(Reuters) – IAC’s digital media arm Dotdash on Wednesday agreed to buy Meredith Corp’s National Media Group in a deal valued at about $2.7 billion, bringing People magazine, Allrecipes and Investopedia under one umbrella.
The company said Dotdash will buy an entity that will hold Meredith’s National Media Group and its corporate operations in an all cash transaction of $42.18 per share.
The combined company will be called Dotdash Meredith and be led by Dotdash top boss Neil Vogel, the companies said.
Meredith’s magazine brands, which include People, Better Homes & Gardens and Allrecipes, would complement and expand IAC’s collection of digital publications such as Investopedia, Serious Eats and Brides.
(Reporting by Manas Mishra and Subrat Patnaik in Bengaluru; Editing by Shailesh Kuber)
