Media and publishing company Meredith Corp said it has agreed to purchase food information website Allrecipes.com from privately held Reader's Digest Association Inc in a $175 million deal to expand its online presence.The deal will shave off about 10 cents per share from Meredith's fiscal 2012 results, the company said.Meredith, which publishes magazines targeted at women, expects the acquisition to modestly add to its earnings in fiscal 2013."It (Allrecipes.com) more than doubles the scale of the Meredith Women's Digital Network, and is expected to drive incremental revenue and profit growth," Meredith Chief Executive Steve Lacy said in a statement.
Meredith Corporation (Meredith) is a media and marketing company. Shares of MDP remained unchanged at $32.61. In the past year, the shares have traded as low as $21.10 and as high as $36.29. On average, 737514 shares of MDP exchange hands on a given day and today's volume is recorded at 0.
Source
