Meredith To Sell Local Media Group To Gray Television - Quick Facts

(RTTNews) - Meredith Corp. (MDP) has agreed to sell its Local Media Group to Gray Television, Inc. (GTN) for $2.7 billion in cash. The deal is structured as a spin-off of Meredith Corporation's National Media Group into a standalone publicly traded company, and the simultaneous sale of Meredith Corporation, which will contain only Local Media Group assets post-close. The National Media Group will be spun out, with shareholders receiving cash consideration per share of approximately $14.50 and 1-for-1 equity share in post-close Meredith. The post-close National Media Group will retain the Meredith Corporation name.

Meredith CEO Tom Harty said: "As a more focused company with an enhanced balance sheet and cash-generating media assets, we will further advance our position as a media leader with trusted brands, a digital business of scale, and unparalleled reach to women."