Meredith Significantly Expands Its Food Media Business
In addition to growing EatingWell magazine's rate base, Meredith plans to substantially increase the brand's digital presence. The EatingWell website is a perfect fit with the Meredith Women's Network, which reaches 25 million unique monthly visitors and averages 275 million monthly page views.
EatingWell CEO Thomas Witschi, 50, is joining the Meredith National Media Group as EVP and President, Women's Lifestyle, with responsibility for Meredith's More, Fitness, EatingWell and Diabetic Living brands.
"The entire team is very excited to join forces with Meredith and its great media brands," said Witschi, who joined EatingWell in late 2005. "With Meredith's broad consumer reach, industry-leading database and purchasing power, we look forward to significantly growing the EatingWell brand. Additionally, I'm excited to work with the teams at More, Fitness and Diabetic Living to further develop these already strong brands."
Terms of the EatingWell acquisition were not disclosed. It is expected to be accretive to earnings, and will not have a material effect on Meredith's financial performance for fiscal 2012.
"We continue to look for opportunities to acquire and/or invest in properties we can leverage to serve consumer and client needs," said John Zieser, Meredith's Chief Development Officer. "We are especially focused on entities with multiple revenue streams and significant digital components."
The Recipe.com portfolio includes:
- A dynamic website containing more than 20,000 trusted recipes and featuring both in-store and manufacturer savings coupons; how-to videos; recipes from best-selling cook books; partner recipes from other well-respected brands; and an online shopping list and recipe box so she can instantly see local store savings on her favorite saved recipes or on her shopping list.
- A magazine created initially on a quarterly basis with an initial distribution of 350,000 at a cover price of $5.99;
- A mobile web feature that provides on-the-go consumers with recipe and meal-planning content, along with savings from both in-store offers and manufacturers;
- Social media outreach through Meredith's branded sites on Facebook and Twitter, and promotion across Meredith's digital network that reaches 25 million monthly unique visitors;
- Branded television segments airing weekly on Meredith's daily syndicated television program, Better, which reaches 80 percent of U.S. households;
- Editorial features appearing monthly in Meredith's well-known magazines; and
- Quarterly onsert promotions featuring custom content and coupons poly-bagged in Meredith's monthly magazines and distributed to more than 2 million consumers.
"Our goal is to create a multi-revenue food platform that aligns with the modern way women plan, shop and prepare meals for their families," said Liz Schimel, Chief Digital Officer, Meredith National Media Group. "We also realize that many marketers have a deep collection of trusted recipes, and Recipe.com will enable them to significantly expand their connection with consumers."