Sept. 24, 2021, 9:59 a.m. EDT

IAC, Meredith Talking Merger

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Sep 24, 2021 (Baystreet.ca via COMTEX) -- IAC/InterActiveCorp /zigman2/quotes/205118493/composite IAC +2.00% is in advanced talks to acquire magazine publisher Meredith Corp /zigman2/quotes/201770619/composite MDP -0.10% in a deal valued at over $2.5 billion, the Wall Street Journal reports.

The deal would vastly expand IAC's collection of online publications and bulk up IAC's portfolio of websites which lost sheen after the spin-offs of Match Group Inc /zigman2/quotes/207178501/composite MTCH +2.07%

IAC, which billionaire Barry Diller helms, has a leg up on private equity firm Najafi in the bidding and could strike a deal with Meredith shortly.

Earlier this year, Meredith sold its broadcast portfolio of 17 television stations to Gray Television in a $2.7 billion deal to reduce its net debt and focus on allocating capital to "fast-growing digital and consumer opportunities," Forbes reports.

The sale of the rest of the company would be an abrupt exit for Meredith, which four years ago bought Time Inc for $1.85 billion.

MDP shares traded higher by $13.08 or 29.1% at $57.97 to open for business Friday. Meantime, IAC's shares tallied $1.44, or 1.1%, to $52.79

COMTEX_393939484/2559/2021-09-24T09:58:41

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/205118493/composite
US : U.S.: Nasdaq
$ 150.44
+2.95 +2.00%
Volume: 87,780
Oct. 19, 2021 11:53a
P/E Ratio
11.44
Dividend Yield
N/A
Market Cap
$13.16 billion
Rev. per Employee
$371,668
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/zigman2/quotes/201770619/composite
US : U.S.: NYSE
$ 58.24
-0.06 -0.10%
Volume: 949,915
Oct. 19, 2021 11:55a
P/E Ratio
9.30
Dividend Yield
0.00%
Market Cap
$2.58 billion
Rev. per Employee
$581,074
loading...
/zigman2/quotes/207178501/composite
US : U.S.: Nasdaq
$ 161.51
+3.28 +2.07%
Volume: 873,579
Oct. 19, 2021 11:56a
P/E Ratio
81.94
Dividend Yield
N/A
Market Cap
$44.68 billion
Rev. per Employee
$1.26M
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