Meredith corporation to sell local media group for $2.7 billion, focus exclusively on leading portfolio of national brands

Des moines, iowa, may 3, 2021 /prnewswire/ -- meredith corporation (nyse: mdp) today announced that it has agreed to sell its local media group ("lmg") to gray television, inc. (nyse: gtn) for $2.7 billion in cash and will focus exclusively on its national media group ("nmg") portfolio post-close. under the terms of the transaction, meredith's national media group will be spun out to shareholders as a standalone publicly traded company retaining the meredith corporation name, with shareholders receiving cash consideration per share of approximately $14.50 and 1-for-1 equity share in post-close meredith.
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