Meredith Corporation has entered into a long-term agreement to license the Better Homes and Gardens brand to Realogy Corporation. Realogy, owner of brands such as Century 21, Coldwell Banker and ERA, will build a new residential real estate franchise system based on the Better Homes and Gardens brand.
Meredith will receive ongoing royalty payments from Realogy based on a percentage of sales from the Better Homes and Gardens Real Estate franchise system. In addition, Realogy has agreed to purchase advertising in Meredith titles and to market Meredith magazine subscriptions through the Better Homes and Garden Real Estate franchise system. Meredith plans to leverage the relationship to create additional ad partnerships with existing and new clients, and will offer Realogy selected database services.
Realogy plans a July 1, 2008 launch of the Better Homes and Gardens Real Estate franchise system and will engage in various pre-launch activities in the interim.