×
You will be redirected back to your article in seconds

Meredith Sells Personal-Finance Site Money to Digital Advertising Firm

After previously failing to find a buyer for Money — and shutting down the print edition — Meredith has found a new home for the personal-finance brand.

Meredith announced Tuesday that it closed the sale of the Money brand to Ad Practitioners, a Puerto Rico-based digital advertising and media company that operates a network of websites, including ConsumersAdvocate.org.

It’s the latest in a string of recent M&A deals in which struggling print brands are pairing off with digital media companies looking to build on their brand equity. Last month, Vox Media acquired New York Media, publisher of 51-year-old New York magazine, following similar deals including Condé Nast selling the venerable wedding title Brides to Dotdash, an internet publisher owned by Barry Diller’s IAC.

Meredith acquired Money as part of its January 2018 acquisition of Time Inc. and is the fourth “non-core” property that the media company has sold off in the U.S. Last year, Meredith sold Time to Marc Benioff, co-founder of Salesforce.com, and his wife, Lynne, for $190 million, and offloaded Fortune for $150 million in cash to Thai businessman Chatchaval Jiaravanon. In May, it sold Sports Illustrated to Authentic Brands Group for $190 million.

Meredith earlier this year killed the print edition of Money magazine, founded in 1972, with the June/July 2019 edition the last to be published. At the time, Meredith said it had decided to not sell Money.com after all and instead would invest in the property.

The sale to Ad Practitioners comprises the Money.com website, which averages 4 million monthly unique visitors, according to Comscore.

Currently, 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 staffers will remain Meredith employees until Jan. 31, 2020, at the latest, at which point they will transition to Ad Practitioners.

“We are pleased to find a great home for the Money brand and wish all parties great success under the new ownership,” Meredith chief development officer John Zieser said in a statement. “We continue to make significant progress on our asset sales and expect to shortly announce additional transactions at attractive multiples.”

Founded in 2016, Ad Practitioners says its core business is matching brands with audiences across over 150 categories, including personal finance, health, home, lifestyle, insurance and software. The company is based in Dorado, Puerto Rico.

Earlier this month, Meredith announced that it will shut down the print edition of women’s lifestyle mag Family Circle, which has been a newsstand staple since 1932, after the December 2019 issue.

More Biz

  • Hollywood celebrated the individuals redefining "on-screen

    Media Access Awards Honors Individuals Increasing Representation for Disabilities

    Hollywood celebrated individuals redefining “on-screen representation for the disability community” with the Media Access Awards, in partnership with Easterseals, at the Beverly Hilton Thursday. Norman Lear and Jimmy Kimmel kicked off the event, which featured Camryn Manheim, CJ Jones, Coby Bird and “The Peanut Butter Falcon” actors Zack Gottsagen and John Hawkes presenting awards along [...]

  • 'Roxanne' Singer Arizona Zervas Signs With

    'Roxanne' Singer Arizona Zervas Signs With Columbia

    Hotly tipped singer-songwriter Arizona Zervas, whose viral hit “Roxanne” is in the top 40 of the Billboard Hot 100,  has signed with Columbia, Variety has confirmed. Since the release of the track on Oct. 10, “Roxanne” has reached nearly 50 million streams on Spotify. The single topped Spotify U.S. top tracks chart for an uninterrupted [...]

  • Jax Media at Variety New Leaders

    Jax Media Accepts Variety's Creative Leadership Award at New Leaders Cocktail Party

    This year’s Variety New Leaders event, presented by City National Bank, honored innovative visionaries in entertainment. The cocktail party was hosted on a chilly Thursday night in Lower Manhattan’s Jimmy Rooftop Bar at the James Hotel. Patrick McCarthy, senior VP and head of marketing for City National Bank, kicked off the event highlighting the new [...]

  • taylor swift, scott borchetta and scooter

    Rage Against the Big Machine: What's Driving the Taylor Swift Showdown

    The latest Taylor Swift-Scooter Braun-Scott Borchetta kerfuffle involves the sort of music business minutiae that doesn’t commonly interest the general public — in fact, it’s probably safe to say that untold thousands if not millions of people are suddenly familiar with the concept of re-recording old masters. But in blasting Braun on social media and [...]

  • Redbox

    Redbox Settles Disney Suit, Agrees Not to Sell Download Codes

    Redbox has settled its litigation with Disney, agreeing not to resell codes that allow customers to download movies. Redbox has traditionally offered DVDs for rent through its distinctive kiosks. In October 2017, the company also began offering download codes at a considerable discount compared to the price on iTunes, Amazon or other services. Redbox did [...]

  • Shari Redstone: ViacomCBS 'Can Compete With

    Shari Redstone: ViacomCBS 'Can Compete With the Best of Them'

    Shari Redstone is emphatic: ViacomCBS has plenty of resources and the scale to compete in the new world order for media giants. “We absolutely have enough scale,” Redstone said Friday morning during her Q&A held as part of the Paley Center for Media’s International Council Summit in New York. “We have an incredible library. We [...]

  • Taylor Swift

    Taylor Swift Denies Big Machine's Claims Over Song Use, 'Millions' in Debt

    In the latest salvo in a rapidly evolving media battle that has evolved over the past 15 hours, Taylor Swift refuted Big Machine Records’ claim that the company did not try to block her from using material from her early albums, which are owned by the label, in forthcoming television specials. Swift had leveled those [...]

More From Our Brands

Access exclusive content