ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • ZNAA'22
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Whopping 1 lakh jobs on the cards in aviation and aeronautical manufacturing sector by 2024, says Minister
  • Money Guru: 10 funds for financial independence, this 15th August - details
  • India's forex reserves jump 60x since 1990s, surge 335 times since Independence | Check this data
  • India@100: Anil Singhvi predicts Nifty will reach 1,75,000 in next 25 years - Here's why
Read in App
Business News » World News

Exclusive: Meredith to explore sale of its U.S. broadcast stations - sources

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Meredith Corp, best known for its lifestyle magazines such as "Better Homes and Gardens", is preparing to explore a sale of its portfolio of local U.S. broadcast stations as it looks to streamline its business, people familiar with the matter said.

Meredith is discussing its plans with financial advisers and has already received interest in its stations from private equity firm Apollo Global Management LLC, the sources said.

A deal could potentially value Meredith`s 17 stations at more than $2 billion, the sources said. Meredith reported earnings before interest, taxes, depreciation and amortization of $223 million for its local media group for the 2018 fiscal year.

The sources, who asked not to be named because the matter is confidential, cautioned that no deal is certain.

Apollo and Meredith, which had a market capitalization of $2.62 billion on Wednesday, both declined to comment.

The divestment would come after Meredith acquired media company Time Inc last year for $2.8 billion, in a deal that built out its suite of national print and digital media brands.

Since the acquisition, Meredith has moved to simplify its business and focus on its most profitable media properties. It has already sold off its Time and Fortune magazines, and has also been trying to sell Sports Illustrated.

A sale of its broadcasting business would leave Des Moines, Iowa-based Meredith with just its digital and print media business, which targets primarily women and focuses on topics including food, lifestyle and parenting.

Meredith`s stations, which are mostly affiliates of Fox Corp or CBS Corp, reach 11 percent of U.S. households in cities such as Portland, Oregon and Las Vegas.

It a deal is completed, it would be the latest in a flurry of consolidation that has hit local broadcasting in recent years.

Broadcast television operators are looking to either gain scale or exit the space as viewership, and advertising dollars, increasingly shift to providers of web-based, streaming content.

Meanwhile, the U.S. Federal Communications Commission is expected to relax restrictions on how many stations broadcasters can operate, a move that could further boost dealmaking.

Apollo in February agreed to acquire a majority stake in 14 television stations from privately held Cox Media Group, which set it up to become a player in broadcasting. Reuters reported that the transaction was valued at around $3 billion.

Apollo has been on the prowl for more assets to build up its portfolio. Earlier this week, it lost out on a deal when Nexstar Media Group Inc agreed to sell 19 television stations to Tegna Inc and E.W. Scripps Co for $1.3 billion to satisfy regulatory demands related to its Tribune Media Co acquisition. Reuters had previously reported Apollo had bid on those stations.

Nexstar announced its purchase of peer Tribune for about $4.1 billion in cash in December.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Thu, May 02, 2019
02:21 am
Reuters
RELATED NEWS
Profit of public sector banks rises 9% to Rs 15,306 crore in April-June Profit of public sector banks rises 9% to Rs 15,306 crore in April-June
India's forex reserves jump 60x since 1990s, surge 335 times since Independence | Check this data  India's forex reserves jump 60x since 1990s, surge 335 times since Independence | Check this data
Economic downturn impact? SoftBank posts massive $23.4 billion loss, 2nd straight quarter in red Economic downturn impact? SoftBank posts massive $23.4 billion loss, 2nd straight quarter in red
UP $1 trillion economy :  Yogi Adityanath government signs MoU with Deloitte India to achieve target UP $1 trillion economy : Yogi Adityanath government signs MoU with Deloitte India to achieve target
Need to boost manufacturing to create jobs, says Mahindra Group chairman Anand Mahindra Need to boost manufacturing to create jobs, says Mahindra Group chairman Anand Mahindra

LATEST NEWS

7th Pay Commission to stay! Govt not mulling 8th Pay commission; Is performance-based increment for central government employees on the cards?

Har Ghar Tiranga campaign: India Post delivering National Flag for FREE; Steps to buy Tricolour online at ePostoffice portal

Raksha Bandhan 2022: Indian Railways to run special trains - Full list, timing and route

5G Network launch date: Expect roll out of high-speed internet services by this time, says minister

Stock Markets: REVEALED! Why world economies fearing recession but India is emerging even stronger

Shrikant Tyagi Noida News Update Today: ARRESTED! Here is latest on the Grand Omaxe woman abuse, assault matter

Samsung Galaxy Unpacked event tomorrow - What to expect, LIVE streaming, when, where and how to watch Samsung event

Airtel to launch 5G services this month, cover every town by 2024, says MD Gopal Vittal

Rakesh Jhunjhunwala portfolio: This auto stock can show potential upside of 40% in coming months, says expert

Tata Chemicals Quarterly Results: Check Q1 net profit, revenue and other details

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV