Meredith Corporation, publisher of Better Homes & Gardens, Every 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.