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
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