Meredith Increases Its Bet On Wedding Media
Company adds Mywedding.com to its portfolio.
A month after Meredith announced its licensing agreement with Martha Stewart Omnimedia–which included Martha Stewart Weddings–the company announced it has acquired Mywedding.com. The latest acquisition greatly enhances its foothold in wedding media.
Terms of the deal have not been disclosed. Meredith tells FOLIO: that it has no plans to upheave the company’s structure or staffing, but instead will merge it in with its National Media Group.
Weddings are big business in the U.S. In 2013, more than two million couples reportedly tied the knot, which equated to more than $53 billion in spending. That spells out a lot of opportunity for Meredith who is admittedly bullish on expansion.
"We continue to strengthen our focus on the most important milestones in the lives of our consumers, specifically marriage, home ownership and raising a family," CEO Steve Lacy says in a statement. "This acquisition augments our initiatives in the digital space, and is consistent with our Total Shareholder Return strategy to pursue investments that scale our business and increase shareholder value."
Keeping that in mind, the Mywedding.com acquisition is consistent with its 10-year licensing agreement with MSLO, in terms of broadening its lifestyle content mix and audience. Mywedding.com targets a younger demographic than Martha Stewart Weddings. The company sees this as a chance to springboard consumers into other Meredith brands as readers develop new interests and enter new life stages.
"With its access to younger consumers at such an important time in their lives, strong local sales model, and digital expertise, Mywedding.com is a valuable addition to our portfolio," Tom Harty, Meredith National Media Group president says in a release. "We believe we can further grow Mywedding.com’s consumer audience, while at the same time developing the next generation of consumers for Meredith brands and creating new sales and marketing opportunities for our clients."
The company openly admits it’s looking into other strategic acquisitions but isn’t dropping specific hints on which companies or brands it has in its crosshairs. What is certain is any move will adhere to its commitment to grow shareholder return through dividend payments, which are currently annualized at $1.73 per share with an approximate 4 percent yield. The company has increased its dividend payment for 21 consecutive years.