FONT-SIZE Plus   Neg

Meredith To Buy WALA-TV In Mobile-Pensacola From Media General

Meredith Corp. (MDP) said it has agreed to buy the broadcast assets of WALA-TV, the Fox affiliate in Mobile-Pensacola, from Media General, Inc. (MEG) for about $86 million subject to certain purchase price adjustments.

The deal will close when Media General's merger with LIN Media LLC and the sale of WALA to Meredith receive final regulatory approval.

The addition of WALA is the latest in a series of strategic broadcast television station acquisitions by Meredith. Earlier in 2014, Meredith closed on its acquisitions of KTVK-TV in Phoenix and KMOV-TV in St. Louis. In June, Meredith announced an agreement to buy WGGB-TV in Springfield, Mass. Currently, Meredith owns or operates 15 television stations that reach over 10% of U.S. television households. Seven of Meredith's stations are located in Top 25 markets, and 13 are in Top 50 markets.

Meredith does not expect the acquisition of WALA to have a material effect on its fiscal 2015 first half financial performance. THe company continues to expect fiscal 2015 first quarter earnings per share to range from $0.60 to $0.65, compared to $0.53 in the prior-year period.

Analysts polled by Thomson Reuters currently expect the company to earn $0.68 per share for the first quarter.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The U.S. Food and Drug Administration has alerted health care professionals and patients of a voluntary recall of compounded multivitamin capsules containing high amounts of Vitamin D3 (Cholecalciferol), distributed nationwide by Glades Drugs in Pahokee, Florida. FDA has received reports of several... Flying is the passion for British aviatrix Tracey Curtis Taylor, and she is now on a solo flight to cross three continents and 23 countries in her own vintage open cockpit biplane. She has already crossed half of her journey from U.K. to Australia with a target to cover 13 thousand miles. Sony Computer Entertainment Inc. Wednesday revealed that its popular PlayStation4 computer entertainment system has achieved total sales of more than 30.2 million units worldwide in a period of two years. The PS4 system is currently available in 124 countries.
comments powered by Disqus
Trade MDP now with 
Follow RTT