Communications
Has Dotdash Meredith found hidden value in underappreciated brands? Jonathan Boyar discusses how Meredith’s legacy brands can help the company achieve the scale it needs to spin out of IAC and become an independent company making the $2.7bn acquisition look like a bargain. Dotdash has developed an effective playbook for building digital lifestyle brands and by engaging readers in their content (rather than treating them primarily as a conduit for advertising) it makes it an increasingly appealing alternative to large-scale subscription-based ad services run by the likes of Facebook and Google.
Edition: 135
- 13 May, 2022
Communication Services
IAC announced the purchase of MDP’s legacy magazine unit and National Media properties for $42.18 per share. They are throwing in the towel, better late than never with long-term secular issues in magazines too hard to overcome. Having bought Time Inc. in 2018, they struggled with the properties from day one. The rating remains a long-held Underweight at this stage. TP $59
Edition: 121
- 15 October, 2021
Opportunities in a Busy Q2 Spinoff Calendar
With 2 Spins already completed for Q2, there are still 9 companies scheduled to break-up before the end of June (5 in the US, 3 in Europe and 1 in Australia) and the global Spinoff calendar has close to a record of 40 companies. The Edge increased its Model Portfolio stakes in IAC/InterActiveCorp (+32% upside) and Bausch Health Companies (+69% upside) ahead of their upcoming Spins. Click below for further insights and ideas that produce a return on your capital.
Edition: 110
- 14 May, 2021