A company that owns media IAC/InterActiveCorp is in discussions to purchase Meredith, the magazine publishing company with titles such as People and Better Homes & Gardens, as part of over $2.5 billion as per the Wall Street Journal.
Sources have revealed Wall Street Journal that billionaire Barry Diller heads IAC. It has an advantage over private equity firm Najafi when bidding. It is likely to reach a deal with Meredith within the next couple of days, though discussions could also be disjointed.
If it were acquired, Meredith’s magazine brands would add to IAC’s media portfolio, including Brides that it bought by acquiring Conde Nast in 2019, The Daily Beast, Serious Eats, and Investopedia.
In the rouse of The Wall Street Journal‘s report, Meredith stock spiked 18.4 percent after-hours trading on Thursday, gaining $53.14.
Last year, Meredith was able to sell its 17 TV stations’ broadcasting portfolio in a deal with Gray Television in a $2.7 billion deal. The company based in Iowa said the sale would enable it to lower its debt load and concentrate on allocating capital to “fast-growing consumer and digital opportunities.” The selling of the remainder of the business would be a sudden departure for Meredith that was acquired just four years ago, acquired Time Inc. at $1.85 billion as a sign of faith that it would be able to perform better than the Time management team in making profits from its top titles, despite the decreasing financials of the magazine industry.