logo
Share SHARE
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
IT services provider Computer Sciences Corp (CSC), on Tuesday reported a profit for the third quarter that also trumped estimates, helped largely by lower operating costs that offset 10 percent drop in revenues. Commenting on the results Mike Lawrie said, "In the third quarter, CSC successfully completed... Entertainment giant Walt Disney Co. (DIS) Tuesday reported an increase in first-quarter profit that also trumped Wall Street expectations, as revenues jumped 14 percent on stupendous performance of Star Wars: The Force Awakens. Burbank, California-based Disney's first-quarter profit rose to $2.88... Media conglomerate Viacom, Inc. on Tuesday reported a 10 percent decline in profit for the first quarter from last year, reflecting lower revenues in the Filmed Entertainment and Media Networks segments. However, adjusted earnings per share for the quarter matched analysts' expectations, while revenues missed their estimates.
comments powered by Disqus
RELATED NEWS
Trade MDP now with 
Follow RTT