Benzinga | Nov 30, 2021 04:56PM EST

Meredith Corporation Shareholders Approve Sale To Gray Television For $2.825B

Meredith Corporation (NYSE:MDP) announced its pending $2.825 billion acquisition by Gray Television Inc. received shareholder approval at a special shareholder meeting held earlier today. Meredith expects to file a Form 8-K tomorrow disclosing the full voting results of the special meeting.

Immediately prior to the Gray acquisition close, Meredith will spin its digital, magazine, MNI, PEOPLE TV, and corporate operations out to its shareholders as a new company, Meredith Holdings Corp., that IAC's Dotdash has agreed to acquire for $2.7 billion.

Both transactions are expected to close on December 1, 2021, each subject to the satisfaction of the other terms and conditions of the applicable merger agreement and the completion of the spin-off of Meredith Holdings Corp.