Meredith to Spend $175 Million on

In a bid to increase its online presence, media and publishing company Meredith Corp (NYSE:MDP) plans to spend $175 million to buy food information website from privately held Reader’s Digest Association Inc, said a Reuters report.

Meredith, which publishes women’s magazines, said it expects the acquisition to bring the company’s fiscal 2012 results down by about 10 cents per share, but it believes the website will bring modest growth in fiscal 2013, according to the report.

In a statement, Meredith Chief Executive Steve Lacy said adding the website “more than doubles the scale of the Meredith Women’s Digital Network, and is expected to drive incremental revenue and profit growth.”