Media General is buying Meredith Corp. in an approximately $2.4 billion cash-and-stock deal.
The combined 88 television stations in 54 markets will be able to reach 30 percent of U.S. households, the companies said, making it one of the largest owners of major network affiliates.
The new company, called Meredith Media General, will also own 20 magazines, including Better Homes and Gardens, Parents, Family Circle, Allrecipes, Martha Stewart Living and EveryDay with Rachael Ray, with about 130 special-interest publications. Its most popular online brand is Allrecipes.
Meredith shareholders will receive cash and stock valued at $51.53 per share. That’s a 12 percent premium to the company’s Friday closing price of $45.94.
The deal is targeted to close by June 30. It still needs approval from Meredith and Media General shareholders and the Federal Communications Commission.
