• by Joe Mandese  @mp_joemandese, June 27, 2011

Magazine publishing giant Meredith Corp. this morning announced the acquisition of EatingWell Media Group, publisher of Eating Well magazine, Recipe.com, and related properties.

To ensure that investors don't get the wrong signal that Meredith is making a bigger commitment to old line media, the company pointed out that 60% of Eating Well's revenues currently come from "digital publishing sources, licensing and custom marketing."

That said, Meredith said it plans to expand Eating Well's circulation rate base from 350,000 currently to 500,000 by early next year.

EatingWell Media CEO Thomas Witschi will join Meredith's National Media Group as executive vice president and president of its Women's Lifestyle portfolio, which includes More, Fitness, Eating Well and Diabetic Living.

Terms of the deal were not disclosed, but Meredith said it would not have a "material effect" on its financial results for fiscal 2012.