Meredith Soars on Report It has a Suitor in InterActiveCorp
By Dhirendra Tripathi
Investing.com – Meredith (NYSE:MDP) stock jumped 30% Friday after The Wall Street Journal said IAC/InterActiveCorp (NASDAQ:IAC) is in advanced negotiations to acquire the magazine publisher.
IAC stock rose 2% on news of the likely deal valuing the name behind People at more than $2.5 billion.
There is no guarantee there will be a deal, the WSJ report said.
According to the report, titles that IAC would acquire from Meredith include Real Simple, Allrecipes and InStyle. They will later become part of Dotdash, IAC’s publishing division, as per the report.
Meredith earlier this year sold its local TV business to Gray Television (NYSE:GTN). It bought Time Inc for $1.85 billion in 2017 only to sell it in less than a year as print advertising spending stayed elusive. The publisher ended June with a net debt leverage ratio of 3.7x.
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