Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade MDP now with 

Meredith Corp. (MDP: Quote) said it has agreed to buy the broadcast assets of WALA-TV, the Fox affiliate in Mobile-Pensacola, from Media General, Inc. (MEG: Quote) 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.

Register
To receive FREE breaking news email alerts for Meredith Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Eurozone's consumer confidence improved unexpectedly in October after weakening in the previous four months, preliminary data from the European Commission showed Thursday. The flash consumer confidence indicator rose to -11.1 from a seven-month low of -11.4 in September. Economists had forecast a... After reporting first-time claims for U.S. unemployment benefits at a fourteen-year low in the previous week, the Labor Department released a report on Thursday showing that initial jobless claims rebounded in the week ended October 18th. After turning lower over the course of the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a sharply higher open for the markets, with the Dow futures up by 136 points.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.