Meredith stock was up 22% on after-hours trading
IAC/InterActiveCorp is in advanced talks to buy magazine publisher Meredith, according to a Thursday Wall Street Journal report. The deal is reportedly valued at $2.5 billion. Following the report, Meredith stock was up 22% in after-hours trading.
IAC, chaired by Barry Diller, currently includes brands like Brides, DotDash, Handy TripSavvy and Serious Eats. Meredith has People, Better Homes and Gardens, Martha Stewart, Hello Giggles, Shape, Parents and more. IAC would benefit from the inclusion of Meredith’s digital sites, as it recently spun off online dating company Match Group Inc. into Vimeo Inc. Meredith sold Time Inc. in 2018.
Per the Journal, other companies, like The Najafi Cos., were also vying for Meredith, but IAC has pulled ahead. The deal could come as early as the next few days, though it is not a guarantee.
A representatives for Meredith did not immediately return a request for comment. A representative for IAC said the company “does not comment on rumors or speculation.”
While it holds strong brands, Meredith was among the many companies to see reductions during the onset of the coronavirus pandemic in America. In April of 2020, the company cut the pay of 60% of its employees.
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