Seattle's Allrecipes.com sells for $175M |
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Seattle's Allrecipes.com sells for $175M
Allrecipes.com, which was founded in Seattle in 1997, has been sold by the Readers Digest Foundation to Meridith publishing for $175 million.
The Seattle Times reports the Readers Digest Foundation bought Allrecipes.com in 2006 for $66 million. Readers Digest Foundation filed for bankruptcy two years ago. Allrecipes.com is expected to remain in Seattle.
In October, Reader's Digest said it was looking for a buyer for Allrecipes.com, its Seattle-based online recipe company.
Reader's Digest announced then that it had hired Morgan Stanley and Evercore Partners as financial advisers to assist in a possible sale.
Allrecipes.com, a 14-year-old Seattle company that is a unit of Reader’s Digest Association, says it receives 700 million annual visits. Allrecipes has 17 websites, nine mobile apps and 13 eBooks in 23 countries and 11 languages.
In August, Allrecipes.com acquired Food Wishes, a food channel created by celebrity chef John Mitzewich, who posts popular how-to food videos on YouTube on simple recipes like grilled cheese, Sloppy Joes and onion rings.
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