Meredith To Acquire Allrecipes.com From Reader’s Digest For $175 Million
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Meredith (NYSE: MDP) Corporation, the publisher of women’s magazines like Better Homes & Gardens and Ladies’ Home Journal, is the new owner of the world’s largest food website, Allrecipes.com, which it will acquire from the Reader’s Digest Association in a $175 million transaction that will close later this quarter.
Allrecipes.com has about 25 million monthly unique visitors. According to Meredith’s press release, the acquisition “more than doubles the audience of the Meredith Women’s Network,” which includes its magazines’ websites and Recipe.com, “to nearly 40 million unduplicated unique monthly visitors,” and “nearly doubles annual digital revenues for the Meredith Women’s Network.” (Meredith does not release annual digital revenue figures.)
SEE ALSO: Reader's Digest Goes Hip; Buys AllRecipes.com For $66 Million
Reader’s Digest bought Allrecipes for around $66 million in 2006 and has been shopping it around since last year. Rumored bidders included Random House, Amazon (NSDQ: AMZN) and AOL (NYSE: AOL), according to the NY Post.
Meredith recently acquired Every Day with Rachael Ray magazine and its digital assets, Family Fun magazine and its digital assets and EatingWell.
Full release on page 2.
Posted In: Apps, Media & Publishing, Magazines, Women-Centric Content, allrecipes.com, meredith
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