Investors reacted warily Monday to media giant Meredith's (MDP - Get Report) plans to launch a new magazine featuring the stars of the hit HGTV show "Property Brothers."

Meredith's stock price fell 1.5% to 33.76 a share after the media company, which owns TV and radio stations and magazines across the country, announced plans for a new home renovation and interior design magazine featuring Drew and Jonathan Scott.

The monthly magazine, the title of which has yet to be announced, will debut in January with an initial print run of 500,000 copies at $9.99 each. 

Meredith, in a press statement, said the magazine will offer the brothers' "exclusive take on home décor and design," while also delving into their other areas of interest, including "entertaining, family, food, gardening, outdoor living, wellness, music, travel and more."

Shares of Discovery (DISCA - Get Report) , which owns HGTV, the channel host of "Property Brothers," also fell Monday by 1.2% to $27.64.