[Techtaffy Newsdesk]
Reader’s Digest has closed the Allrecipes.com business to Meredith Corporation. Net cash proceeds from the sale, after estimated taxes and transaction fees, of approximately $150 million will be used primarily to repay debt and related fees.
“The sale of Allrecipes accomplishes two important strategic objectives for Reader’s Digest Association – the deleveraging of our balance sheet and the continued transformation of the Company as we refocus our resources on our core media and direct marketing businesses in our North America and International divisions,” said Robert Guth, Reader’s Digest Association president and CEO.