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IAC In Talks To Buy Magazine Publisher Meredith : Report

Billionaire Barry Diller's IAC/InterActiveCorp (IACI) is in advanced talks to buy Meredith (MDP), a magazine publishing company that owns titles including People and Better Homes & Gardens, in a deal valued at more than $2.5 billion, the Wall Street Journal reported citing people familiar with the matter.

MDP closed Thursday's regular trading at $44.89 up $0.94 or 2.14%. In the after-hours trade, the stock further gained $8.61 or 19.18%.

IAC could strike a deal with Meredith in the next few days, although discussions could also fall apart, the report said.

In May, Meredith agreed to sell its Local Media Group to Gray Television Inc. (GTN) for $2.7 billion in cash.

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