BARRY DILLER'S IAC BUYING MAGAZINE CO MEREDITH FOR $2B

Barry Diller’s IAC is buying Meredith, one of the country’s largest magazine companies and the publisher of People, Southern Living and InStyle, in hopes of accelerating a digital shift as print fades.

IAC’s Dotdash, a collection of websites including Investopedia, Brides, Serious Eats and Simply Recipes, will join with Meredith, the companies announced Wednesday. Dotdash’s CEO Neil Vogel will lead the group, which the companies say will reach more than 175 million people online. The deal is expected to close by year’s end. IAC is paying $42.18 per share, funded by cash and debt, or about $2.1 billion. IAC values Meredith at $2.7 billion including debt.