Meredith Corp., publisher of Better Homes and Gardens and other magazines, announced Tuesday it has bought Allrecipes.com from The Reader's Digest Association Inc. in a $175 million transaction.
Meredith chairman and chief executive Steve Lacy said the acquisition of Allrecipes.com would more than double the company's online audience to nearly 40 million unique visitors a month.
Meredith also has websites for its print magazines and owns Recipe.com.
Allrecipes.com has 17 sites in 22 countries and a database of over 500,000 recipes.
Robert Guth, chief executive of Reader's Digest Association, said the sale of Allrecipes.com "is a significant step forward in our commitment to focus our resources on our core businesses, such as the Reader's Digest brand."
Reader's Digest bought Allrecipies.com in 2006.
Besides Better Homes and Gardens, Meredith also publishes Parents, Family Circle, Ladies' Home Journal, Fitness and other magazines.
(c) 2012 AFP
