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Barry Diller’s IAC to acquire magazine publisher Meredith
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Barry Diller’s IAC/InterActiveCorp. has reached a roughly $2.7 billion deal to buy magazine publisher Meredith Corp., a bet on online publishing that will combine brands such as People, Better Homes & Gardens and Investopedia.
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As a result of the deal, Des Moines-based Meredith will become part of Dotdash, IAC’s digital-publishing division, the companies said Wednesday. The company will be called Dotdash Meredith and run by Dotdash Chief Executive Neil Vogel, they said. The deal is expected to close by year’s end.
The $42.18-a-share acquisition of Meredith, which earlier agreed to sell its local-TV business to Gray Television Inc., would add an array of lifestyle publications like Real Simple, Allrecipes and InStyle to Dotdash’s existing portfolio, which includes Brides, Serious Eats and TripSavvy.
BARRY DILLER’S IAC IN TALKS TO BUY MAGAZINE PUBLISHER MEREDITH
"They are perfectly aligned," Diller, IAC’s chairman, said of the properties of IAC and Meredith, in an interview. "One will help the other."
The Wall Street Journal had reported the companies were in advanced talks last month.