MEREDITH TO SELL TV STATION DIVISION TO GRAY TELEVISION

Magazine publisher and multimedia company Meredith Corp. said this week it will sell its Local Media Group consisting of 17 television stations to Gray Television Inc. for $2.7 billion in cash and will focus on expanding its print and digital magazines business.

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The Des Moines, Iowa-based company publishes more than 20 magazines including People and Better Homes & Gardens in both print and digital versions.

The company’s magazine and digital division will become a stand-alone publicly-traded company retaining the Meredith Corp. name and New York Stock Exchange trading ticker symbol MDP.

The company will remain headquartered in Iowa and will organize under digital and magazine segments for financial reporting purposes. The senior executive team will remain in place, Chairman and Chief Executive Officer Tom Harty said.

“This transaction will allow us to sharpen our focus on the potential of our brands and assets,” Harty said.