BREAKING NEWS & VIEWS
Meredith Buys Allrecipes.com from Reader's Digest Association
Tuesday, January 24, 2012
Meredith Corp. resumed its buying spree this morning (Jan. 24) with the announced purchase of top digital food site AllRecipes.com from Reader's Digest Association.
The transaction is valued at $175 million and is expected to close by the end of the first quarter.
The 13-year-old Allrecipes.com is said to reach 100 million American women and millions more globally as there are 17 sister sites in 22 countries. It is expected to double the Meredith Women's Network (Better Homes and Gardens, Family Circle, Fitness, More, etc.) to nearly 40 million unduplicated monthly unique visitors.
The deal follows Meredith's October 2011 purchase of Every Day with Rachael Ray from RDA, where CEO (since September 2011) Robert Guth plans to "focus our resources on the core businesses--such as the [flagship] Reader's Digest brand."
Meredith also bought Eating Well in July 2011 and FamilyFun on Jan. 4, 2012. The latter deal, with Walt Disney Co., closed on Jan. 20.
min is told that Meredith's seven-month old Recipe.com (both digital and print) will remain separate from Allrecipes.com in the short term.
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