Business
IAC's Dotdash to Acquire Meredith Corporation's National Media Group
- Combined digital powerhouse expected to reach more than 175 million online consumers monthly, including 95% of US women, becoming one of the largest
About this update from Iac Inc.
[{"type":"text","content":"- Combined digital powerhouse expected to reach more than 175 million online consumers monthly, including 95% of US women, becoming one of the largest publishers in America\n - World-class portfolio to combine iconic brands such as PEOPLE, Better Homes & Gardens, Allrecipes, Southern Living, InStyle and REAL SIMPLE with high-growth digital-first brands such as Verywell, The Spruce, Investopedia, Byrdie and Brides\n - Creates a modern publisher with industry-leading advertising capabilities that generated combined pro forma advertising revenue of more than $1 billion along with e-commerce capabilities that drove more than $1 billion in combined e-commerce sales to retail partners--both in the last 12 months\n - Combined company expects more than 70% of 2021 pro forma Adjusted EBITDA to come from digital with Dotdash's proven playbook anticipated to further unlock Meredith's digital potential; combined pro forma digital Adjusted EBITDA expected to exceed $450 million in 2023\n\n\nNEW YORK and DES MOINES, Iowa, Oct. 6, 2021 /PRNewswire/ -- IAC (NASDAQ: IAC) and Meredith Corporation (NYSE: MDP), a leading media company and owner of world-class brands such as PEOPLE, Better Homes & Gardens, Allrecipes, Southern Living, InStyle and REAL SIMPLE, today announced their entry into an agreement pursuant to which IAC's Dotdash digital publishing unit will acquire the entity that will hold Meredith Corporation's National Media Group, which is comprised of its Digital and Magazine businesses, and its corporate operations (\"Meredith\"), in an all cash transaction at a purchase price of $42.18 per share. The transaction combines the power of Dotdash's digital publishing model with Meredith's trusted, iconic brand portfolio, loyal audience and scale. The combined company, to be called Dotdash Meredith and led by Dotdash CEO Neil Vogel, is expected to be one of the largest publishers in America with leading brands across the highest value commercial categories online, including home, health, food, finance, parenting, and beauty. The transaction is expected to close by the end of the year. \n\n \n \n \n \n \n \n\n \n\"The Meredith family is extremely proud of everything the company has achieved over the past 120 years, which is a direct reflection of our dedicated employees,\" said Mell Meredith Frazier, Vice Chairman of the Meredith board of dir...