Meredith completes acquisition of WALA-TV (FOX) In Mobile-Pensacola for $86 million

Saturday, Dec 20, 2014

Meredith Corporation, one of America's leading media and marketing companies, today announced it has completed the acquisition of WALA-TV, the FOX affiliate in the Mobile (AL)-Pensacola (FL) market, from Media General, Inc. (NYSE: MEG) for $86 million.

The acquisition will not have a material effect on Meredith's fiscal 2015 second quarter financial results, but will be accretive to Meredith's earnings for the second half of fiscal 2015 and in fiscal 2016.  Meredith will provide more detail when it reports fiscal 2015 second quarter results on January 28, 2015.

Meredith now owns or operates 17 television stations that reach over 10 percent of U.S. television households.  Seven of Meredith's stations are located in Top 25 markets, and 14 are in Top 60 markets.  Meredith operates duopolies in the Atlanta, Phoenix, Portland (OR), Kansas City and Springfield (MA) markets.  Meredith's stations produce approximately 650 hours of local news and entertainment content each week, and operate leading local digital destinations.

Meredith has been committed to service journalism for more than 110 years.  Today, Meredith uses multiple distribution platforms – including broadcast television, print, digital, mobile, tablets and video – to provide consumers with content they desire and to deliver the messages of its advertising and marketing partners.  Meredith's balanced portfolio consistently generates substantial free cash flow, and the Company is committed to growing Total Shareholder Return through dividend payments, share repurchases and strategic business investments.  Meredith's current annualized dividend of $1.73 per share yields approximately 3.5 percent.  Meredith has paid a dividend for 67 straight years and increased it for 21 consecutive years.


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