Meredith Buys Allrecipes.com from Reader’s Digest Association
The $175 million deal is expected to close by end of first quarter.
After putting the property on the block in October, Reader’s Digest Association will sell Allrecipes.com and related digital assets to Meredith Corp. for $175 million. The deal is expected to close by the end of the first quarter.
This purchase nearly doubles Meredith Women’s Network audience to 40 million monthly uniques, according to the company. Allrecipes.com also boasts a younger audience base; Meredith’s current female demographic falls in the mid-forties.
Attracting younger readers to the Meredith portfolio is top of mind for the company as of late. When Meredith bought FamilyFun magazine from Disney earlier this month, the title’s younger audience (the average FF user is 35-years-old) was considered a key factor.
Carey Witmer, president of Meredith’s Parents Network, told FOLIO: at the time, “I’m not looking at it from a category standpoint, but more from a life stage standpoint. It ties back to the age of the consumer, what this woman is doing in this stage of the game. She’s setting up her household, she’s buying a new car and developing those brand loyalties she’ll have all her life. But beyond the advertising, it’s a great opportunity for Meredith to get at her in the beginning and then move her into our other brands like Better Homes and Gardens."
The site will move into Meredith’s growing food portfolio, which includes another recently acquired RDA title, Every Day With Rachael Ray, as well as newly added Recipes.com and EatingWell Media Group (there are no plans to merge Recipes.com and Allrecipes.com, according to FOLIO: sister publication min). Allrecipes.com has 17 sites in 22 countries.
RDA announced its plans to focus on its “master brands” in fall 2011, which include Reader’s Digest, Taste of Home and The Family Handyman. Since the announcement, the publisher continues to par down its content portfolio along with its staff; the publisher cut 150 positions worldwide in December.