The supermarket, which invested £12m in launching iVillage.co.uk in December 2000, is in talks with several publishers, with a launch date earmarked for early next year.
Philip Rooke, chief executive of iVillage UK, said the magazine would be a "cross between Good Housekeeping and Cosmopolitan", while books would focus on pregnancy, child-rearing, diet and fitness, relationships and home budgeting.
The buyout has triggered seven job cuts, but staff are being redeployed to other areas of the Tesco business. Marketing director Selia Bellanca remains in her post.
By taking full control, Tesco has committed to boosting the prominence of the iVillage brand in-store. IVillage will also promote Tesco's cause related marketing schemes, starting with the 'Race for Life' annual event to raise money for breast cancer research.
In addition, the deal allows the firm to offer joint advertising packages on iVillage.co.uk and Tesco.com and pool the data marketing expertise of the respective teams.
Rooke said: "Tesco.com has great insight into what customers might purchase, but iVillage can dig into what motivates people to make that purchase." He added that the iVillage brand was more suited than Tesco to discussing relationships.
IVillage.co.uk is the UK's most popular women's web site, pulling in close to 1.5 million visitors a month ahead of competitors such as Boots and Hollinger Telegraph joint venture Handbag, Associated Newspapers' femail.co.uk and Freeserve's women's portal, icircle.com.
About 40% of iVillage's users are regular Tesco shoppers.
This month it began a £2m campaign by Team Saatchi. It features a series of press ads linking products such as pears and cotton wool with lifestyle questions such as 'What's the quickest way to a smaller bottom?' and 'Is it possible to over protect your child?'. All use the endline 'Find out at iVillage.co.uk'.
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