IAC agrees to pay $2.7 billion for Meredith media assets – MarketWatch

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 MDP, +0.22% 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 IAC, +0.91% 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. MTCH, +1.82% and Vimeo Inc. VMEO, -1.44% out on their own. The company has been upbeat about opportunities in…
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