Here's Why Meredith (MDP) Stock Price Soared 18% in After Hours

September 24, 2021 5:30 AM EDT

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Meredith (NYSE: MDP) stock price is up 18% in pre-open Friday after the Wall Street Journal reported IAC/Interactivecorp (NASDAQ: IAC) is in advanced talks to acquire MDP, which owns brands like People and Better Homes & Gardens.

The report adds that the deal is likely to be worth over $2.5 billion as IAC attempts to Brides, Serious Eats, and TripSavvy. IAC’s market capitalization stood at $11.93 billion while MDP was valued at $1.83 billion.

Meredith stock price soared 18% to return trading above the $50 mark for the first time in over 2 years.

Shares of the company are up 128% YTD.

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