Meredith Corporation is the perfect home for ReadyMade Media
New York, NY (PRWEB) October 5, 2006
Meredith Corporation, one of America's leading media and marketing companies, plans to acquire San Francisco-based ReadyMade Media. AdMedia Partners (http://www.AdMediaPartners.com), a boutique New York investment bank specializing in mergers and acquisitions advisory services to the advertising and marketing, media, and related online and information services businesses, is advising ReadyMade in the acquisition, which will close later this fall. ReadyMade Media's portfolio of products includes a do-it-yourself magazine, a branded book, branded products, an integrated marketing operation, as well as a popular website (http://www.readymade.com).
“Meredith Corporation is the perfect home for ReadyMade Media,” says Mark Edmiston, the investment banker that is advising ReadyMade in the transaction. “ReadyMade has an already successful business model that brings together the best in print and online media, as well as an integrated marketing operation. This fits perfectly with, and will benefit from, Meredith's strategy to market content across multiple media platforms.”
The official press release reads as follows:
MEREDITH CORPORATION TO ACQUIRE READYMADE MEDIA BRAND
Furthers strategy to reach younger consumers and new advertisers;
Meredith will leverage its sales, circulation and production expertise to grow brand
NEW YORK, NY/DES MOINES, IA/SAN FRANCISCO, CA (October 5, 2006) – Meredith Corporation (NYSE:MDP), one of America's leading media and marketing companies, announced today that it has reached an agreement to purchase ReadyMade, a multimedia brand targeting the adults in their 20's and 30's.
The ReadyMade brand includes a successful do-it-yourself lifestyle magazine; a popular Web site; a branded book; branded products such as project plans and kits; and an integrated marketing operation. The agreement is expected to close by the end of October, pending completion of closing conditions. Financial terms were not disclosed.
“Acquiring ReadyMade strengthens our reach to adults ages 25-39, a very sought after group of consumers to advertisers,” said Meredith Publishing Group President Jack Griffin, who added that Meredith will immediately begin marketing ReadyMade to advertisers making purchasing decisions for next year. “Additionally, we plan to double the magazine's circulation to 200,000 by calendar 2007.”
ReadyMade magazine, which launched in December 2001, is a bi-monthly magazine. Targeted at adults in their 20's and 30's, the magazine offers a myriad of do-it-yourself projects and promotes an environmentally friendly lifestyle. The Web site http://www.readymademag.com complements the magazine's print content with how-to tips and project ideas. The site also boasts an interactive online community with blogs and an online store. In addition to the magazine and Web site, ReadyMade published its first book – How to Make (Almost) Anything – in December 2005.
Grace Hawthorne, CEO and Publisher of ReadyMade said, “We will continue to produce products true to the brand that our reader's love, while taking advantage of Meredith's expertise in sales, circulation, production and financial management. This combination will allow us to realize ReadyMade's tremendous growth potential.”
Both Hawthorne and fellow ReadyMade co-founder and Editor-in-Chief, Shoshana Berger, will continue in their current leadership roles. Hawthorne added that the bulk of ReadyMade's operation will remain based in the San Francisco area.
“The ReadyMade brand fits perfectly with our strategic initiative to reach younger consumers and extend our online presence,” said John Zieser, Vice President of Corporate Development for Meredith. “Also, we believe there are many opportunities for additional brand extensions, including an expanded Web presence, books, videos, products and events.”
About Meredith Corporation
Meredith (http://www.meredith.com) is one of the nation's leading media and marketing companies with businesses centering on magazine and book publishing, television broadcasting, integrated marketing and interactive media. The Meredith Publishing Group features 25 subscription magazines – including Better Homes and Gardens, Family Circle, Ladies' Home Journal, Parents, Child, Fitness, and American Baby – and approximately 200 special interest publications. Meredith owns 14 television stations, including properties in top-25 markets such as Atlanta, Phoenix and Portland.
Meredith has approximately 350 books in print and has established marketing relationships with some of America's leading companies including The Home Depot, DIRECTV, DaimlerChrysler, Wal-Mart and Carnival Cruise Lines. Meredith's consumer database, which contains approximately 85 million names, is one of the largest domestic databases among media companies and enables magazine and television advertisers to target marketing campaigns precisely. Additionally, Meredith has an extensive Internet presence that includes 32 Web sites, strategic alliances with leading Internet destinations and extensive online marketing capabilities. Meredith Hispanic Ventures publishes five Spanish-language titles, making Meredith the largest Hispanic publisher in the United States.
About AdMedia Partners
AdMedia Partners (http://www.admediapartners.com) is a leading boutique investment bank that provides middle market mergers and acquisitions advisory services to the media and publishing, advertising and marketing, and related online and information services businesses. Founded in 1990 and located in New York City, the firm has completed over 130 transactions since 1999.
Notable recent transactions completed by AdMedia Partners include:
- Representing Bonnier AB, a $2.5 Billion European Media company, in its acquisition of major interest in World Publications.
- Representing What's On, LP, publisher of Las Vegas's leading regional travel and leisure visitor guide, in its partnership with Kellogg Media Group.
- Representing Shaw Marketing Group, a relationship marketing agency, in its acquisition by Wunderman, the direct marketing division of WPP.
- Representing Public Strategies, a leading public affairs firm, in its acquisition by WPP.
- Representing the Hazelton Group, a research-based brand strategy and development consulting firm, in its acquisition by Archstone Consulting, a portfolio company of Lake Capital.
- Representing Alexander & Edwards Publishing, a leading B2B publisher of housing finance magazines, in its acquisition by Hanley Wood, LLC, a company owned by JPMorgan Partners, LLC.
- Representing Medical Broadcasting, one of the largest independent interactive healthcare agencies, in its acquisition by Digitas Inc.
- Representing Capitol Color Mail, Inc., the largest volume direct mail coupon magazine publisher in America, in its restructuring, with financing from Quad/Graphics, Inc.