Announcing Dotdash Meredith

Today we announced important news about the next chapter in Meredith’s journey. We have entered into an agreement to be acquired by IAC’s Dotdash. The announcement is linked here.?

The company, called Dotdash Meredith and led by Dotdash CEO Neil Vogel, will be one of the largest publishers in America with leading brands across home, health, food, finance, parenting, entertainment news, and beauty. The transaction is expected to close by the end of the year.

Why now?

You might be asking, “why do this now?” considering the momentum and excitement we have in our business. Our executive team and Board of Directors, including Mell Meredith Frazier and her family, unanimously agree this transaction is the best path forward for long-term growth and success of the company. And as a publicly traded company, Meredith must consider and pursue any opportunities that we believe will maximize shareholder value. Given the premium price we received for the business and the opportunity that combining with Dotdash represents, we strongly believe this is the right opportunity at the right time.

Why IAC?

When IAC first approached us, they said that no other media company in the world has the relevance, recognition, or audience base that Meredith has. Dotdash’s vibrant digital brands such as Verywell, Investopedia, The Spruce, and Byrdie help consumers find answers, solve problems and get inspired, and complement our portfolio of 40+ brands that provide information and inspiration to women every day. Dotdash views our unprecedented reach to women and magazine business as a strong platform to engage consumers. And being part of Dotdash will accelerate our digital transformation with even greater scale and opportunities to add value to consumers and advertisers.

Timing

We remain on track to complete the sale of our Local Media Group by the end of the year. This new transaction with IAC and Dotdash pertains only to Meredith’s Digital and Magazine businesses and corporate operations – which encompass the company that will remain after the previously announced sale of Meredith’s Local Media Group.

As we look to the future, we do so with an appreciation for our 120-year history, journalistic integrity, and dedication to the communities in which we operate. Mell and the entire Meredith family are tremendously proud of everything this company has achieved and are excited for its future. They recognize that it’s our creative and dedicated employees, past and present, that have enriched the lives of generations of Americans.

Staying true to our Des Moines roots

Dotdash has stressed a commitment to Des Moines, where our roots have been firmly planted since our founding and where we’ll have a continued presence. The Meredith Foundation will continue to be an active member in the Des Moines community, as will Dotdash Meredith.

To our employees – I speak for the entire executive leadership team and the Board when I say we are extremely optimistic about the future and acknowledge that we couldn’t have gotten here without you. Thank you for everything you do.?