ATLANTA, Ga. (CBS46) - Meredith Corporation announced the sale of the Local Media Group to Gray Television Monday morning.
A statement from Meredith's Chairman and CEO Tom Harty said, "This transaction presents a tremendous opportunity to sharpen our focus, and it enables Meredith to become a multi-platform, lifestyle media leader focusing exclusively on the national brands that consumers have long loved."
Meredith is the go-to resource for 95% of all U.S. women, as well as all consumers who want to be informed, entertained, and inspired by content in categories that span every phase of life and touch every aspect of their household. Demand for this content has accelerated dramatically since last year and fundamental shifts in consumer behavior post-pandemic point to continued growth and opportunity.
He reiterates that the vision is to build the most vital media company in the U.S., powered by our world-class content creators and talent.
In his statement, Harty also thanks Patrick McCreery, his team and all employees for their outstanding leadership of and dedication to the Local Media Group (LMG).
"Our television stations have been an important piece of Meredith’s history for nearly 75 years, playing a critical role in our growth and development. They are integral to the communities they serve, providing outstanding coverage, local insight, and strong advertiser partnerships. We believe this transaction will allow LMG to continue to grow and flourish given the additional scale and broadcast capabilities of Gray." he said.
In terms of what’s not changing, Meredith will stay headquartered in Des Moines, and remains committed to serving the communities in which it operates.