Media company IAC/InterActive Corp (IAC) - Get IAC/InteractiveCorp. Report is reportedly in talks to acquire Meredith Corporation (MDP) - Get Meredith Corporation Report, for $2.5 billion. The news has had a positive impact on Meredith's stock.
Earlier in May, Meredith Corp. sold its local media assets comprising 17 TV stations to Gray Television for $2.7 billion.
“The television station portfolios, company cultures and commitments to localism of Gray and Meredith are highly complementary. We are very excited to acquire Meredith’s excellent television stations, and we look forward to welcoming its employees into the Gray family,” said Gray CEO Hilton Howell. “Building on our successes throughout 2020 and just the first few months of 2021, Gray Television clearly has an even stronger and brighter future than ever.”
This year, we have seen numerous media acquisitions.
In September, Fox Corp. (FOXA) - Get Fox Corporation Class A Report acquired celebrity gossip brand TMZ from AT&T's WarnerMedia. Earlier in May, AT&T announced the merger of Warner Media and Discovery Inc. to make Warner Bros. Discover in a $43 billion deal. Also, in the same month, private equity firm Apollo Global Management (APO) - Get Apollo Global Management Inc. Class A Report completed the acquisition of Yahoo and AOL from Verizon for a $5 billion deal.
Watch the video above to know more.