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's 225 Liberty Street offices in New York. Under terms of an employee lease agreement between the parties, the 14 will remain Meredith employees until Jan. 31, 2020, at the latest.
“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.