DES MOINES, Iowa — Des Moines-based Meredith Corporation could be under new ownership by the end of the year.
Meredith and New York-based IAC/Interactive Corp have agreed to a $2.7 billion buyout. The new company will be renamed Dotdash Meredith.
Edwin Meredith founded the company in 1902, publishing Successful Farming magazine. Among the company’s current popular magazine titles are Better Homes and Gardens, People, and Midwest Living.
“Our creative and devoted employees have guided our beloved brands through a fast-changing media landscape – enriching the lives of generations of Americans. The Meredith Foundation will continue to be an active member in the flourishing Des Moines community, as will Dotdash Meredith,” said Mell Meredith Frazier, Vice Chairman of the Meredith board of directors.
The sale has been approved by the Boards of Directors from each company.