Meredith to Buy Phoenix, St. Louis Stations


As the Gannet/BELO deal is going through, there were two stations that's future were up in the air.

KTVK and KMOV are now going to go to Meredith Broadcasting. Meredith has agreed to purchase the broadcast assets of both television stations.

"These acquisitions are consistent with our successful Total Shareholder Return strategy and will be immediately accretive to earnings, excluding upfront transaction costs," said Meredith Chairman and Chief Executive Officer Stephen M. Lacy.  "These are high performing stations and will add to our already strong cash flow. We will increase our presence in the large and growing Phoenix market, where we own KPHO, the CBS affiliate.  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."

Stay tuned....