Shares of Meredith (MDP) - Get Meredith Corporation Report jumped in after-hours trading Thursday, after a report that the publisher of magazines such as People was in advanced talks to be bought out by IAC/InterActiveCorp. (IAC) - Get IAC/InterActiveCorp. Report.
A deal would greatly enhance IAC’s online publications, The Wall Street Journal reported, citing people familiar with the situation.
Barry Diller’s IAC is looking to bulk up its online portfolio after spinning off its Match.com and Vimeo businesses, according to the report.
Meredith recently sold off its TV operations. A sale of the magazine business would mark a turnabout for Meredith, which bought Time Inc. several years ago in a bet on magazine publishing, according to the report.
Shares of Meredith rose $8.41, or 19%, to $53.30 in after-hours trading Thursday.
IAC shares fell $2.49, or 1.9%, to $131.22.
Aehr Test Systems
Shares of Aehr Test Systems (AEHR) - Get Aehr Test Systems Report jumped sharply in after-hours trading Thursday after the company reported its latest results and raised its guidance on strong demand for its testing equipment in the electric vehicle industry.
Aehr raised its full-year revenue guidance to at least $50 million from its previous guidance of $28 million. That would be more than three times the previous fiscal year revenue, the company said. In addition “The Company expects to be profitable for the fiscal year at these revenue levels based upon its operating model,” it said.
For the just completed 2022 fiscal first quarter, the company reported a non-GAAP loss of 2 cents a share vs. a loss of 9 cents a share in the same period a year ago. It said revenue rose to $5.6 million, up 181% from $2 million in the same period a year ago.
Aehr shares rose $2.73, or 23%, to $14.51 in after-hours trading.