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Gray Television Buys Meredith's TV Stations for $2.7B


Gray Television Buys Meredith’s TV Stations for $2.7B
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Meredith Corp.’s broadcast stations for $2.7 billion, adding 17 mostly
Fox and
CBS affiliates to its portfolio.
The all-cash transaction is structured as a spinoff of Meredith’s magazine group as a separate company, which will retain the Meredith name and ticker symbol, with the old Meredith sold to Gray, Meredith said. The purchase confirms an earlier Bloomberg News report.
The sale will allow Meredith to focus on its magazine division, which publishes titles such as
Better Homes & Gardens and
People, and boost its digital strategy.
“We expect the transaction to unlock meaningful shareholder value as it advances all of the company’s financial priorities: reducing net debt, improving financial flexibility, allocating capital to fast-growing digital and consumer opportunities, and providing returns to shareholder ....

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