An Iowa-based magazine publishing giant is expanding its reach into the virtual cooking market. Meredith Corporation is buying the website AllRecipes.com from Reader’s Digest Assocation. Meredith spokesman Art Slusark says the price tag was hefty but “fair” at $175-million.
“Allrecipes.com is the number-one digital food website in the world,” Slusark says. “It has over 25-million monthly unique visitors. It really takes Meredith’s digital initiatives up to a new level.”
While the website is already the leader in its domain, he says there is an opportunity to optimize the site for other growing audiences.
“Really, it hasn’t expanded beyond the Internet to other platforms, such as mobile, social media or print,” Slusark says.
“Given our expertise in those areas, we think we can take this brand and make it a true, multi-platform brand.” Meredith, which is headquartered in Des Moines, publishes magazines including: Better Homes & Gardens, Fitness and Family Circle.
This popular website, he says, offers a perfect avenue for cross-promotion. “There’s opportunities to market Meredith magazine subscriptions on Allrecipes.com, plus there’s e-commerce opportunities for people that purchase products on the site as well,” Slusark says. “It really fits into our whole strategy. We want to try to reach American women where they are and on whatever platform they want to access.”
The deal is expected to close later this quarter. The purchase also introduces Meredith brands to new audiences, as Allrecipes.com has 17 sites in 22 countries.