Magazine publisher/TV network owner Meredith (MDP -1.9%) is acquiring Allrecipes.com, which it...

|About: Meredith Corporation (MDP)|By:, SA News Editor

Magazine publisher/TV network owner Meredith (MDP -1.9%) is acquiring Allrecipes.com, which it calls "the world's No. 1 digital food site," for $175M. Meredith expects the deal to dilute its FY12 (ends in June) EPS by $0.10, but to be "modestly accretive" to FY13 EPS. Separately, Meredith reported FQ2 revenue of $328.7M (-10% Y/Y) and EPS of $0.70; the former missed by $13.5M, but the latter beat by $0.03.