McDermott Guides Meredith In $175M Buy

Law360, New York (January 24, 2012, 1:57 PM EST) -- Meredith Corp. has agreed to pay The Reader's Digest Association Inc. $175 million for, a heavily trafficked cooking and grocery shopping website, in a bid to vastly expand its advertising reach to American women, Meredith said Tuesday.

More than 11 million people have downloaded Allrecipes' mobile apps, and the purchase gives the Des Moines, Iowa-based media and marketing company advertising access to 100 million women, Meredith said.

"The acquisition ... more than doubles the scale of the Meredith Women's Digital Network and is expected to...
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