Barry Diller’s InterActiveCorp is in advanced talks to buy the Iowa-based magazine publisher Meredith, according to the Wall Street Journal. The deal is reportedly valued at $2.5 billion. Following the report, Meredith stock was up 27%, to $57, as trading started on Friday.
IAC, which currently includes brands like Brides, DotDash, Handy TripSavvy and Serious Eats, looks to expand its scale in online publishing with the powerhouse consumer titles that Meredith operates — including People, Entertainment Weekly, Better Homes and Gardens, Martha Stewart, Hello Giggles, Shape, Parents and more.
IAC would benefit from the inclusion of Meredith’s digital sites, as it recently spun off the online dating company Match Group Inc.