/quotes/226848462/composite
US : U.S.: Nasdaq
$ 18.30
-0.17 -0.92%
Volume: 2.49M
Dec. 6, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.05 billion
Rev. per Employee
N/A
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