Media General, based in Richmond, Virginia, has purchased Meredith Corporation, which includes KCTV and KSMO in Kansas City. The company is one of the nation’s largest connected-screen media companies that operates or services 71 TV stations in 48 markets. It also has one of the industry’s largest and most diverse digital media businesses.
Meredith Corporation uses multiple distribution platforms, including broadcast television, print, digital, mobile and video. The combined company, Meredith Media General, will have 88 stations in 54 markets.
The purchase price was approximately $2.4 billion in cash and stock, and is scheduled to close in June 2016. Under the terms of the agreement, Meredith shareholders will receive cash and stock valued at $51.53 per share, which represents a 12% premium to Meredith’s closing stock price on September 4, 2015. Both classes of Meredith stock, Common stock and Class B Common stock, will receive the same consideration per share. The transaction enterprise value is approximately $3.1 billion.