Meredith Corp. has been acquired by Media General in a cash and stock deal worth approximately $2.4 billion. The combined company will be known as Meredith Media General, reported the New York Times, and will not only include titles such as Traditional Home, Better Homes and Gardens, Martha Stewart Living and Shape but will also become one of the largest owners of broadcast network affiliates in the country. It will reach about 34 million viewers via 88 stations in 54 markets. The deal has already been approved by the Boards of Directors of Media General and Meredith and is now subject to shareholder approval and regulatory approval. The deal is expected to close by June 30 of next year.
Said Meredith CEO Steve Lacy, "We are excited about the opportunity to create a powerful new multiplatform and diversified media company with significant operations on the local and national levels. This merger will create a strong and efficient company positioned to realize the significant earnings and cash flow potential of local broadcasting; leverage the unparalleled reach and rich content-creation capabilities of Meredith's national brands; and capture the rapidly developing growth potential of the digital media space. It also positions Meredith Media General to deliver enhanced shareholder value and participate in future industry consolidation."
Learn more about the deal here.