Barry Diller’s media group is stopping print circulation of six of the magazines it acquired when it bought Meredith Corp. last year, part of an effort to turn these publications into digital-only brands. (WSJ)
The move, which affects Entertainment Weekly, InStyle, EatingWell, Health, Parents and People en Español, will lead to 200 job cuts, according to a memo sent to employees on Wednesday. The cuts amount to less than 5 percent of the company’s total work force. (NYT)
Diller’s IAC acquired the magazine publishing operations of Meredith Corp. late last year in a deal valued at $2.7 billion, adding famous titles like People and Better Homes & Gardens to its digital assets. The purchase closed in December. (Bloomberg)
At the time, execs said they aimed to digitize the magazines and make them more lucrative by introducing new growth areas, like e-commerce. The deal created one of the largest food, home and lifestyle media companies in the world. (Axios)
Dotdash Meredith CEO Neil Vogel said the company plans to invest in its 19 remaining print magazines—which include People, Better Homes & Gardens and Southern Living—by enhancing paper quality and trimming sizes. Dotdash Meredith also plans to invest $80 million in 2022 in content across all brands. (NY Post)