Media General In $2.4 Billion Deal To Acquire Meredith Corp

Media General said Tuesday it will buy diversified media company Meredith Corp. for about $2.4 billion in cash and stock to create one of the largest owners of U.S. TV affiliates. The proposed deal is expected to close by June 30, 2016, subject to approval from shareholders and regulators. Meredith shareholders to get 12% higher price Media General’s acquisition of Meredith Corp will create a powerful new multiplatform and diversified media company to be known as Meredith Media General, which will be led by Meredith Chief Executive Officer Steve Lacy. The proposed deal envisages Meredith shareholders receiving cash and stock amounting…