Barry Diller’s IAC and Meredith Corporation, owner of brands such as People, Better Homes & Gardens, Allrecipes, Southern Living, InStyle and Real Simple, have announced a deal where IAC's Dotdash digital publishing unit will acquire the entity that will hold Meredith Corporation's National Media Group, which is made up of its digital and magazine businesses, and its corporate operations, in an all cash transaction at a purchase price of $42.18 per share.

“The transaction combines the power of Dotdash's digital publishing model with Meredith's trusted, iconic brand portfolio, loyal audience and scale,” says a news release on the deal.

The combined company, to be called Dotdash Meredith and led by Dotdash CEO Neil Vogel, is expected to be one of the largest publishers in America.

The transaction is expected to close by the end of the year.