Meredith Corporation is best known as a leading US magazine publisher, parent to titles such as Better Homes & Gardens and Ladies Home Journal. However with its traditional business under pressure from plunging advertising revenues, the company relaunched its inhouse marketing services unit in 2011 as Meredith Xcelerated Marketing or MXM. Originally established to publish custom magazines, it later moved into other below-the-lines areas including event management, website design, direct and digital marketing, word-of-mouth and mobile, database analytics and other services. Satellite units, bolted on through a series of acquisitions, include New Media Strategies, The Hyper Factory, Genex and O'Grady Meyers. In 2011, the group established a strategic alliance with independent marketing services network Iris Worldwide, secured through a significant shareholding. However, the visible benefits of that relationship were few and it was dissolved in 2014. CEO Martin Reidy left abruptly that year and was replaced by EVP David Brown. He too departed a year later, to be replaced by former client service chief Georgine Anton, now president. A new international partnership was formed with European content development network C3 in 2016. That alliance, branded as the Global Content Marketing Network covers nine countries in Central Europe, as well as the UK and US. AdAge estimated revenues of $113m for MXM in 2016. In 2018, following Meredith's acquisition and break-up of rival magazine giant Time Inc, it put MXM up for sale. The business was acquired by Accenture, and now operates as a unit of Accenture Interactive. The agency has expanded beyond its original home in Des Moines, and now has six offices across the US. Subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.
Capsule checked 3rd October 2018
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Adbrands Weekly Update 5th Apr 2018: Accenture continued its aggressive push into traditional marketing services with a deal to acquire MXM, the integrated marketing and content development division of media group Meredith Corp. The sale continues Meredith's steady consolidation around core properties in the wake of its acquisition of Time Inc. "The acquisition of MXM reflects our commitment to build on our existing capabilities in marketing services by bolstering our data and content offerings," said Accenture Interactive chief Brian Whipple. "The blend of MXM with our current capabilities and robust marketing intelligence platforms will set us apart as a leader to design, build and run the best customer experiences on the planet." No terms were disclosed, but this is arguably Accenture's biggest to-date. MXM employs more than 450 staff. The deal is expected to close by the end of June.
Adbrands Weekly Update 10th Sep 2015: Media General, the owner of more than 70 local TV stations across the US, agreed to acquire diversified rival Meredith Corp for around $2.4bn. The latter owns a smaller portfolio of 17 stations, but is perhaps better known for its magazine portfolio, which includes Better Homes & Gardens, Family Circle, Parents and Shape, and also owns content marketing agency MXM. The combined group, to be known as Meredith Media General, will have revenues of around $3bn, and will be led by Meredith CEO Steven Lacy.
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