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MEREDITH CORPORATION SELLS MONEY BRAND TO AD PRACTITIONERS LLC
Oct. 23, 2019
Source: Meredith Corporation news release
New York, NY - Meredith Corporation (NYSE: MDP) (www.meredith.com) - the leading media and marketing company reaching 185 million American consumers every month and nearly 90 percent of U.S. millennial women - announced today it has closed on the sale of the MONEY brand to Ad Practitioners LLC, a portfolio of digital brands, including ConsumersAdvocate.org. Terms were not disclosed.
The sale includes the popular MONEY.com website, which averages 4 million monthly unique visitors, according to comScore. At present, 14 employees work on MONEY.com at Meredith's 225 Liberty Street offices in New York City. Under terms of an employee lease agreement between the parties, the 14 will remain Meredith employees until January 31, 2020, at the latest.
"We are pleased to find a great home for the MONEY brand and wish all parties great success under the new ownership," said Meredith Chief Development Officer John Zieser. "We continue to make significant progress on our asset sales and expect to shortly announce additional transactions at attractive multiples."
Meredith acquired the MONEY brand as part of its January 2018 acquisition of Time Inc. After a portfolio analysis, Meredith decided to sell non-core properties. Assets sold to date have included the TIME, FORTUNE and Sports Illustrated brands, in addition to some international holdings.
Cooley LLP served as a legal advisor to Meredith.
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