Breaking News

Meredith Corporation (MDP) announced that it has entered into an agreement to sell Meredith Xcelerated Marketing, or MXM, to Accenture (ACN). Financial terms of the transaction are not being disclosed. Meredith said the transaction will not have a material effect on its fiscal 2018 financial results. The acquisition is expected to close within 60 days, subject to customary closing conditions. Tom Harty, President and CEO of Meredith, said: "MXM has been an important contributor to Meredith's business over the years, and we are very proud of the groundbreaking work our employees have accomplished. However, given our recent acquisition of Time Inc. and our enhanced commitment to delivering consumer content across multiple media platforms, we believe MXM will be better positioned for growth with Accenture Interactive."

Accenture (ACN) has entered into an agreement to acquire New York-based digital agency, Meredith Xcelerated Marketing, a content-focused player in integrated marketing, cross-channel strategy development and creative execution. The acquisition will bolster the capabilities of Accenture Interactive in creative services, data-led marketing execution, content strategy and digital marketing. Owned by Meredith Corporation (MDP), MXM employs more than 450 people across the U.S. and Canada. The acquisition is expected to close within 60 days, subject to customary closing conditions. Financial terms of the transaction are not being disclosed.