Meredith has closed on the sale of the Money brand to Ad
Practitioners, a portfolio of digital brands, including ConsumersAdvocate.org.
Terms of the deal were not disclosed.
The sale includes the money.com website,
which averages 4 million monthly unique visitors, according to comScore.
Currently, 14 employees work on money.com at
Meredith offices in New York
“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. "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. After a portfolio analysis, Meredith
decided to sell non-core properties, the company says. Assets sold to date have
included the Time, Fortune and Sports Illustrated brands, in addition to some
international holdings.
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