Meredith Exiting Local TV Business in $2.7 Billion Deal – The Wall Street Journal

HomeBusiness

Meredith Exiting Local TV Business in $2.7 Billion Deal – The Wall Street Journal

Meredith Corp. is selling its broadcast-television business to Gray Television Inc., in a deal the company said would allow it to better

Baker Lifts Outdoor Mask Mandate, Announces Timeline to Relax Business Restrictions – NBC10 Boston
Samsung Family Donating Mass Art Trove to Smooth Inheritance – U.S. News & World Report
Wedding industry sees booming business as pandemic rules relax – KOLR – OzarksFirst.com

Meredith Corp. is selling its broadcast-television business to Gray Television Inc., in a deal the company said would allow it to better focus on its magazine brands and digital-media properties.

Meredith on Monday said Gray agreed to purchase its business that owns or operates 17 television stations for $2.7 billion in cash. The stations reach 11% of U.S. households, including in markets such as Atlanta, Phoenix and St. Louis.

Shares of Meredith jumped 7.4% shortly after the opening bell.

Des Moines, Iowa-based Meredith has been remaking its media portfolio over the past several years. In 2018, it announced deals to sell magazines such as Time and Fortune, and more recently agreed to sell Travel + Leisure amid financial pressure in the magazine industry.

When the latest deal is complete, Meredith said it would work to expand brands such as People, Better Homes & Gardens and Allrecipes.

COMMENTS

WORDPRESS: 0
DISQUS: