Media General announced plans Tuesday to buy rival Meredith Corp. for $3.1 billion, including debt, to create the third-largest owner of local US television stations.
The deal would combine Media General's 71 local stations with 17 operated by Meredith, and include the magazines owned by Meredith such as Better Homes and Gardens, Allrecipes, Parents and Shape.
Virginia-based Media General agreed to pay $2.4 billion in cash and stock and assume $772 million in debt in the deal approved by both boards and expected to close in 2016.
"This merger creates greater opportunities for profitable growth than either company could achieve on its own," Media General chairman J. Stewart Bryan said in a statement.
The new company called Meredith Media General will have stations in 54 markets that reach 30 percent of US TV households. Some stations will be swapped to address regulatory concerns, the statement said.
The combination puts Media General back into the publishing business following the spinoff of its newspaper group to Warren Buffett's Berkshire Hathaway conglomerate.
The publishing and digital operations reach some 200 million Americans.
The companies said they expect to save some $80 million in operating costs within the first two years.
Media General shareholders will own 65 percent of the new group to 35 percent for Meredith shareholders.
GMT 04:28 2018 Monday ,24 September
Bahrain TV celebrates Saudi National DayGMT 11:50 2018 Friday ,14 September
Ex-Trump campaign chief Paul Manafort agrees to tentative plea dealGMT 08:59 2018 Wednesday ,24 January
UK regulator says Fox's Sky takeover 'not in public interest'GMT 07:42 2018 Tuesday ,02 January
ART TV Channel Interviews President Al-BashirGMT 22:39 2018 Monday ,01 January
HH Shaikh Nasser directs to broadcast Bahrain-Oman liveGMT 17:38 2017 Wednesday ,27 December
Saudi Al-Ikhbariya TV Satellite Channel to be converted into Limited Liability CompanyGMT 10:31 2017 Thursday ,21 December
Kate Quilton signs to Belle PRGMT 08:45 2017 Thursday ,21 December
Saudi Commission of Tourism and National Heritage launches new TVMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor