Wake up! Vacation is over and there’s some big news: Media General is buying Meredith Corporation for $2.4 billion. The deal will make the new company—to be called Meredith Media General—the third largest TV station owner in the nation.
Media General owns 71 stations, and Meredith owns 17. Meredith also publishes several popular magazines, including Every Day with Rachael Ray, Martha Stewart Living, Better Homes and Gardens, More and Shape.
Meredith’s CEO Stephen Lacy will lead the new company. Media General shareholders will own about 65 percent of Meredith Media General after the deal closes; Meredith shareholders will own the rest.