IAC, the digital media holding company headed by Barry Diller, is the leading bidder for Meredith’s magazine and digital businesses, in a potential deal valued at more than $2.5 billion, the …
Meredith’s brands, focused on women-skewing audiences, include People, EW, InStyle, Shape, Food & Wine, Better Homes & Gardens, Allrecipes and Parents. The deal would not include Meredith’s local TV business, which. IAC has “pulled ahead of another group vying for Meredith,” which includes private-equity firm the Najafi Cos., the WSJ reported.
Reps for IAC and Meredith declined to comment, both citing policies of not commenting on “rumors or speculation.” “In our view, IAC is mainly focused on Meredith’s digital media assets,” which would complement IAC’s Dotdash online publishing business, Cowen analyst John Blackledge wrote in a research note Friday about the unconfirmed report.
Meredith’s digital business generated about $700 million in revenue for the 12 months ended in the second quarter of 2021, and Meredith’s magazine segment generated $1.3 billion in revenue. By comparison, Dotdash generated revenue of $264 million over the same period. “The deal would add significant scale to IAC’s already strong digital media biz,” Blackledge opined., after a similar deal last year spinning off dating-app company Match Group.
“Dotdash has implemented what we view as a best-in-class approach to open-internet monetization of inventory, relying on slimmed-down ad loads and improved page speed to generate organic traffic,” Blackledge wrote, and “there may be potential for revenue synergies at Meredith by implementing aspects of Dotdash’s playbook.”
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