(New York Times) – Media General said on Tuesday that it had agreed to acquire the television, magazine publishing and marketing company Meredith Corporation in a cash-and-stock deal valued at $2.4 billion.
The combined company, to be known as Meredith Media General, will be one of the largest owners of broadcast network affiliates in the United States with 88 stations in 54 markets. It will reach about 30 percent of American television households, or about 34 million viewers, the companies said.
Meredith Media General’s combined assets also will include a number of well-known magazines aimed at women, including Better Homes and Gardens, Martha Stewart Living and Shape, and digital platforms like Allrecipes.com.
Under the terms of the deal, Meredith investors will receive cash and stock valued at $51.53 a share, representing a 12 percent premium to Meredith’s closing stock price on Friday.