Meredith Sells Money Magazine Brand, Nearly Two Years After Time Inc. Merger

Meredith Corp. has sold the Money magazine brand to Ad Practitioners LLC, a three-year-old Puerto Rico-based media and advertising startup behind the product review site ConsumersAdvocate.org, both parties announced Tuesday morning. Terms of the deal were not disclosed. One of a handful of former Time Inc. titles deemed "non-core" to Meredith's portfolio of mostly women's lifestyle magazines and put up for sale in March 2018 just weeks after the merger of the two publishing giants was finalized, the offloading of Money follows earlier sales of Time, Golf, Fortune and, most recently, Sports Illustrated. Unable to find an offer that "fairly valued" Money as a print and digital brand, a Meredith spokeswoman tells Folio:, the company had initially taken it off the market back in April, instead opting to shutter its print edition, sell its direct-sold subscriber file to Kiplinger's Personal Finance and signal that it planned to invest in Money.com as a digital-only brand. The spokeswoman adds that while Meredith wasn't actively marketing Money for sale in the six months that followed—"we have been very pleased with the value it was adding to our portfolio"—the company received "several inbound inquiries," which eventually led to an offer from Ad Practitioners that was "more in line with our own valuation." Money.com still draws 4 million unique visitors each month, on average, and maintains 14 staffers in Meredith's downtown Manhattan offices, the former headquarters of Time... Continue reading at 'Folio Magazine'

[ Folio Magazine | 2019-10-22 16:06:17 UTC ]
News tagged with: #sports illustrated #fairly valued #market back #personal finance #spokeswoman adds #inbound inquiries #eventually led #ad practitioners #agreement expires #emailed questions #incredibly excited #50-year conversation #lifelong reader #full potential #unbiased reviewer

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