Media General buying Meredith in $2.4 billion deal

FILE - This March 11, 2015 file photo shows the Meredith Corp. headquarters building in Des Moines, Iowa. Media General is buying Meredith Corp. in an approximately $2.4 billion cash-and-stock deal. The combined company, called Meredith Media General, will have 88 television stations in 54 markets and media brands including Better Homes and Gardens, Parents and Shape.(AP Photo/Charlie Neibergall, File) FILE - This March 11, 2015 file photo shows the Meredith Corp. headquarters building in Des Moines, Iowa. Media General is buying Meredith Corp. in an approximately $2.4 billion cash-and-stock deal. The combined company, called Meredith Media General, will have 88 television stations in 54 markets and media brands including Better Homes and Gardens, Parents and Shape.(AP Photo/Charlie Neibergall, File)

By Associated Press September 9, 2015 2 min read

Closer to home

* Meredith owns WFLI-TV53 in Cleveland, Tenn., along with WSMV in Nashville, WHNS in Asheville, N.C., and WGCL in Atlanta. * Media General owns three TV stations in Tennessee – WJHL, the CBS affiliate in the tri-cities; WKRN, the ABC affiliate in Nasvhille and WATE, the ABC affiate in Knoxville.

Media General is buying Meredith Corp. in an approximately $2.4 billion cash-and-stock deal.

The combined company, called Meredith Media General, will have 88 television stations in 54 markets and media brands including Better Homes and Gardens, Allrecipes, Parents and Shape.

Meredith shareholders will receive cash and stock valued at $51.53 per share. That’s a 12 percent premium to the company’s Friday closing price of $45.94. Media General stockholders will own about 65 percent of the combined company, while Meredith shareholders will own approximately 35 percent.

Meredith CEO Steve Lacy will serve as CEO and president of the combined company.