Media General, the parent company of WRIC-TV, and the Meredith Corporation will combine to create Meredith Media General: a new powerful multiplatform and diversified media company.
This will establish the 3rd largest owner of major network affiliates, initially with 88 stations in 54 markets that will reach 30 percent – or approximately 34 million – of U.S. television households, and possessing significant digital spectrum. It will include 40 Big Four network-affiliated TV stations located in the Top 75 DMAs. Meredith’s National Media Group reaches 100 million unduplicated women every month, including 60 percent of American millennial women. Meredith is the leader in creating and distributing content across platforms in key consumer interest areas such as food, home, parenting and health through well-known brands such as Better Homes and Gardens, Allrecipes, Parents and Shape.
The company will maintain corporate and executive offices in Richmond, Virginia, and Des Moines, Iowa. Meredith Media General will be incorporated in Virginia.
Current Media General Chairman J. Stewart Bryan III will be Chairman of Meredith Media General.
“This merger creates greater opportunities for profitable growth than either company could achieve on its own. Importantly, shareholders of both companies will benefit from the upside potential of a diversified and strategically well-positioned media company with a strong financial profile and the ability to generate significant free cash flow,” Bryan said.
The transaction is expected to close by June 30, 2016.
