Meredith Preps for Dec. 1 Spinoff in Gray Deal
Meredith’s board approved a stock distribution connected with the company’s planned spinoff of its nonbroadcast TV businesses, part of the arrangements for Gray Television’s buy of Meredith’s TV stations (see 2106030074), said a Meredith release Tuesday. The companies are expected…
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to close their deal “immediately” after the stock distribution, which is planned for Dec. 1. Gray executives said on a recent earnings call the transaction was expected to be finalized soon (see 2111050063). The deal awaits approval from Gray’s board in a planned Nov. 30 vote and FCC approval, the release said. The spinoff, which includes Meredith’s content, digital and magazine arms and will be called “New Meredith,” will become a subsidiary of Dotdash Media, the release said. The FCC didn’t comment Wednesday.