Media General is acquiring Meredith Corp, venerable Des Moines-based publisher of women's titles such as Better Homes and Gardens, Shape, Allrecipes and Parents and TV broadcaster, for $2.4B in cash and stock.
The resulting Meredith Media General entity would own the No. 3 network of TV-affiliated broadcasters, reaching 54 markets covering 34 percent of US households, and run a digital platform viewed by more than 200M unique visitors each month.
Meredith CEO Steve Lacy will preside over the merged company, overseen by a 12-member board consisting of eight appointees selected by Media General, which is headquartered in Richmond.
"The 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," said Lacy in a statement.
Meredith Media General will feature a multiplatform capability with a female reach of 100M unduplicated American women, of which more than 60 percent of the group are millennials.
First-year native advertising revenues are expected to exceed the $500M mark. The transaction is expected to close by the end of next year's second quarter.
Joele Frank, handles media for Media General, while Abernathy MacGregor works for Meredith in the deal.
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