How to change the height of a div based on another div's content using CSS?

There are many ways we can achieve this. The most simplest and easy way would be to place the divs in a tabular format using CSS. Following is the markup with CSS.

Markup

<div class="each_column">
Lorem Ipsum is simply dummy text of the printing and typesetting industry Lorem Ipsum has been the industry's standard dummy text ever since the 1500s. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s.
Lorem Ipsum is simply dummy text of the printing and typesetting industry Lorem Ipsum has been the industry's standard dummy text ever since the 1500s. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s.
</div>
<div class="each_column">
    Second div content
</div>
<div class="each_column">
    Third div content
</div>

CSS

.each_column{display: table-cell;border: solid 1px #ddd;width:33%;padding:10px;}

output

Lorem Ipsum is simply dummy text of the printing and typesetting industry Lorem Ipsum has been the industry's standard dummy text ever since the 1500s. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s. Lorem Ipsum is simply dummy text of the printing and typesetting industry Lorem Ipsum has been the industry's standard dummy text ever since the 1500s. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s.

Second div content

Third div content