This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Meredith Corporation Completes Acquisition Of KMOV-TV In St. Louis

DES MOINES, Iowa, Feb. 28, 2014 /PRNewswire/ -- Meredith Corporation (NYSE:MDP; www.meredith.com), one of America's leading media and marketing companies, today announced it has completed its acquisition of the broadcast assets of KMOV-TV, the CBS affiliate in St. Louis, from Gannett Co., Inc. (NYSE:GCI) and Sander Media LLC, for $177 million. The transaction will not have a material effect on Meredith's third quarter or full year fiscal 2014 financial performance.

(Logo: http://photos.prnewswire.com/prnh/20090810/CG58830LOGO)

"We're pleased to add this high-performing station to our portfolio," said Meredith Chairman and Chief Executive Officer Stephen M. Lacy. ​"The acquisition of KMOV adds another Top 25 television market to our group, and is consistent with our successful Total Shareholder Return strategy.  Together with KCTV (CBS) in Kansas City, Meredith now has powerful local brands in two of the Midwest's top news and sports markets."

On December 23, 2013, Meredith announced separate definitive agreements to acquire the broadcast assets of KMOV and of two television stations in Phoenix, the nation's 12 th largest market.  Meredith expects to complete the acquisition of the Phoenix stations – KTVK – TV, an independent, and KASW – TV, the CW affiliate by June 30, 2014, subject to regulatory approvals and other customary closing conditions.​  The license and certain related assets of KASW will be purchased by a third party – SagamoreHill of Phoenix, LLC – and Meredith will provide certain services for the operation of KASW pursuant to a customary services agreement with SagamoreHill, in accordance with Federal Communications Commission local television ownership rules. 

In the first full year post closing, all three television stations are expected to generate combined revenues of $105 to $115 million, and be accretive to run-rate earnings per share by $0.16 to $0.18.

Meredith continues to expect fiscal 2014 full year earnings per share to range from $2.60 to $2.95, and fiscal 2014 third quarter earnings per share to range from $0.63 to $0.68.  Ranges for both periods exclude operating results and transaction expenses related to the acquisitions of television stations in Phoenix and St. Louis.

SAFE HARBOR

This release contains certain forward-looking statements that are subject to risks and uncertainties.  These statements are based on management's current knowledge and estimates of factors affecting the Company and its operations.  Actual results may differ materially from those currently anticipated.  Factors that could adversely affect future results include, but are not limited to, downturns in national and/or local economies; a softening of the domestic advertising market; world, national or local events that could disrupt broadcast television; increased consolidation among major advertisers or other events depressing the level of advertising spending; the unexpected loss or insolvency of one or more major clients; the integration of acquired businesses; changes in consumer reading, purchasing and/or television viewing patterns; increases syndicated programming or other costs; unauthorized persons accessing our websites or internal networks; changes in television network affiliation agreements; technological developments affecting products or methods of distribution; changes in government regulations affecting the Company's industries; increases in interest rates; and the consequences of acquisitions and/or dispositions.  The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs