Reader's Digest Buys Allrecipes.com as Part of New Multichannel Focus
The Reader's Digest Association said last week that it bought Allrecipes.com, an online community food and cooking site, for $66 million. Reader's Digest, Pleasantville, NY, said it would complete the transaction during its fiscal fourth quarter, which ends June 30.Bill Moore, CEO of the 8-year-old site, will remain and report to Bonnie Bacher, Reader's Digest president of U.S. Magazines in its North America segment.
The acquisition supports Reader's Digest's new strategy of deepening customer relationships built around affinities like food, and reaching new and existing customers through multiple channels, Bacher said in a statement.
The site will act as a portal for Reader's Digest's existing food Web sites that support its magazine properties, Taste of Home and Light & Tasty. The Allrecipes.com sales force will sell Reader's Digest digital advertising related to food, and Reader's Digest cookbooks and magazines will be sold on Allrecipes.com.
Allrecipes.com, Seattle, attracts 6 million unique visitors a month, spiking to 9 million during holiday seasons.
