New York :The Reader's Digest Association, Inc., has announced that its Board of Directors has initiated a process to explore a possible sale of Allrecipes in order to accelerate its focus on its master brand strategy.
"The exploration of a sale of Allrecipes demonstrates our commitment to enhancing shareholder value and sharpening our strategic and financial focus on our core master brands, such as Reader's Digest, Taste of Home and The Family Handyman," said Robert E. Guth, President and Chief Executive Officer. "Allrecipes is a terrific business with an exceptional team, and impressive user growth over the last five years. We believe there will be strong interest in this category-leading asset."
"Allrecipes has thrived over the last six years under the RDA umbrella," said Lisa Sharples, President, Allrecipes. "We are excited about building on our significant success in expanding our user community to date and look forward to growing the Allrecipes brand with a new partner."
Allrecipes is the world's largest digital food brand, with over 24 million monthly unique users globally, nine million downloads of mobile apps, the number one how-to recipe channel on YouTube, and receives 700 million annual visits from home cooks who discover and share food experiences through recipes, reviews, photos, profiles, and blog posts. For 14 years, the Seattle-based site has served as a dynamic, indispensable resource for cooks of all skill levels seeking everyday and special occasion meal solutions, plus practical cooking information.
In making the announcement, RDA stated that there can be no assurance that this strategic review process will result in a sale. Morgan Stanley and Evercore Partners are acting as financial advisors to assist the Company with the strategic review process.
About The Reader's Digest Association, Inc.
RDA is a global media and direct marketing company that educates, entertains and connects more than 140 million consumers around the world with products and services from trusted brands. With offices in 44 countries, the Company reaches customers in 79 countries, publishes 90 magazines, including 50 editions of Reader's Digest, the world's largest-circulation magazine, operates 83 branded websites and sells nearly 40 million books, music and video products across the world each year. Further information about the Company can be found at www.rda.com.
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