IAC To Acquire Meredith's National Media Group For $42.18/shr

(RTTNews) - Media and Internet company IAC/InterActiveCorp.'s (IAC) Dotdash digital publishing unit agreed to acquire the entity that will hold Meredith Corp.'s (MDP) National Media Group, which is comprised of its Digital and Magazine businesses, and its corporate operations, in an all cash transaction at a purchase price of $42.18 per share, the companies said in a statement.

The combined company will be called as Dotdash Meredith and led by Dotdash CEO Neil Vogel. The transaction is expected to close by the end of the year.

The combined portfolio includes beloved brands such as PEOPLE, Better Homes & Gardens, Allrecipes, Southern Living, InStyle and REAL SIMPLE along with digital-first brands like Verywell, The Spruce, Byrdie and Investopedia, collectively able to reach and engage consumers at every stage of life's journey.

On a pro forma basis, the combined company expects Adjusted EBITDA from digital assets to exceed $450 million in 2023.