Meredith Corporation

Last updated

Meredith Corporation
Type Public
NYSE: MDP
Industry Media
Founded1902;121 years ago (1902)
Founder Edwin T. Meredith
DefunctDecember 1, 2021;23 months ago (2021-12-01)
Fate
Successors
Headquarters Des Moines, Iowa, U.S.
Key people
  • Steve Lacy
  • (Executive Chairman)
  • Tom Harty
  • (President and CEO)
Products
  • Newspapers
  • magazines
  • television stations
  • radio stations
  • educational services
  • websites
RevenueDecrease2.svg $810.5 million (FY December 2019)
Decrease2.svg $37.8 million (FY December 2019)
Total assets Increase2.svg $6.727 billion (FY 2018)
Total equity Increase2.svg $1.097 billion (FY 2018)
Number of employees
7,915 (2018)
Footnotes /references
[1]
Former logo from 1960s to 2009 Meredith Corp old.svg
Former logo from 1960s to 2009

Meredith Corporation was an American media conglomerate based in Des Moines, Iowa, that owned magazines, television stations, websites, and radio stations. Its publications had a readership of more than 120 million and paid circulation of more than 40 million, and its websites had nearly 135 million monthly unique visitors. Its broadcast television stations reached 11% of U.S. households. [1]

Contents

History

Early years

Edwin Thomas Meredith founded the company in 1902 when he began publishing Successful Farming magazine. [2]

In 1922, Meredith began publishing Fruit, Garden and Home magazine, a home and family service publication. [2] In 1924, the magazine was retitled Better Homes and Gardens , [1] [2] and the first issue cost a dime on the newsstand. In 1930, the company published the first edition of The Better Homes and Gardens Cook Book. In 1946, the company became a public company.

In 1970, the company attempted to get into the entertainment industry, by purchasing game show producer and film producer Ralph Andrews Productions. [3] Two years later, it became MC Productions, and Ralph Andrews buys back rights to the game shows later that year, which resulted in a subsequent lawsuit in the late 1970s. [4] In 1973, Meredith teamed up Avco Broadcasting to produce a series of nine prime-time television specials, which Avco Program Sales is syndicating, aimed for youth children. [5]

In 1987, Meredith Corporation made a deal that they would purchase MMT Sales for $40 million, and would represent national advertising spot time on 60 stations across the entire US country. [6]

In 1994, Meredith and CBS struck an agreement to renew its Kansas City station and affiliate two of the Bay City and Phoenix stations with the network. [7]

2012–2021: Merger with Time Inc.; Gray/Dotdash sale

In March 2012, Meredith acquired allrecipes.com from Reader's Digest Association for $175 million. [8] [9] In February 2013, Meredith and Time Warner held discussions on a possible purchase of Time Inc.; Time Warner at the time elected to spin it out as a separate company instead. [10] [11]

In October 2014, Meredith announced a 10-year licensing agreement with Martha Stewart Living Omnimedia to acquire the rights to Martha Stewart Living, Martha Stewart Weddings and marthastewart.com. [12] [13]

In November 2014, Meredith acquired mywedding.com. [14] [15] In January 2015, the company acquired Selectable Media. [16] Also in January 2015, Meredith acquired Shape , Natural Health and Fit Pregnancy from American Media Inc. Fitness magazine was folded into Shape, while retaining its website. [17]

On September 8, 2015, Media General announced its intent to acquire Meredith in a cash and stock deal valued at $2.4 billion. [18] Pending regulatory and shareholder approval, the deal was expected to be consummated in June 2016. [18] The combined company would have operated under the name Meredith Media General, and be the third-largest owner of television stations in the United States—serving an estimated 30% of households. [18] To comply with FCC ownership limits, the company would have divested and/or swapped stations in six markets. [18] Media General shareholders would have controlled 65% of the company, with Meredith shareholders holding 35%. [19] However, the offer was countered by Nexstar Broadcasting Group, who made a successful, $4.6 billion bid to acquire Media General instead. [20]

In February 2017, it was reported that Meredith and a group of investors led by Edgar Bronfman Jr. were considering another possible purchase of Time Inc. [21] On November 26, 2017, it was announced that Meredith Corporation would acquire Time Inc. in a $2.8 billion deal. [22] $640 million in backing was provided by Koch Equity Development, but the Koch family would not have a board seat or otherwise influence the company's operations. [23] [24]

On January 9, 2018, it was announced that Meredith would launch a Hungry Girl magazine on January 16, expanding from the online brand. [25]

On January 31, 2018, the company completed the acquisition of Time Inc. [26] [27] [28] In March 2018, only six weeks after the closure of the deal, Meredith announced that it would lay off 200 employees, up to 1,000 more over the next 10 months, and explore the sale of Fortune , Money , Sports Illustrated , and Time . Meredith felt that, despite their "strong consumer reach," these brands did not align with its core lifestyle properties. [29] Howard Milstein had announced on February 7, 2018, that he would acquire Golf Magazine from Meredith, [30] and Time Inc. UK was sold to the British private equity group Epiris (later rebranded to TI Media) in late February. [31] In September 2018, Meredith announced the sale of Time to Marc Benioff and his wife Lynne for $190 million. [32] In November 2018, Meredith announced the sale of Fortune to Thai businessman Chatchaval Jiaravanon, whose family owns Charoen Pokphand, for $150 million. [33] [34] After failing to find a buyer for Money, Meredith in April 2019 announced that it would cease the magazine's print publication as of July 2019, but would invest in the brand's digital component Money.com. [35] In May 2019, Meredith announced the sale of Sports Illustrated to Authentic Brands Group, for $110 million. [36]

Time Inc. Productions was renamed Four M Studios in May 2018. The studio is under Bruce Gersh, Meredith's president of People, Entertainment Weekly , and People en Español and head of Four M Studios. [37]

In October 2019, Meredith Corporation sold the Money brand and website to Ad Practitioners LLC, a media and advertising company based in Puerto Rico. [38] Terms were not disclosed, but sources said the brand went for just over $20 million, that was more than the $10 million Meredith was seeking in early 2019. [39]

In November 2019 the company unloaded one more asset acquired in the Time Inc. acquisition, its 60% equity ownership of digital advertising company Viant Technology Holding Inc. that, among other assets, owns social networking site Myspace. [40] Also in November 2019, the company announced the launch of a new quarterly magazine, called Reveal, in January 2020 in collaboration with Drew and Jonathan Scott from HGTV's Property Brothers . [41] [42]

On May 3, 2021, Meredith announced an agreement with Gray Television for the latter to acquire Meredith's television division. The transaction will be structured as a spin-off of a new (short-lived) Meredith Corporation, containing the magazines division, to existing shareholders, to be immediately followed by the old Meredith (by then consisting solely of its TV stations group) being acquired by Gray for $2.7 billion in cash. [43]

Later that year, on October 6, Meredith announced an agreement whereby the company's remaining magazine and other non-broadcast assets would be acquired by IAC's Dotdash for $2.7 billion, forming a new entity called Dotdash Meredith. [44]

On November 15, Meredith announced it has received regulatory approvals for both the Gray and IAC transactions. [45] Both deals were completed on December 1. [46] [47] On February 9, 2022, it was revealed that six former Meredith Corporation magazines ( Entertainment Weekly, InStyle, EatingWell, Health, Parents and People en Espanol ) will cease having print circulation and switch to a digital-only format. [48]

Divisions

National media

Magazines

Meredith magazines include the following brands:

Defunct magazines include

Digital media

Local media

The broadcasting division owned 15 television stations. Most of the company's stations were affiliated with CBS or Fox. Meredith's broadcasting division also produced Better from 2007 until 2015, which was originally conceived as a brand extension of BH&G. Since its inception in 2007 the show has placed an increasing emphasis on celebrity interviews and music performances. There were also cooking demonstrations and regular features on health, beauty, fitness and fashion. Local versions of the concept continue to air on Meredith stations. [54]

On December 23, 2013, Meredith announced plans to buy St. Louis CBS affiliate KMOV and Phoenix independent station KTVK for $407.5 million in cash from Gannett Company and Sander Media, LLC to satisfy a federal mandate that Gannett sell KMOV. [55] [ third-party source needed ] The purchase of KMOV was completed on February 28, 2014, [56] while the KTVK sale was completed on June 19. [57]

Meredith has also struck deals to acquire ABC affiliate WGGB in Springfield, Massachusetts from Gormally Broadcasting for $53.8 million [58] and Fox affiliate WALA in Mobile, Alabama from LIN Media for $86 million. [59]

The Local Media Division was sold to Gray Television on December 1, 2021. [60]

Television stations

  • (**) Indicates a station that was built and signed on by Meredith.
City of license / Market StationChannelYears ownedCurrent status
Mobile, AL WALA-TV 102014–2021 Fox affiliate owned by Gray Television
Phoenix, AZ KTVK 32014–2021 [lower-alpha 1] Independent station owned by Gray Television
KPHO-TV 51952–2021 CBS affiliate owned by Gray Television
KASW 612014 [lower-alpha 1] [lower-alpha 2] Independent station owned by the E. W. Scripps Company
Fresno, CA KSEE 241984–1993 NBC affiliate owned by Nexstar Media Group
Hartford–New Haven, CT WFSB 31997–2021CBS affiliate owned by Gray Television
Orlando–Daytona Beach, FL WOFL 351983–2002Fox owned-and-operated (O&O)
WCPX-TV61997 [lower-alpha 3] [lower-alpha 4] CBS affiliate WKMG-TV, owned by Graham Media Group
Ocala–Gainesville, FL WOGX [upper-alpha 1] 511996–2002Fox owned-and-operated (O&O)
Atlanta, GA WGNX/WGCL-TV461999–2021CBS affiliate WANF, owned by Gray Television
WPCH-TV 172017–2021 [lower-alpha 5] The CW affiliate by Gray Television
Springfield, MA WSHM-LD [upper-alpha 2] 32004–2021CBS affiliate owned by Gray Television
WGGB-TV 402014–2021 ABC affiliate owned by Gray Television
Bay City–Flint–Saginaw, MI WNEM-TV 51969–2021CBS affiliate owned by Gray Television
Kansas City, MO KCTV 51953–2021CBS affiliate owned by Gray Television
KSMO-TV 622005–2021MyNetworkTV affiliate owned by Gray Television
St. Louis, MO KMOV 42014–2021 [lower-alpha 1] CBS affiliate owned by Gray Television
Omaha, NE WOW-TV61951–1975NBC affiliate WOWT, owned by Gray Television
Henderson–Las Vegas, NV KVVU-TV 51985–2021Fox affiliate owned by Gray Television
Syracuse, NY WHEN-TV/WTVH **51948–1993CBS affiliate owned by Granite Broadcasting [lower-alpha 6]
Portland, OR–Vancouver, WA KPTV 122002–2021Fox affiliate owned by Gray Television
KPDX 491997–2021 [lower-alpha 3] MyNetworkTV affiliate owned by Gray Television
Bend, OR KFXO-LD 391997–2007Fox affiliate owned by News-Press & Gazette Company
KUBN-LD [upper-alpha 3] 432006–2021MyNetworkTV affiliate owned by Gray Television
Pittsburgh, PA WPGH-TV 531978–1986Fox affiliate owned by Sinclair Broadcast Group
Greenville–Spartanburg, SC WHNS 211997–2021 [lower-alpha 3] Fox affiliate owned by Gray Television
Cleveland–Chattanooga, TN WFLI-TV 532004–2008The CW affiliate owned by MPS Media [lower-alpha 7]
Nashville, TN WSMV-TV 41995–2021NBC affiliate owned by Gray Television
Seattle–Tacoma, WA KCPQ 131998–1999 [lower-alpha 8] Fox owned-and-operated (O&O)
  1. 1 2 3 Acquired from Belo Corporation.
  2. ↑ Owned by SagamoreHill Broadcasting and operated under a shared services agreement.
  3. 1 2 3 Acquired from First Media. [61]
  4. ↑ Swapped to Post-Newsweek Stations for WFSB.
  5. ↑ Owned by Time Warner subsidiary Turner Broadcasting System and operated by Meredith through a local marketing agreement (LMA) between 2011 and 2017. [62] Meredith purchased the station in 2017 prior to Time Warner's merging into AT&T. [63]
  6. ↑ Operated under a local marketing agreement by Sinclair Broadcast Group.
  7. ↑ Operated under a shared services agreement by New Age Media.
  8. ↑ Acquired solely to be traded to Tribune Broadcasting for WGCL.
  1. ↑ Semi-satellite of WOFL.
  2. ↑ Semi-satellite of WFSB.
  3. ↑ Semi-satellite of KPDX.

Radio stations

AM StationsFM Stations
City of license / MarketStationYears ownedCurrent status
Phoenix, AZ KPHO 9101952–1972 KGME, owned by iHeartMedia
Kansas City, MO KCMO 8101953–1983 WHB, owned by Union Broadcasting [lower-alpha 1]
KCMO-FM 94.91953–1983Owned by Cumulus Media
Omaha, NE WOW 5901951–1983 KXSP, owned by SummitMedia
WOW-FM 92.31951–1983 KEZO-FM, owned by SummitMedia
Syracuse, NY WHEN 6201954–1976Owned by iHeartMedia
Bridgeport, MI WNEM 12502004–2013 WJMK, owned by Northern States Broadcasting
  1. ↑ KCMO is now at 710 AM.

Four M Studios

Four M Studios (Four M), formerly Time Inc. Productions, is Meredith's in-house production company and is under the oversight of Bruce Gersh, Meredith's president of People, Entertainment Weekly and People en Español. [37]

After attempting a few TV shows in 2014 and 2015, the company formed Time Inc. Productions in 2016 as its in-house production company. [64] It launched its free, ad-supported online video service PeopleTV in 2016, which got a pay TV deal by May 2018 with FuboTV. In November 2017, it launched its first over-the-top subscription service, Sports Illustrated TV, available via Amazon Channels. [37] On October 30, 2017, it announced that Paramount Network was partnering with it on two TV pilots. [65]

Time Inc. Productions was renamed Four M Studios in May 2018. Four M would expand from the Time titles to all Meredith titles and to freestanding lifestyle shows and scripted shows. Four M also announced at that time a deal with Freeform TV channel to develop Meredith magazine stories, including People's "Heroes Among Us" franchise, into telefilms. [37]

Four M Studios partnered with Imagine Entertainment's Imagine Kids & Family division. Its first project from the partnership is LIFE for Kids, a children's TV show using LIFE Magazine's photo archive. [66]

Production library

Time Inc. Productions
Time Inc. Productions/Four M Studios
Four M Studios [37]

See also

Related Research Articles

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References

  1. 1 2 3 "Meredith Corporation FY 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 3 "Timeline: Meredith Corp. history". The Des Moines Register . September 8, 2015.
  3. ↑ "Meredith buys TV production firm" (PDF). Broadcasting . March 9, 1970. p. 52. Retrieved October 8, 2023.
  4. ↑ California. Court of Appeal (2nd Appellate District). Records and Briefs. February 17, 2016.
  5. ↑ "Joint ventures" (PDF). Broadcasting . January 8, 1973. p. 31. Retrieved October 10, 2023.
  6. ↑ "Meredith Agrees To Buy MMT Sales For $40,000,000". Variety . July 15, 1987. p. 37.
  7. ↑ "Meredith Shifts Stations to CBS." The New York Times June 30, 1994; p6
  8. ↑ "Meredith Completes Acquisition of Allrecipes.com From Reader's Digest" (Press release). PR Newswire. March 1, 2012.
  9. ↑ Rubin, Ben Fox (January 24, 2012). "Meredith to Buy AllRecipes.com" . The Wall Street Journal . ISSN   0099-9660.
  10. ↑ Steigrad, Alexandra (February 5, 2014). "Time Inc. Lays Out Restructuring". WWD . Retrieved February 5, 2014.
  11. ↑ Lauria, Peter (February 13, 2013). "Time Warner in talks with Meredith on magazines: source". Reuters . Retrieved February 20, 2013.
  12. ↑ Haughney, Christine (October 15, 2014). "Martha Stewart's Magazines to Outsource Business Side to Meredith" . The New York Times . ISSN   0362-4331.
  13. ↑ Trachtenberg, Jeffrey A. (October 15, 2014). "Martha Stewart Magazines to Be Licensed to Meredith Corp" . The Wall Street Journal . ISSN   0099-9660.
  14. ↑ "Meredith Adds To Growing Presence In Wedding Marketplace With Acquisition Of Rapidly Growing Mywedding.com Brand" (Press release). PR Newswire. November 17, 2014.
  15. ↑ O'Shea, Chris (November 17, 2014). "Meredith Buys Mywedding.com". AdWeek .
  16. ↑ "Meredith Expands Digital Capabilities With Acquisition Of Selectable Media" (Press release). PR Newswire. January 6, 2015.
  17. ↑ Bill Mickey (January 28, 2015). "Meredith Buys Shape From AMI for $60 Million". Folio. Retrieved March 9, 2015.
  18. 1 2 3 4 "Media General to Acquire Meredith Corp. in $2.4B Deal to Create TV Station Giant". The Hollywood Reporter. September 8, 2015. Retrieved October 29, 2019.
  19. ↑ "Media General to Buy Meredith Corp. for $2.4 Billion". The Wall Street Journal. September 8, 2015. Retrieved September 8, 2015.
  20. ↑ Lieberman, David (January 11, 2017). "FCC Approves Nexstar's $4.6B Acquisition Of Media General". Deadline. Retrieved April 21, 2018.
  21. ↑ A. Trachtenberg, Jeffrey (February 7, 2017). "Meredith, Bronfman Move Forward in Effort to Acquire Time Inc". The Wall Street Journal . Retrieved February 8, 2017.
  22. ↑ Danner, Chas (November 26, 2017). "Meredith, Backed by Koch Brothers, Acquires Time Inc. for $2.8 Billion". Intelligencer. Retrieved October 29, 2019.
  23. ↑ Nyren, Erin; Littleton, Cynthia (November 26, 2017). "Meredith Corp. Acquires Time Inc. in $2.8 Billion Koch Brothers-Backed Deal". Variety . Retrieved November 27, 2017.
  24. ↑ Ember, Sydney; Ross, Andrew (November 26, 2017). "Time Inc. Sells Itself to Meredith Corp., Backed by Koch Brothers". The New York Times . Retrieved November 27, 2017.
  25. ↑ Hardy, Kevin (January 9, 2018). "Meredith launches new Hungry Girl magazine". Des Moines Register . Retrieved January 15, 2018.
  26. ↑ "Meredith Corporation Announces Completion Of Time Inc. Acquisition And Reports Fiscal 2018 Second Quarter And First Half Results" (Press release). PR Newswire. January 31, 2018.
  27. ↑ Hays, Kali (February 1, 2018). "Time Inc., Now Meredith and More Changes to Come". Women's Wear Daily . Retrieved February 10, 2018.
  28. ↑ Gold, Howard R. (February 1, 2018). "Who killed Time Inc.?". Columbia Journalism Review . Retrieved February 10, 2018.
  29. 1 2 3 4 5 6 7 8 9 Spangler, Todd (March 21, 2018). "Meredith Laying Off 1,200, Will Explore Sale of Time, SI, Fortune and Money Brands". Variety. Archived from the original on April 26, 2021. Retrieved May 17, 2021.
  30. ↑ "Banker shells out big bucks to buy Golf Magazine". New York Post. February 8, 2018. Retrieved March 22, 2018.
  31. ↑ Sweney, Mark (February 26, 2018). "Marie Claire publisher Time Inc UK sold to private equity group". The Guardian. Retrieved March 22, 2018.
  32. ↑ "Marc and Lynne Benioff will buy Times magazine from Meredith for $190M". TechCrunch. Retrieved September 17, 2018.
  33. ↑ NUSCA, ANDREW (November 9, 2018). "FORTUNE Sells to Thai Businessman for $150 Million". Fortune .
  34. ↑ Hauser, Christine; Lee, Edmund (November 9, 2018). "Fortune Magazine Sold to Thai Businessman for $150 Million". The New York Times .
  35. ↑ "Money Magazine Is No Longer for Sale, and It's Going Digital Only". www.adweek.com. Retrieved April 26, 2019.
  36. ↑ "Meredith Corporation Announces Sale of Sports Illustrated to ABG for $110 million". May 27, 2019.
  37. 1 2 3 4 5 6 Otterson, Joe (May 15, 2018). "Time Inc. Productions Rebrands as Four M Studios (EXCLUSIVE)". Variety. Retrieved November 9, 2018.
  38. ↑ "Meredith Sells Money Magazine Brand, Nearly Two Years After Time Inc. Merger". Folio. October 22, 2019. Retrieved October 23, 2019.
  39. ↑ "Meredith sells Money.com to former Google exec's startup". New York Post. October 22, 2019. Retrieved October 23, 2019.
  40. ↑ Jett, Tyler. "Meredith Corporation sells stake in MySpace owner". Des Moines Register. Retrieved November 22, 2019.
  41. ↑ Corporation, Meredith. "Meredith Corporation And Drew And Jonathan Scott Of HGTV's Property Brothers Name New Magazine, Reveal". www.prnewswire.com. Retrieved November 22, 2019.
  42. ↑ "'Property Brothers' Stars Drew and Jonathan Scott Name New Meredith Magazine 'Reveal'". TheWrap. November 20, 2019. Retrieved February 21, 2020.
  43. ↑ Cynthia Littleton (May 3, 2021). "Gray Television to Acquire Meredith TV Stations for $2.7 Billion". Variety.
  44. ↑ "IAC's Dotdash to Acquire Meredith Corporation's National Media Group". Meredith Corporation MediaRoom. Retrieved October 6, 2021.
  45. ↑ "Pending Meredith Acquisitions By Gray And IAC's Dotdash Receive Regulatory Approvals", prnewswire.com, November 15, 2021, Retrieved November 17, 2021.
  46. ↑ "Gray Television Closes On Acquisition of Meredith Corporation's Local Media Group", Gray Television, December 1, 2021, Retrieved December 1, 2021.
  47. ↑ "IAC's Dotdash Announces Close of Meredith Transaction", IAC, December 1, 2021, Retrieved December 1, 2021.
  48. ↑ Bruell, Alexandra (February 9, 2022). "Barry Diller's Media Group Ends Print Versions of InStyle, Entertainment Weekly, Others". Wall Street Journal. Retrieved May 10, 2022.
  49. ↑ Dale, Martin (September 28, 2014). "Emilio Alcalde, Krishna Mahon, A+E Networks Latin America, on Brazil's Pay TV Market". Variety. Retrieved February 13, 2019.
  50. ↑ Porter, Sierra. "Meredith Corp. sells Money website to Puerto Rico media and advertising company". Des Moines Register. Retrieved December 18, 2019.
  51. ↑ Patane, Matthew. "Meredith ceasing More magazine publication". Des Moines Register. Retrieved December 18, 2019.
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