Meredith to buy 3TV, 2 other Gannett TV stationsPosted: Updated:
DES MOINES, Iowa (AP) -- Media and marketing company Meredith Corp. says it is buying television stations in Phoenix and St. Louis from Gannett Co. and Sander Media.
Meredith, the publisher of Better Homes and Gardens and other leading women's magazines, also owns 13 television stations in the United States.
The acquisition includes in Phoenix, independent station KTVK, and KASW, a CW affiliate which will be purchased by a third party but Meredith will provide services for its operation. Also included is KMOV, a CBS affiliate in St. Louis.
The cash transaction will cost Meredith $407 million. The stations are part of Gannett's recent acquisition of Belo Corp.
"These stations are terrific additions to our group," said Meredith Local Media Group President Paul Karpowicz. "The markets are growing and they are located in states with significant political advertising."
Des Moines-based Meredith says it expects the stations to generate between $105 million and $115 million in revenue in the first full year.
These are the latest in a series of media acquisitions by Meredith, including the purchase of Allrecipes.com, the world's largest digital food brand; and the addition of the Every Day with Rachael Ray, FamilyFun, EatingWell, Parenting and BabyTalk multi-platform brands to Meredith's portfolio, which reaches more than 100 million American women every month.
#Meredith looking to expand tv reach, while Gannett needs to shed stations to meet regulatory ownership rules to buy Belo stations.— Ellen Braitman (@EllenBraitman) December 23, 2013