The magazine doesn't have a name yet, but is expected to appear in January, the company told Publishing Insider. It will have a cover price of $9.99 and run four times a year, matching the frequency of Magnolia Journal.
For that publication's launch in 2016, Meredith partnered with Chip and Joanna Gaines, stars of HGTV's hit show "Fixer Upper" that ran for five seasons, from 2013 to 2018. The Magnolia Journal was the most profitable magazine launch for Meredith in its 117-year history.
The "Property Brothers" magazine launch comes as Meredith sees growth in lifestyle publications that can drive subscriptions and ancillary revenue from merchandising and ecommerce.
Meredith plans to print 500,000 copies of the new magazine, or 100,000 more than the premiere issue of Magnolia Journal, which debuted in October 2016. Magnolia Journal's circulation is now more than 1.2 million, according to the Alliance for Audited Media.
Meredith started selling subscriptions to the new title for $20 a year. The first issue will be mailed by the second quarter of 2020.
Drew and Jonathan Scott are twin brothers whose show contrasts their differing expertise in helping families to buy and renovate fixer-upper homes. Drew is a real estate broker who negotiates the purchase of homes, while Jonathan is a general contractor who renovates them.
Their show has aired on HGTV, the cable channel owned by Discovery Inc., since 2011. They also have expanded into merchandising of home furnishings, including their own online store called Casaza.
Doug Olson, president of Meredith Magazines and general manager of Meredith’s national media group, presented the idea of starting a magazine to the Scott brothers at an Emmy awards party last year, The Wall Street Journal reported.
The media company has spent the past couple of years working through its acquisition of Time Inc. in January 2018 by cross-branding magazine titles like People and dispensing with Time, Fortune and Sports Illustrated.