Meredith Completes Acquisition of Every Day with Rachael Ray From Reader's Digest Association
(Press Release) NEW YORK, Oct. 31, 2011—magazine and its related digital assets. In addition, Meredith Meredith Corporation (NYSE: MDP; www.meredith.com) and Reader's Digest Association announced today they have completed the agreement for Meredith to acquire Every Day with Rachael Ray announced it has finalized a 10-year licensing agreement with Watch Entertainment Inc. for the award-winning brand.
The acquisition includes the popular magazine that's published 10 times annually with a 7.4 million audience and 1.7 million ratebase. The first issue of Every Day with Rachael Ray published under the Meredith banner will be February 2012, available on newsstands in early January.
"We are energized to bring the Every Day with Rachael Ray brand to market as part of the Meredith portfolio," said Meredith National Media Group President Tom Harty. "It represents a very important piece of the strategy we are executing to significantly enhance our already powerful reach in the food space."
"We are thrilled that we've found a home for Every Day with Rachael Ray and its staff with Meredith," said Dan Lagani, President, Reader's Digest North America. "We've enjoyed working with Rachael and her team, and we are proud of the work we've done since the magazine's launch in 2005."
Harty noted that in the past four months Meredith has strengthened its position as the leader in food content with the:
* Launch of Recipe.com, a multi-channel food brand that pairs recipes with digital coupons and savings;
* Acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating;
* Introduction of six new Special Interest Media food titles, bringing the total to nearly 40; and
* Expansion of Meredith's leading food content across a broad array of tablet products including the iPad, NOOK Color, and the upcoming Kindle Fire.
Christine Guilfoyle will be rejoining Every Day with Rachael Ray as Publisher. Guilfoyle was the launch publisher of Every Day with Rachael Ray from 2005 to 2007. Under her leadership, the magazine was recognized as the "Launch of the Year" by both Advertising Age and Adweek. Most recently, Guilfoyle served as Publisher of Meredith's More magazine.