UPDATE 1-IAC/InterActiveCorp in talks to buy magazine publisher Meredith -WSJ

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(Adds details from Journal report, background) 

  Sept 23 (Reuters) - IAC/InterActiveCorp is in advanced talks to buy magazine publisher Meredith Corp at a valuation expected to be over $2.5 billion, the Wall Street Journal reported on Thursday. 

  Television mogul Barry Diller-owned IAC could strike a deal with Meredith in the next few days, the Journal said, adding the talks could still fall apart. 

  Meredith's magazine brands, which include People, Better Homes & Gardens and Allrecipes, would compliment and expand IAC's collection of digital publications such as Investopedia, Serious Eats and Brides. 

  Both companies declined to comment. 

  Meredith Corp had agreed to sell its television stations business to broadcaster Gray Television Inc for an enterprise value of $2.7 billion earlier this year. 

  (Reporting by Shubham Kalia, additional reporting by Nishit Jogi in Bengaluru; Editing by Krishna Chandra Eluri) 

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