“The acquisition of Allrecipes.com, the market leader in the digital food space, significantly enhances our leading consumer and advertiser proposition,” says Steve Lacy, Meredith Corporation Chairman and CEO, who just purchased the #1 digital food service, Allrecipes.com.
“It more than doubles the scale of the Meredith Women’s Digital Network, and is expected to drive incremental revenue and profit growth, adding to our already strong free cash flow over time.”, explains Lacy.
The all recipes.com entity was purchased for $175 million. currently the online database consists of over 500,000 recipes.
Chief Development Officer John Zieser explains, "We are constantly looking for strategic acquisitions and investment opportunities to expand our reach and increase shareholder value”.
Recent related purchases that also bolster Meredith Corporation's value include 'Every Day with Rachael Ray' magazine and its associated assets.
The purchase of allreciepe doubles (and then some) the audience of Meredith Women’s Network. The site now hosts over 40 million new monthly visitors.