Meredith Corp. Announces Purchase of KMOV
ST. LOUIS (KMOX) - Meredith Corp. announced Monday that it has purchased three television stations, including KMOV in St. Louis.
“These are high performing stations and will add to our already strong cash flow,” Meredith Chairman and CEO Stephen M. Lacy said in a news release.
“KMOV (CBS) in St. Louis adds another Top 25 market to our portfolio, and when combined with KCTV (CBS) in Kansas City, gives us powerful local brands in two of the Midwest’s top news and sports markets.”
The deal is worth $407.5 million in cash.
Last week, the U.S. Justice Department announced KMOV would have to be sold to prevent Gannett Co.’s purchase of Belo Corp. from violating antitrust laws. Gannett’s $2.2 billion purchase of Belo would have included both KMOV and KSDK in St. Louis.
Prior to Monday’s announcement, Meredith owned 13 TV stations in 10 media markets, including two in Kansas City. The Des Moines-based company also owns several women’s magazines, including Better Homes and Gardens.
In addition to KMOV, the company also purchased KTVK and KASW, both in Phoenix, Arizona.
“These stations are terrific additions to our group,” Meredith Local Media Group President Paul Karpowicz said in the news release. “The markets are growing and they are located in states with significant political advertising.”
In an emailed statement, Gannett CEO Gracia Martore said Gannett and Meredith share common values.
“Meredith is a highly respected multi-media company which shares our commitment to outstanding local journalism, and we are confident that these stations will be in good hands,” Martore said.