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IAC’s Dotdash to buy Meredith Corp’s National Media Group By Reuters

by Mike Robinson

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© Reuters.

(Reuters) – IAC’s digital media arm Dotdash has agreed Wednesday to purchase Meredith Corp (NYSE:) Corp’s National Media Group. The deal is worth approximately $2.7 billion and brings together People magazine, Allrecipes, and Investopedia.

Dotdash, according to the company, will purchase an entity holding Meredith’s National Media Group as well its corporate operations. The all-cash transaction will be $42.18/share.

According to the companies, Dotdash Meredith will combine these two businesses and be headed by Neil Vogel (Dotdash’s top boss),

Meredith’s magazine brands, which include People, Better Homes & Gardens and Allrecipes, would complement and expand IAC’s collection of digital publications such as Investopedia, Serious Eats and Brides.

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