Instagram spends the majority of its $390 global advertising budget on targeting teens, according to a new report

adam mosseri instagram
  • Instagram spends most of its global marketing budget on targeting teens, The New York Times reports.
  • The Facebook-owned app reportedly sees a loss of teen users as an “existential threat.”
  • The new report follows revelations that Instagram’s own research found the app is bad for teens’ mental health.

Instagram is so desperate to keep a foothold with teenage users that it spends the majority of its marketing budget targeting teens with ads, according to a new report.

New documents obtained by The New York Times show that, since 2018, almost all of Instagram’s global marketing budget has gone towards showing ads to teenagers. The app’s annual ad budget is slated for $390 million this year, according to the report.

The Facebook-owned app is fixated on maintaining its teen user base, which it sees as vital to its growth going forward. More than 40% of Instagram’s users are 22 years old and younger, and teens in the US spend 50% more time on Instagram then on Facebook, The Wall Street Journal reported last month.

Instagram could now be losing teens to competitors – 35% of teenagers said Snapchat was their favorite social media app and 30% said their favorite was TikTok, while only 22% of teens ranked Instagram as their favorite, according to a Piper Sandler survey published last month.

The company now sees shrinking teen user base as an “existential threat,” according to the New York Times report, and is directing a firehose of ad spending at the narrow teenage demographic. The company reportedly emphasized 13- to 15-year-olds in its marketing.

An Instagram spokesperson did not immediately respond to Insider’s request for comment.

The new report comes after a wave of blowback against Instagram and Facebook following a bombshell Wall Street Journal investigation that revealed internal Instagram research that suggests the app has negative effects on teens’ mental health. One in three teen girls said that, when they felt bad about their body, Instagram made them feel worse, according to Instagram’s internal research published in the WSJ report.

Instagram CEO Adam Mosseri downplayed that internal research in response to the WSJ investigation, saying he believes Instagram’s effect on teens’ mental health is “quite small.” But following the WSJ report, Instagram announced that it would pause work on an app it was building for children under the age of 13 known as “Instagram Kids.”

Facebook has since come under fire from lawmakers, who grilled executives last month over how its products affect teens.

“Instagram is that first childhood cigarette meant to get teens hooked early,” Massachusetts senator Ed Markey said during a September hearing.

Read the original article on Business Insider

How Charli D’Amelio turned TikTok fame into a family enterprise that’s making millions of dollars

charli dixie d'amelio family
Charli D’Amelio, Dixie D’Amelio, Heidi D’Amelio, and Marc D’Amelio attend the 9th Annual NFL Honors at Adrienne Arsht Center on February 01, 2020 in Miami, Florida.

Hi, this is Amanda Perelli and welcome back to Insider Influencers, our weekly rundown on the business of influencers, creators, and social-media platforms. Sign up for the newsletter here.

In this week’s edition:

One more thing: Insider’s creator economy team is hiring! We are looking for a journalist to join our team to cover the business of social media and the rise of the creator economy. Read more and apply to the fellowship, here.

Send tips to aperelli@insider.com or DM me on Twitter at @arperelli.


D’Amelio family photo on front of a pink background with logos from their brand and content sponsorships.
The D’Amelio family.

How TikTok star Charli D’Amelio and her family built a multimillion-dollar business

In just two years, the D’Amelio family has gone from run-of-the-mill suburban household to one of the most famous families in the world. And they’ve capitalized on that fame, turning it into a multimillion-dollar business empire.

Their enterprise includes media deals, brand partnerships, and investments, and they’ve got a team of employees making sure it all runs smoothly.

To understand their sprawling operation, we mapped out their various revenue streams, from a line of ring lights to Dixie’s music, and the people making it all possible.

Here’s a preview of our breakdown of D’Amelio Family Enterprises:

  • As influencers, the family’s biggest revenue source is brand deals: They have several endorsement deals, investments, partnerships, and a licensing deal.

  • The D’Amelios can be found in all corners of the media world: The family started on TikTok, but have extended to television, podcasting, animation, and more.

  • The family now runs a multi-person, multimillion-dollar company: They have amassed a lineup to rival that of any top Hollywood talent, including an agent, attorney, assistant, and public relations team.

Check out the interactive story, which details each of the family’s deals and the team behind them.

Hand playing with green slime on a red background.

Forget dance challenges. TikTok music marketers are getting creative.

Music marketers often hire creators to make dances or memes that help a song trend on TikTok – but not all TikTok music campaigns feature influencers.

Dan Whateley dug into why record labels are teaming up with general-interest accounts to put songs in their background of videos – you know, those oddly addicting clips of a rug being cleaned, slime being stretched, or coffee being poured over iced.

Last month, for example, the TikTok account “Hydraulic Press Channel” uploaded a video showing a stack of money being crushed into oblivion. In the background of the video, you can hear the song “Loretta” by Ginger Root. That was all the marketing magic of agency Songfluencer.

Read more about why music marketers are paying these accounts to promote songs, here.


Here’s what else you need to know this week:

What’s trending

Creator earnings

Market moves


Night Media

YouTube star MrBeast breaks down how he creates his eye-catching thumbnails

YouTube star MrBeast, also known as Jimmy Donaldson, is one of the platform’s top creators with over 70 million subscribers and more than a dozen videos with over 100 million views.

One key part of his strategy? Thumbnails, which he believes can make or break a video.

He recently explained his strategy for the images at the creator conference, VidSummit.

Three things determine whether someone will click on a YouTube video, Donaldson said: Topic, title, and thumbnail. And he says thumbnails should be brightly colored, clear, and tested for mobile.

“I don’t care if we spend up to $10,000 making a thumbnail, I just want the best thumbnail possible,” Donaldson said.

Here’s his advice for crafting the that perfect thumbnail.

Instagram Badges monetization Ezee
Young Ezee

Instagram has quietly paused two ‘bonuses’ programs that paid creators

Earlier this year, Instagram started paying creators “bonuses,” or cash rewards for posting content to Instagram (or Facebook).

These don’t last forever, though, and two bonus programs have quietly already been paused.

Sydney Bradley wrote that as of October, bonuses for Badges and IGTV ads have reached their expiration date, and are currently “on pause,” Instagram confirmed to Insider.

“Bonus programs will be seasonal, evolving and expanding over time,” Facebook wrote in a blog announcing the company’s billion-dollar investment.

Read more about the programs that Instagram has paused, here.


Annelise Campbell, CEO of influencer management agency CFG, sits arms crossed at desk.
Annelise Campbell is the CEO and founder of CFG.

Seeking nominations: Top talent managers for micro influencers

We want to hear from you! Who are the top managers representing and building up the businesses of micro influencers?

Sydney Bradley is seeking these nominations for Insider’s second annual list of the top talent managers for micro influencers and emerging creators.

Please submit your ideas through this form by October 15.


tiktok

TikTok hashtag of the week:

Every week, we highlight a top trending hashtag on TikTok, according to data provided by Kyra IQ.

This week’s hashtag: #ComingOutDay

  • Percentage uptick over the last 7 days: 4,160%

  • The latest viral hashtag is centered around creators talking about their coming out stories and showing support for lesbian, gay, bisexual, and transgender people in honor of National Coming Out Day, which was observed on Monday.


snapchat

What else we’re reading and watching:

Subscribe to the newsletter here.

And before you go, check out the top trending songs on TikTok this week to add to your playlist. The data was collected by UTA IQ, the research, analytics, and digital strategy division of United Talent Agency.

UTA

Subscribe to the newsletter here.

Read the original article on Business Insider

Seeking nominations for the top talent managers for micro influencers and emerging creators

Annelise Campbell, CEO of influencer management agency CFG, sits arms crossed at desk.
Annelise Campbell is the CEO and founder of CFG, a talent management firm that managers a diverse roster of creators – including micro influencers.

  • Insider is compiling a list of the top talent managers representing micro influencers in 2021.
  • Micro influencers typically have under 100,000 followers and are on many brands’ radars.
  • Please submit your ideas or nominations through this form (or below) by October 15.

Micro” influencers, who typically have between 10,000 and 100,000 followers on a social media platform, are on many brands’ radars.

These smaller creators have demonstrated to brands that influencers don’t need hundreds of thousands of followers to drive sales or make an impact in a market. Micro influencers are often known to know have highly engaged audiences and post niche or specialized content, which is appealing to potential sponsors.

And some advertisers – from the music industry to lifestyle brands – are flocking to micro influencers for their campaigns.

But the more brand deals, the busier these influencers get – making it increasingly difficult for some to balance creating content and building a business all while running it all, often, on their own.

That’s where talent managers come in.

Talent managers help take over certain business elements for a creator, such as pitching brands, creating media kits, reviewing contacts, and negotiating deals. In exchange for managing an influencer’s business, managers often take a cut of influencer’s earnings from brand deals, typically ranging from 10% to 20%.

While some managers take on micro influencers as clients, not every management firm does. Some have hard cut-offs at 100,000 followers; others only represent creators on the celebrity scale. On the other hand, not every micro influencer is ready for (or even wants) a manager.

For those who are seeking managers, though, the search for the right manager can be daunting.

We want to know: Who are the top managers representing and building up the businesses of micro influencers in 2021?

We are seeking nominations of the leading managers in the industry for Insider’s second annual list of the top talent managers for micro influencers and emerging creators.

Please submit your ideas through this form by October 15, or enter the information below:

Read the original article on Business Insider

Mike Lindell’s MyPillow ads return to Fox News with a message about ‘cancel culture’ and promo for his autobiography

mike lindell mypillow ceo
Mike Lindell has repeatedly clashed with Fox News during 2021 over this voter-fraud conspiracy theories.

  • MyPillow ads returned to Fox News on Thursday after a two-month hiatus.
  • The company aired an ad where Mike Lindell plugged his autobiography and discussed “cancel culture.”
  • Lindell had pulled MyPillow ads from Fox News after it refused to air ads for his “cyber symposium.”
  • See more stories on Insider’s business page.

MyPillow ads are airing on Fox News again.

Mike Lindell, the pillow company’s outspoken CEO, returned to Fox News with a minute-long ad on Thursday.

He used the spot to plug his autobiography, promote pillows featuring biblical images and stories, and complain that “cancel culture” had affected both him and MyPillow.

Lindell didn’t elaborate further but has previously accused voting-machine company Dominion, retailer Costco, and social-media sites of participating in cancel culture against both him and his company.

Lindell, formerly one of the biggest advertisers on Tucker Carlson’s show, has repeatedly clashed with Fox News during 2021 over this voter-fraud conspiracy theories.

Lindell has persistently claimed, without evidence, that China helped Joe Biden to “steal” the 2020 presidential election from Donald Trump. This culminated in Lindell holding a 72-hour “cyber symposium” in August, where he claimed he would reveal 37 terabytes of information related to voter fraud.

But Fox News refused to air ads for the event – so Lindell pulled MyPillow’s ads from the station in July.

Lindell has also publicly slammed Fox News on multiple occasions. He said in April that he had hired private investigators to find out why the station wasn’t inviting him for interviews anymore, and asked why it didn’t report on MyPillow’s $1.6 billion lawsuit against Dominion.

He also made jabs at the station at his cyber symposium, implying that he wouldn’t trust the news station to report the weather.

Lindell, famed for his late-night TV infomercials, told Insider in April that he would knuckle down on ads to promote direct sales for MyPillow after retailers including Sam’s Club, Kohl’s, and Bed Bath & Beyond stopped selling his products.

Lindell told The Washington Times on Friday that he had returned to advertising on Fox News because he wanted to spread news about the 2020 election.

But Lindell told Insider in September that Fox News was still refusing to air any ads mentioning his website Frank, where he livestreams videos of himself and other right-wing personalities discussing election fraud.

A Fox News spokesperson confirmed that the station had rejected multiple ads from Lindell but denied the CEO’s characterization of the conversation.

Lindell told The Washington Times that his ads on Fox News direct viewers to MyPillow’s website, which in turn features links to Frank.

“The ad I ran last night, it directs them to MyPillow.com selling patriotic products and Bible pillows, and then from there, I get them to Frank Speech,” Lindell said. “This is all about trying to get our country, trying to get awareness out.”

Lindell told the publication that he didn’t expect relations between him and Fox News to improve. “I still think Fox has done more damage to our country than all other media outlets combined,” he said.

“I think all the hosts that are on Fox have turned their back on the country,” he added.

Fox News didn’t immediately respond to Insider’s request for comment.

Read the original article on Business Insider

Ozy insiders describe burnout and doubts about metrics at the scandal-ridden media company

Carlos Watson speaks onstage during OZY FEST 2018 at Rumsey Playfield, Central Park on July 21, 2018 in New York City.

Ozy Media announced it’s shutting down after a New York Times report shed light on its business practices.

Founded in 2013, Ozy had raised $83 million as of 2020 from well-known names like Marc Lasry, Laurene Powell Jobs, and Ron Conway. Insider owner Axel Springer is also a backer.

Its rapid unraveling wasn’t a surprise to current and former employees, who expressed doubts about the company and described a breakneck workplace culture.

For years, Ozy alumni told Insider, Chief Executive Officer Carlos Watson and fellow cofounder Samir Rao cultivated an aggressive focus on winning and a culture built upon a Silicon Valley start-up ethos rather than a journalistic one.

Employees were expected to be at their desks and available around the clock after hours, churn out content, and work 80-hour weeks.

While Ozy publicly touted impressive viewership numbers, staffers inside the company expressed skepticism the true size of their audience.

Subscribe to read the full story: 18 current and former Ozy employees say there’ve been widespread internal doubts about the company’s stated audience, 80-hour work weeks, and a ‘cult of Carlos’

Read the original article on Business Insider

Ozy announces it is shutting down, following bombshell New York Times report

Ozy Media cofounder Carlos Watson
Ozy Media cofounder Carlos Watson

Ozy Media, the digital media company under fire after a bombshell New York Times report about its workplace culture and business practices, announced it was shutting down on Friday.

“At Ozy, we have been blessed with a remarkable team of dedicated staff,” Ozy’s board of directors wrote in a statement. “Many of them are world-class journalists and experienced professionals to whom we owe tremendous gratitude and who are wonderful colleagues. It is therefore with the heaviest of hearts that we must announce today that we are closing Ozy’s doors.”

Carlos Watson and Samir Rao founded Ozy in 2013 on the promise of building a new kind of media company aimed at millennials, and garnered $83 million in funding and backing from many high-profile investors and celebrities.

The unraveling started when the Times reported that Rao, Ozy’s chief operating officer, was caught impersonating a YouTube executive during a fundraising call, along with raising questions about Ozy’s audience metrics.

Meanwhile, Ozy alumni told Insider about the company’s grueling work practices and raised doubts about the company’s audience claims.

The fallout from the Times story came fast. The company was facing an FBI probe over the phone call incident. Advertisers and investors started demanding answers. Board chair and hedge fund billionaire Marc Lasry stepped down from the board.

And the world’s biggest advertising company WPP just advised all its clients, which include Ford, Google, Facebook, IBM, Unilever, and Mondelez, to pause their ad buys on Ozy until further notice, said a person with direct knowledge.

The shutdown also leaves Ozy’s many investors holding the bag. Its backers have included Marc Lasry, Laurene Powell Jobs, Ron Conway, and LionTree. Axel Springer, parent of Insider, also invested.

Read the original article on Business Insider

How to make money livestreaming on platforms like Twitch, TikTok, and Instagram

Instagram Badges monetization Ezee
Young Ezee goes live on Instagram.

  • Livestreaming is one way influencers can earn money creating content.
  • The format has taken off in the past year, with platforms like Twitch growing substantially.
  • Creators can earn money through tips, sponsored streams, selling products, and more.
  • See more stories on Insider’s business page.

Over the past year, livestreaming has seen a surge across major social-media platforms due to the pandemic and a growing appetite for video content. That’s meant a boost of revenue for creators, who are making hundreds – and in some cases, more than $1,000 – of dollars per week going live.

Live shopping, which influencers are helping popularize, is estimated to become a $6 billion market in the US this year. Twitch, a platform designed for and around livestreaming, grew from 1.6 million average concurrent viewers in March 2020 to 2.5 million viewers last month, according to TwitchTracker which tracks analytics on the Amazon-owned site.

Whether they’re going live on Twitch, Instagram, TikTok, or YouTube, influencers of all types are using the format to connect with fans and earn money.

Influencers can use livestreaming to make money by getting tips from viewers, landing paid partnerships with brands, selling products, or having viewers pay a fee to become a subscriber or channel member.

Read more about how influencers are making money using live shopping features like Amazon Live

Lucy Davis, a 40-year-old ASMR content creator, built an audience of more than 500,000 followers by going live on TikTok. During each TikTok livestream, she can earn up to $300 from “gifts” – TikTok’s virtual tipping feature – viewers send her.

James Curtis started streaming in April 2018 and gained a following by combining ASMR content with “Apex Legends” gameplay. He plays under the username “Darker4Serenity” and has over 27,000 followers. He earns around $2,600 per month from subscriptions, sponsorships, and donations on Twitch.

Insider has spoken with a handful of creators, startups, and industry insiders about the rise of livestreaming and how creators are making money by going live.

How much money content creators are making from livestreaming

On TikTok:

On Instagram:

On Twitch:

On live shopping platforms:

Read the original article on Business Insider

Inside Instagram’s exclusive affiliate marketing beta test

Instagram is testing an affiliate marketing tool for creators.

Hi, this is Amanda Perelli and welcome back to Insider Influencers, our weekly rundown on the business of influencers, creators, and social-media platforms. Sign up for the newsletter here.

In this week’s edition:

Also, we are hiring! We are looking for a journalist to join our team to cover the business of social media and the rise of the creator economy. Read more and apply to the fellowship, here.

Send tips to aperelli@insider.com or DM me on Twitter at @arperelli.


Bethany Everett-Ratcliffe poses in the street for her Instagram. The post tags products.

An inside look at Instagram’s affiliate marketing beta test

Since Instagram announced it would begin testing an affiliate marketing tool this summer, the platform has signed on about 100 creators and 30 brands, including Benefit Cosmetics, Kopari Beauty, MAC Cosmetics, Pat McGrath, and Sephora.

Sydney Bradley spoke with four creators about how the feature works and how much they’re earning.

  • Tanya Zielke (80,000 followers) said she earned about $58 from one in-feed post tagging a pair of Abercrombie & Fitch jeans.

  • Quigley Goode (335,000 followers) only made $16 from one in-feed post tagging a beauty product.

  • Melissa Frusco (38,000 followers) said she made just a couple of dollars from her first in-feed post.

“This is a small test that we are actively scaling,” a spokesperson for Instagram said. “Our long-term goal is to make this tool available to creators everywhere.”

Read more on what’s next for Instagram’s affiliate tool.

instagram

We got leaked commission rates for 32 brands in Instagram’s affiliate program

Speaking of Instagram’s new affiliate-marketing tool, during her reporting, Sydney got the scoop on the commission rates for 32 of the program’s brands.

This includes retail giants like Sephora and Revolve, as well as a few smaller brands. The rates range from 8% to 20%, falling in line with the industry standard.

Here’s a look at what some of those brands are paying creators:

  • Elaluz: 20% commission on sales

  • Kopari Beauty: 20%

  • THE YES: 17%

Instagram declined to comment on any commission rates for the test. The platform did say, however, that these brands set their own commission rates “in line with their own marketing strategies.”

See the full list of 32 leaked rates.


Here’s what else you need to know this week:

What’s trending

Creator earnings

Market moves


Four Misfits players sitting next two each other at their desks for a League of Legends match
One of Misfits’ “League of Legends” teams, which competes in the “League of Legends” European Championship

Esports team Misfits makes a play for traditional TV audiences

A 100-year-old broadcasting company and five-year-old esports organization walk into a bar – or at least into a boardroom.

Legacy media conglomerate Scripps is moving into the esports space by leading the latest round of funding into the Florida-based esports org Misfits Gaming Group.

Michael Espinosa wrote that the media giant hopes to tap into Misfits’ relatively young audience.

Misfits, meanwhile, wants to build out its media presence and test new forms of content, including programming for broadcast television.

“Helping our parents and our parents’ generation understand and appreciate gaming and gaming content, and what it means to their children, is an area that we can be super impactful in,” Misfits CEO Ben Spoont told Insider.

Check out more on the new partnership and what it means for esports, here.

A person sitting at a desk playing League of Legends on a computer
Wanyoo Gaming Cafe in Malden, Massachusetts

As computer equipment costs rise, in-person gaming venues make a comeback

Remember those internet cafes from 20 years ago? They’re making a comeback – but now with a special focus on gaming.

With computer and gaming equipment costs on the rise, players are now flocking to in-person gaming venues.

Michael took a look at the startups leading the charge into the space.

While some of the new spots will focus on events, like tournaments and camps, others will be more casual hangouts for people to gather after work.

“We want to increase the access to those $3,000 computers, ” one founder, John Fazio, told Insider.

Read more on the different startups are rushing to capitalize on this comeback.


Chart of the week:

chart

The Influencer Marketing Factory released a creator economy report, and surveyed influencers across platforms like YouTube, TikTok and Instagram. In the chart above, influencers share which platform is their favorite as a creator.

Check out the full report here.


TikTok

What else we’re reading and watching:

Subscribe to the newsletter here.

And before you go, check out the top trending songs on TikTok this week to add to your playlist. The data was collected by UTA IQ, the research, analytics, and digital strategy division of United Talent Agency.

TikTok songs 9/29

Subscribe to the newsletter here.

Read the original article on Business Insider

Macy’s is trying to block Amazon from advertising on the billboard above its iconic Manhattan store

A view outside Macy's in Herald Square amid the coronavirus pandemic on March 17, 2021 in New York City. After undergoing various shutdown orders for the past 12 months the city is currently in phase 4 of its reopening plan, allowing for the reopening of low-risk outdoor activities, movie and television productions, indoor dining as well as the opening of movie theaters, all with capacity restrictions.
A view outside Macy’s in Herald Square, New York.

  • Macy’s is in a legal battle with its landlord to prevent Amazon from advertising on its iconic billboard.
  • The retail giant said in court filings that Amazon ads on the billboard would cause harm to its business.
  • After more than half a century of ownership, Macy’s original lease on the billboard expired in August.
  • See more stories on Insider’s business page.

Macy’s won’t surrender the billboard atop its iconic Manhattan store to Amazon – at least not without a fight.

The department store chain filed a lawsuit last week against its landlord, the Kaufman Organization, in order to halt a potential deal with Amazon to advertise on the billboard above its flagship Herald Square store, a Macy’s spokesperson told Insider on Wednesday.

“The damages to Macy’s customer goodwill, image, reputation and brand should a prominent online retailer (especially Amazon) advertise on the billboard are impossible to calculate,” the lawsuit alleges.

Macy’s has advertised on the 2,200 square-foot billboard for over half a century, but it chose not to renew its lease after it expired in August. Macy’s still reserves some rights over who is allowed to advertise on its billboard, the lawsuit says, stipulating that the ad space cannot be leased by any of Macy’s retail competitors. By the lease’s expiration date, Amazon was already in talks with Kaufman to advertise on the billboard, according to CNBC.

“Since the early 1960s Macy’s has placed a billboard sign on the building adjacent to our flagship store at the corner of Broadway and 34th Street,” a Macy’s spokesperson told Insider.

“Macy’s continues to have rights relating to advertisements at that location,” the spokesperson added. “We expect to realize the benefits of these rights and have asked the court to protect them. As the matter is in litigation, the company will not have any further comment.”

The Kaufman Organization has not yet responded to Insider’s request for comment on the ongoing legal dispute.

Amazon declined to comment.

Macy’s announced it was closing 45 stores nationwide in 2021 as part of an ongoing downsizing effort to cut one-fifth of stores by 2023. It also was one of several retail chains whose overall sales were down in 2020 due to store shutdowns and reduced customer spending from COVID-19.

Macy’s continues to recover from pandemic era lows, citing a rebound as early as June 2020. It announced a partnership with the now-revived Toys ‘R’ Us in August, and is now looking to staff 76,000 employees in its stores, call centers, distribution, and fulfillment centers ahead of what is expected to be a rough holiday season.

Read the original article on Business Insider

IAC in talks to acquire Meredith in $2.5 billion deal that would boost its holdings after Match Group spinoff

barry diller
IAC Chairman Barry Diller.

Digital media giant IAC is in advanced talks to acquire print publishing giant Meredith Corp. in a potential deal that could exceed $2.5 billion, The Wall Street Journal reported Thursday.

IAC, chaired by Barry Diller, has pulled ahead of private equity firm The Najafi Companies and other potential buyers and could reach an agreement with Meredith in the next few days, according to The Journal.

IAC and Meredith did not respond to requests for comment on this story.

IAC, which owns brands including Investopedia and Brides, downsized its portfolio when it spun off Match Group, the parent company of Tinder, OkCupid, and a majority of the major US dating platforms.

Acquiring Meredith, which publishes dozens of magazines including People, Better Homes & Gardens, and InStyle, would significantly boost its holdings – and mark a major pivot for Meredith, which bought Time for $1.8 billion in 2018.

Meredith titles acquired via the deal would become part of IAC’s publishing division, Dotdash, according to The Journal.

Read the original article on Business Insider