Meredith Agrees to Sell TV Broadcast Group to Gray Television for $2.8 Billion

Following close, Meredith to focus exclusively on leading portfolio of national brands

Washington, DC – May 10, 2021 – Cooley advised Meredith Corporation on its agreement to sell its Local Media Group, which consists of 17 television stations reaching 11% of US households and 30 million viewers, to Gray Television for $2.8 billion. Partners Kevin Mills, Aaron Binstock and Michael Basile led the Cooley team advising Meredith on the deal, which is expected to close in Q4.

Under the terms of the transaction, Meredith will spin off its National Media Group, which reaches 95% of US women, to its existing shareholders as a standalone publicly traded company retaining the Meredith name. Following the sale of its Local Media Group, Meredith will focus on accelerating the growth of its iconic brands, including People, Entertainment Weekly, Better Homes & Gardens and Allrecipes.

“We expect the transaction to unlock meaningful shareholder value as it advances all of the company’s financial priorities: reducing net debt, improving financial flexibility, allocating capital to fast-growing digital and consumer opportunities and providing returns to shareholders,” Tom Harty, Meredith chairman and CEO, said in a news release. “As a more focused company with an enhanced balance sheet and cash-generating media assets, we will further advance our position as a media leader with trusted brands, a digital business of scale and unparalleled reach to women.”

Cooley previously advised Meredith on its purchase of Time Inc. for $2.8 billion, its sale of several former Time Inc. assets, including Time, Fortune, Travel + Leisure, Sports Illustrated and Money, its $3.5 billion debt financing and numerous other corporate transactions.

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Related Contacts
Kevin Mills Partner Washington, DC
Aaron Binstock Partner Washington, DC
Michael Basile Partner Washington, DC
Stacey A. Bradford Special Counsel Washington, DC
Christy Burrow Special Counsel Washington, DC
Lesse Castleberry Senior Counsel New York
Helenanne Connolly Partner Reston
Darren DeStefano Partner Reston
Wesley Dietrich Associate Washington, DC
Jason Rademacher Special Counsel Washington, DC
Robby L.R. SaldaƱa Associate Washington, DC
Jennifer Don Associate Reston
Paula Fleckenstein Associate Reston
Kristine Forderer Partner San Francisco
Virat Gupta Associate Washington, DC
Anthony Hajj Associate New York
Kelsie Leigh Harris Associate New York
Emily Harrison Associate Washington, DC
Carly Mitchell Associate Washington, DC
Rick Jantz Associate Los Angeles
Robert Sanchez Partner Washington, DC, New York
MaryBeth Shreiner Associate Reston
Michael Tollini Partner Washington, DC, New York
Meredith Klionsky Associate Washington, DC
Kristin Leavy Special Counsel Washington, DC
Mary Maher Lewis Associate Reston
John Logan Special Counsel Washington, DC
Anna R. Marx Associate Washington, DC
Anna R. Marx Associate Washington, DC
David Mills Partner Washington, DC
Howard Morse Partner Washington, DC
Addison Pierce Associate Washington, DC
David Walsh Partner Reston
Rubin Waranch Associate Washington, DC
Henry Wendel Associate Washington, DC
David Safren Associate Washington, DC