Meredith Finally Finds a Buyer for Money.com
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Meredith Corp. has had a busy few days.
After folding almost 90-year-old Family Circle last week and making a number of staff changes across its publications, the publisher said Tuesday it had sold personal finance site Money.com to Ad Practitioners, a Puerto Rico-based portfolio of digital brands including ConsumersAdvocate.org, for an undisclosed sum. Money.com’s 14-strong team will remain at Meredith’s New York City office until Jan. 31 at the latest.
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Meredith had been trying to sell the web site, which averages 4 million monthly unique visitors, along with the 47-year-old Money magazine, but after struggling to find a buyer for the whole brand it shuttered the print publication following the release of the title’s June issue.
Like its competitor Smart Money, which closed in 2012, Money magazine struggled in an era full to the brim with popular personal finance sites that are constantly updated.
“We are pleased to find a great home for the Money brand and wish all parties great success under the new ownership,” said Meredith chief development officer John Zieser in a statement. “We continue to make significant progress on our asset sales and expect to shortly announce additional transactions at attractive multiples.”
Meredith acquired the Money brand as part of its January 2018 acquisition of Time Inc. for $2.8 billion and proceeded to sell a number of its publications, including Time, Fortune and Sports Illustrated, but struggled when it came to Money magazine. The Money.com sale marks the last of the brands the publisher wanted to offload.
The only former Time Inc. brands Meredith still has are People, InStyle, Travel + Leisure, Entertainment Weekly and Real Simple. It also owns Better Homes & Gardens, Magnolia Journal, Martha Stewart Living and Southern Living.
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