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Posts Tagged ‘Stephen Lacy’

Meredith Buys Gannett TV Stations for $407.5 Million

meredith-bMeredith Corporation, publisher of Better Homes & GardensEvery Day with Rachael Ray and more, is expanding its TV business. The company has purchased Gannett TV stations located in Phoenix and St.Louis, for $407.5 million.

The buy includes KASW in Phoenix and KMOV in St. Louis. Meredith also acquired KTVK in Phoenix, but is selling it in a different deal to SagamoreHill.

“These are high performing stations and will add to our already strong cash flow,” said Meredith’s CEO, Stephen Lacy, in a statement. “We will increase our presence in the large and growing Phoenix market, where we own KPHO, the CBS affiliate.  KMOV in St. Louis adds another Top 25 market to our portfolio, and when combined with KCTV in Kansas City, gives us powerful local brands in two of the Midwest’s top news and sports markets.”

The purchase is expected to close in the first quarter of next year, pending FCC approval.

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Joe Ripp, Time Inc.’s New CEO, Willing to Sell Brands

Joe Ripp was named Time Inc.’s new CEO just yesterday, and he’s already talking about making deals. When asked if some of the company’s brands would be worth more to a buyer, Adweek reports that Ripp replied “That’s a question we should all be asking ourselves.”

Does this mean a reconnection with Meredith Corp., the Midwestern magazine giant? We’re thinking yes. When those talks broke off, Stephen Lacy, Meredith’s CEO, admitted that the company badly wanted the deal (Meredith wanted People and InStyle, but balked when Time Inc. wanted to include SI, Time and Fortune) to go through, and would be open to talking at a later date. “We’d love the opportunity as their spinoff transaction progresses to see if there is something we could do together downstream,” he explained at the time.

Heads up Time Inc. staffers. Iowa isn’t so far away after all.

Meredith’s CEO: ‘There is Potential’ for Time Warner Deal

The Time Inc. and Meredith merger that everyone was talking about (okay maybe just media junkies, but everything we discuss is very important!) is dead, but Stephen Lacy, Meredith’s CEO, isn’t giving up completely.

In an interview with the Des Moines Register, Lacy answered questions about the deal. He even admitted that Meredith had “salivated over those businesses [Time Inc.'s lifestyle mags] forever.” Below are some other interesting/less gross things Lacy had to say.

On the possibility of still doing a deal with Time Warner or Time Inc.:

There is potential there. We’d love the opportunity as their spinoff transaction progresses to see if there is something we could do together downstream.

How the talks got started:

Read more

Time Warner Ends Talks with Meredith, Time Inc. to Spin Off

And just like that, it’s over. Time Warner has ended talks with Meredith regarding merging Time Inc. with the Iowa-based company. As a result, Time Inc. will be spun off into a separate, publicly-traded company. The New York Times reports that the first casualty of the division is Laura Lang, who will leave once Time Inc. once the separation is complete.

Yesterday multiple reports emerged that the deal was almost dead. As much as we joked that the deal wouldn’t get done because of Iowa,  that wasn’t the main sticking point. The merger fell through because Meredith didn’t want to take on Time, Sports Illustrated, Fortune and Money because they’re pretty much money pits and don’t fit well with Meredith’s brand. Understandable.

So the biggest media combo to be discussed in quite some time ends not with a roar, but a few boring statements. Stephen Lacy, CEO of Meredith: “We respect Time Warner’s decision and certainly remain open to continuing a dialogue on how our companies might work together on future opportunities.”

Jeff Bewkes, CEO of Time Warner: “After a thorough review of options, we believe that a separation will better position both Time Warner and Time Inc. Time Inc. will also benefit from the flexibility and focus of being a stand-alone company.”

And finally, below is Lang’s memo to Time Inc. staffers.

Read more

Meredith Corp. Cuts 80 Staffers

Meredith Corporation has cut a whopping 80 staffers in a move to address disappointing ad sales during the first quarter of 2012. The New York Post reports that every publication was impacted, including such popular titles as Better Homes and GardensFamily Circle, Ladies’ Home Journal, Parents and Everyday with Rachael Ray.

Per a statement obtained by the Post, Meredith’s CEO, Stephen Lacy, said the pink slips were needed so that the company could “operate as efficiently as possible.”

We must dedicate resources to meet the demands of the evolving business landscape, and operate as efficiently as possible. As part of this process, today we are announcing selected work-force reductions of 80 employees companywide. These actions will enable us to allocate additional resources to our key strategic-growth initiatives.

Meredith is reporting its first quarter results today; that should be an interesting announcement.

Meredith Cuts 45 Jobs, Repositions Special Interest Division

merelogo.jpgMeredith Corp., which seemed to have such a successful year in 2009, announced today that it is planning to “reposition” its Special Interest Media business, resulting in the loss of about 45 jobs.

Meredith has over 90 special interest magazines covering remodeling, decorating, food and entertaining and gardening, including titles such as Diabetic Living and Kitchen and Bath Ideas. But Meredith’s president Stephen Lacy said today that the effects of the recession have led the company to reposition the division to focus on “certain home and food verticals, in particular those aligned with the Better Homes and Gardens brand.”

Although Meredith currently leads the special interest media industry, it is planning to cut the number of special interest issues it produces from 150 in fiscal 2010 to 90 in fiscal 2011. “We continue to believe in the long-term viability of this business and believe this strategy will deliver substantially higher profitability going forward,” Lacy said in a statement about the decision today.

A Meredith spokesperson told FishbowlNY that these layoffs will occur immediately in most cases, and that most employees won’t be reassigned within the company. Layoff notifications have already been made, so if you know anything let us know.

Meredith said that it was recording a special charge of $5.5 million for the second quarter of fiscal 2010 for the repositioning, which includes costs for severance.

Update: We have learned that there will be no layoffs from Meredith’s operations in New York. A bulk of the cuts will come from its Des Moines, Iowa headquarters.

Read the press release.