On Tuesday Media General said it would buy Meredith Corp. for about $2.4 billion in cash and stock, giving the company almost 90 television stations in 54 media markets and magazines including Better Homes and Gardens, Martha Stewart Living and Allrecipes.com.
Media General owns 71 stations in 48 markets. Those stations are spread across the Eastern U.S., Midwest and Great Plains as well as California, Oregon and Hawaii. Its largest markets include Chicago, San Francisco, and Tampa, Florida. By acquiring Meredith, the company will gain footholds in markets including Atlanta, St. Louis, Las Vegas, and Phoenix, where Meredith owns two stations. Meredith Media General would also own three stations in Portland, Oregon, and two in Nashville, Tennessee.
Meredith Corp. says it focuses on fast-growing markets, and it owns 16 stations and operates a 17th station. The company says seven of those are in the Top 25 in the U.S. Its holdings include seven CBS affiliates and five Fox affiliates.
Meredith also publishes about 20 magazines including Better Homes and Gardens, Parents, Family Circle, Allrecipes, Martha Stewart Living and EveryDay with Rachael Ray, with about 130 special interest publications. Its most popular online brand is Allrecipes.
The biggest markets with Media General stations include:
(asterisk)San Francisco/Oakland/San Jose - KRON -(MyNetWorkTV)
(asterisk)Portland, Oregon - KOIN (CBS affiliate)
(asterisk)Tampa, Florida - WFLA (CBS) and WTTA (MyNetWorkTV)
(asterisk)Columbus, Ohio - WCMH (NBC)
(asterisk)Nashville, Tennessee - WKRN (ABC)
Big markets for Meredith:
(asterisk)Atlanta - WGCL (CBS) and WPCH (independent)
(asterisk)Phoenix - KPHO (CBS) and KTVK (independent)
(asterisk)St. Louis - KMOV (CBS)
(asterisk)Portland, Oregon - KPTV (Fox) and KPDX (MyNetWorkTV)