Meredith to Acquire FamilyFun Magazine From Disney Publishing Worldwide
(Press Release) NEW YORK, Jan. 4, 2012—Meredith Corporation announced today that it has signed an agreement with Disney Publishing Worldwide to acquire the assets of FamilyFun. The acquisition includes the highly popular magazine, with an audience of 6 million and rate base of 2.1 million; its special interest publications; and its ToyHopper and digital magazine applications. Financial terms were not disclosed, and it will not have a material effect on Meredith's 2012 financial performance. The acquisition is expected to close within 30 days.
"We are delighted to add the FamilyFun brand to our expanding media portfolio," says Meredith National Media Group President Tom Harty. "This acquisition further strengthens our leadership position and reach among women in both the parenthood and food spaces, and offers our advertisers additional channels to reach these consumers."
"FamilyFun's rich content has led to the growth of its loyal readership base over its 20-year history, and we look forward to watching the magazine continue to grow under its new owner," says Russell Hampton, President, Disney Publishing Worldwide. "Moving forward, Disney Publishing Worldwide will focus on our core children's magazine and book businesses, our rapidly growing digital initiatives, and our Disney English language learning program."
FamilyFun targets moms with kids ages 3-12 with a focus on family activities such as cooking, crafts, celebrations and travel. Launched in 1991, FamilyFun has a median age of 35, and 60 percent of its readers are college-educated. FamilyFun will report to Carey Witmer, President of the Meredith Parents Network. The first issue of FamilyFun published by Meredith is expected to be March 2012.
Meredith is already a leader in the parenthood space with brands such as Parents and American Baby. The addition of FamilyFun increases Meredith's share of parenthood category magazine advertising revenues to nearly 60 percent, according to Publishers Information Bureau data. It also adds another attractive demographic of young female consumers to Meredith's database.