Michael Emilio

From Florida Association of Realtors:

Realogy Corp. announced today that it has entered into a long-term agreement to license the Better Homes and Gardens® Real Estate brand from Meredith Corporation, a leading media and marketing company. Realogy intends to build a new international residential real estate franchise company using the Better Homes and Gardens Real Estate brand name. Currently, Realogy operates CENTURY 21, Coldwell Banker, Coldwell Banker Commercial, The Corcoran Group, ERA, Sotheby’s International Realty, NRT Incorporated, Cartus and Title Resource Group.

“We are very pleased to add Better Homes and Gardens Real Estate to our family of real estate companies,” says Richard A. Smith, Realogy’s vice chairman and president. “Looking more broadly, this agreement demonstrates our confidence in the long-term strength of the housing market, particularly in the U.S., and the favorable demographic factors that will continue to drive homeownership and household growth during the years and decades to come.”

The licensing agreement between Realogy and Meredith is for a 50-year term, with a renewal option for another 50 years. Financial terms of the transaction were not disclosed, and the transaction is not expected to have an immediate material impact on Realogy’s financial results. Meredith will receive ongoing license fees based upon the royalties that Realogy earns from franchising the Better Homes and Gardens Real Estate brand. Meredith, owner of an 85-million name consumer database, 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.

“Better Homes and Gardens Real Estate is a highly strategic addition to Realogy’s premier portfolio of real estate franchise holdings, a brand that comes with well-established equity and one that we expect will compete well in the marketplace,” says Smith.

The Better Homes and Gardens name launched in 1924 when Meredith first published the magazine under that masthead. Today, the magazine has a circulation of 7.6 million and a readership of nearly 40 million. In 1978, Meredith launched the former Better Homes and Gardens Real Estate service, which it owned and operated for 20 years. Meredith sold its real estate business in 1998 while retaining ownership of the Better Homes and Gardens Real Estate brand name.

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