RTTNews | May 3, 2021 09:19AM EDT

09:18 Monday, May 3, 2021 (RTTNews.com) - Meredith Corp. (MDP) has agreed to sell its Local Media Group to Gray Television, Inc. (GTN) for $2.7 billion in cash. The deal is structured as a spin-off of Meredith Corporation's National Media Group into a standalone publicly traded company, and the simultaneous sale of Meredith Corporation, which will contain only Local Media Group assets post-close. The National Media Group will be spun out, with shareholders receiving cash consideration per share of approximately $14.50 and 1-for-1 equity share in post-close Meredith. The post-close National Media Group will retain the Meredith Corporation name.

Meredith CEO Tom Harty said: "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."

Read the original article on RTTNews ( https://www.rttnews.com/3190789/meredith-to-sell-local-media-group-to-gray-television-quick-facts.aspx)

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