Meredith Significantly Expands Its Food Media Business
(Press Release) DES MOINES, Iowa and NEW YORK, June 27, 2011— Meredith Corporation significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings.
"Meredith already produces great food content across our brands, and food is our top advertising category," said Meredith Chairman and CEO Steve Lacy. "In acquiring EatingWell and launching Recipe.com, we've added two anchor brands to serve the 75 million American women we engage every month, and the marketers that want to reach them."
Both brands have robust multichannel components important for reaching today's busy, mobile woman. More than 60 percent of EatingWell's current revenues come from digital sources, licensing and custom marketing. Recipe.com has a significant digital and mobile footprint as well, reaching women when they are planning meals and making important at-retail buying decisions.
The EatingWell portfolio includes:
* A highly successful and award-winning bi-monthly magazine with a circulation of 350,000, that Meredith plans to increase to 500,000 early next year;
* A content-rich website featuring healthy recipes, food and shopping tips, and meal preparation, as well as articles, blogs and nutrition advice;
* A robust content licensing and custom marketing program providing diet and nutrition articles, how-to cook information, healthy recipes and meal plans to over 75 clients including major consumer portals, healthcare, food and supermarket retail partners;
* A Healthy-in-a-Hurry mobile recipe app rated as a top foodie app by the iTunes store and top health app by Consumer Reports Health Newsletter; and
* A series of high-quality food and nutrition-related books and cookbooks.
"Our consumers consistently tell us that preparation of delicious and healthy meals on a tighter food budget is a top priority," said Meredith National Media Group President Tom Harty. "And research reveals that women are using multiple media platforms – print, online, mobile, social, video – to assist them. EatingWell and Recipe.com are great additions to our existing broad portfolio of food media assets."