Meredith Corp., Des Moines, added a new unit, Meredith Interactive & Integrated Marketing Group, to its two other divisions, Publishing and Broadcast. An investment of $100 million is planned for the new unit to be put toward e-commerce, strategic alliances and further development of its consumer database. Stephen M. Lacy, Meredith's VP-chief financial officer since February 1998, has been promoted to president of this group. He will report to Christopher M. Little, who in addition to his present duties as Meredith Publishing Group president, was named a corporate senior VP.
As part of the restructuring, Meredith will close Cross Stitch & Needlework and Decorative Woodcrafts with the July-August issues.
The company will also close Crayola Kids with the May issue, due to strategic differences with the licensor of the Crayola Kids name, Binney & Smith.
Copyright March 2000, Crain Communications Inc.