Meredith sells broadcasting arm Local Media Group for $2.7B; National Media Group to spin off as publicly traded company
BY BUSINESS RECORD STAFF Monday, May 3, 2021 11:05 AM Meredith Corp. today announced that it has agreed to sell its Local Media Group to Gray Television Inc. for $2.7 billion in cash and will focus exclusively on its National Media Group portfolio.
Under the terms of the transaction, Meredith s National Media Group will be spun off to shareholders as a stand-alone publicly traded company retaining the Meredith name, with shareholders receiving cash consideration per share of approximately $14.50 and 1-for-1 equity share in post-close Meredith. The transaction was unanimously approved by Meredith s and Gray s boards.
Gray Adds Larger Markets; Boosts Political Footprint
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Gray Television will spend $2.7 billion to buy the local TV stations of Meredith, a purchase that will make it the second-largest local broadcaster in the U.S., the company announced Monday.
In the deal, Gray will acquire Meredith’s Local Media Group, which owns 17 television stations in 12 local markets including Atlanta, Phoenix, St. Louis, Nashville, Kansas City and Las Vegas.
Gray expects the deal to close at the end of the year, after which it will own stations in 113 local markets and serve approximately 36 percent of U.S. television households, according to the announcement.
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Nexstar is the largest U.S. broadcast company, with stations in 116 markets serving nearly 62 percent of U.S. television households, according to its website.
REAL SIMPLE To Host Fourth Annual REAL SIMPLE Home In Westfield, New Jersey
Sponsors include Bio-Oil® Skincare Oil, California Closets, Curél®, Instinct Pet Food, Kerrygold, Minted, L. & J.G. Stickley, Sunbrella, TimberTech®, and Valspar
REAL SIMPLE Home Store to Feature Curated Selection of Products Available for Purchase on REALSIMPLE.com
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NEW YORK, April 26, 2021 /PRNewswire/
Meredith Corporation s (NYSE: MDP) REAL SIMPLE today announced it will be presenting the fourth annual REAL SIMPLE Home in a northern New Jersey suburb this fall. For the first time ever, the home will be a single-family property that showcases unique design ideas, shoppable products and DIY strategies from home organizers, interior designers and REAL SIMPLE editors. The 2021 REAL SIMPLE Home debuts in the October Issue, available September 17
Meredith Corporation Names Mary Margaret Editor In Chief Of Entertainment Weekly
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LOS ANGELES, March 10, 2021 /PRNewswire/
Meredith Corporation (NYSE: MDP) today named Mary Margaret Editor in Chief of Entertainment Weekly. She begins her new position on April 12
th and will report to Dan Wakeford, Editor in Chief, PEOPLE and Editorial Director, Entertainment. Mary has the perfect combination of entertainment insider expertise, business acumen, multi-media knowledge and creativity to continue EW s legacy as the leading authority in entertainment, said Doug Olson, President, Meredith Magazines & GM, National Media Group.
Entertainment Weekly logo (PRNewsfoto/Entertainment Weekly) Mary has an impeccable track record for shaping the editorial direction and content strategy for some great brands, and that makes her the ideal choice to lead one of Meredith s most high-profile magazines and help consumers distinguish what is worth their ti
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