Meredith sells Money to digital advertising firm
Meredith Corp. announced Tuesday that it sold the personal finance Money brand to Ad Practitioners, a Puerto Rico-based digital advertising and media company that operates websites, including ConsumersAdvocate.org, for an undisclosed amount, reports Todd Spangler of Variety.
Spangler reports, “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.”
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