Media General will buy Meredith in a $2.4 billion deal that will create the third largest station group in the country with 88 stations in 54 markets. The combined company will be known as Meredith Media General.
Meredith ceo Steve Lacy said in a statement, “We are excited about the opportunity to create a powerful new multiplatform and diversified media company with significant operations on the local and national levels.” Lacy will lead the combined company as ceo.
Stations in six markets will be sold or swapped as part of the deal, in Portland, OR; Nashville, TN; Hartford-New Haven, CT; Greenville-Spartanburg, SC-Asheville, NC; Mobile, AL-Pensacola, FL; and Springfield, MA.
Going into the merger, Media General owns 71 stations in 48 markets, while Meredith has 17 stations, including seven in the top 25–Atlanta, Phoenix, St. Louis and Portland.