Meredith Corporation
Get Meredith Corporation essential facts below. View Videos or join the Meredith Corporation discussion. Add Meredith Corporation to your PopFlock.com topic list for future reference or share this resource on social media.
Meredith Corporation
Meredith Corporation
Public
Traded asNYSEMDP
S&P 400 Component
IndustryMass media
Founded1902; 117 years ago (1902)
FounderEdwin T. Meredith
HeadquartersDes Moines, Iowa
Key people
  • Steve Lacy
  • (Executive Chairman)
  • Tom Harty
  • (President and CEO)
Products
RevenueIncrease $2.247 billion (FY 2018)
Increase $0.099 billion (FY 2018)
Increase $6.727 billion (FY 2018)
Increase $1.097 billion (FY 2018)
Number of employees
7,915 (2018)
Websitewww.meredith.com
Footnotes / references
[1]
Former logo from 1960s to 2009

Meredith Corporation is an American media conglomerate based in Des Moines, Iowa. The company owns magazines, television stations, websites, and radio stations. Meredith's publications have a readership of more than 120 million, paid circulation of more than 40 million, and its websites have nearly 135 million monthly unique visitors. Meredith's broadcast television stations reach 11% of U.S. households.[1]

History

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][3][2] and the first issue cost a dime on the newsstand.

By 1928, the company had circulation of 2.5 million.

In 1930, the company published the first edition of The Better Homes and Gardens Cook Book.

In 1946, the company became a public company. It was listed on the New York Stock Exchange in 1965.[2]

In March 2012, Meredith acquired allrecipes.com from Reader's Digest Association for $175 million.[4][5]

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.[6][7]

In November 2014, Meredith acquired mywedding.com.[8][9]

In January 2015, the company acquired Selectable Media.[10]

In January 2015 Shape, Natural Health and Fit Pregnancy from American Media Inc. Fitness magazine was folded into Shape, while retaining its website.[11]

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.[12][13]

On September 8, 2015, Media General announced its intent to acquire Meredith in a cash and stock deal valued at $2.4 billion. Pending regulatory and shareholder approval, the deal was expected to be consummated in June 2016. 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. To comply with FCC ownership limits, the company would have divested and/or swapped stations in six markets. Media General shareholders would have controlled 65% of the company, with Meredith shareholders holding 35%.[14] However, the offer was countered by Nexstar Broadcasting Group, who made a successful, $4.6 billion bid to acquire Media General instead.[15]

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.[16] On November 26, 2017, it was announced that Meredith Corporation would acquire Time Inc. in a $2.8 billion deal. $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.[17][18]

On January 9, 2018, it was announced that Meredith would launch a Hungry Girl magazine on January 16, expanding from the online brand.[19]

On January 31, 2018, the company completed the acquisition of Time Inc.[20][21][22] 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.[23]Howard Milstein had announced on February 7, 2018, that he would acquire Golf Magazine from Meredith,[24] and Time Inc. UK was sold to the British private equity group Epiris (later rebranded to TI Media) in late February.[25] In September 2018, Meredith announced the sale of Time to Marc Benioff and his wife Lynne for $190 million.[26] In November 2018, Meredith announced the sale of Fortune to Thai businessman Chatchaval Jiaravanon, whose family owns Charoen Pokphand, for $150 million.[27][28] In May, 2019, Meredith announced the sale of Sports Illustrated to Authentic Brands Group, for $110 million.[29]

Time Inc. Productions was renamed Four M Studios in May 2018. The studios is under Bruce Gersh, Meredith's president of People, Entertainment Weekly and People en Español and head of Four M Studios.[30]

Divisions

National media

Magazines

Meredith magazines include the following brands:

Defunct magazines include:

Digital media

Local media

The broadcasting division owns 15 television stations. Meredith's broadcasting division also produces Better, 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 are also cooking demonstrations and regular features on health, beauty, fitness and fashion. The program currently airs on 80 stations nationwide.[34]

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.[35] The purchase of KMOV was completed on February 28, 2014,[36] while the KTVK sale was completed on June 19.[37]

Meredith has also struck deals to acquire ABC affiliate WGGB in Springfield, Massachusetts from Gormally Broadcasting for $53.8 million[38] and Fox affiliate WALA in Mobile, Alabama from LIN Media for $86 million.[39]

Following the 2018 announcement that Cox Media Group was looking to divest its 14 stations, Meredith was mentioned as a leading candidate to purchase the Cox stations. Such an acquisition would require minimal divestiture (only in Atlanta do the two companies overlap), and would also mark a return to Seattle, Pittsburgh, and Orlando where Meredith previously owned stations, though none of the former Meredith stations in those markets are currently owned by Cox.[40][41][42]

On May 2, 2019, reports were made suggesting that Meredith was planning to sell off its stations to focus on its core media properties, with Apollo Global Management (which reached a deal to acquire a majority stake in the Cox stations through a joint venture called Terrier Media on February 15 of that year) suggested to be the main frontrunner.[43]

Current Meredith-owned stations

  • (**) indicates a station that was built and signed on by Meredith.
  • () indicates a station that was owned by First Media prior to its acquisition by Meredith in 1997.

Note:

Former Meredith-owned stations

Notes:

  • 1 Owned by SagamoreHill Broadcasting, Meredith operated KASW under a shared services agreement.
  • 2 WCPX was acquired along with KPDX and WHNS when Meredith bought their parent company First Media,[46] but the station was swapped to Post-Newsweek Stations (former name of Graham Media Group) for WFSB a day later. Meredith never held control of the station.
  • 3 Acquired solely to be traded to Tribune for WGCL.

Radio stations

AM Stations FM Stations

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.[30]

After attempting a few TV shows in 2014 and 2015, the company formed Time Inc. Productions in 2016 as its in house production company.[47] The company 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, the company launched its first over-the-top subscription service, Sports Illustrated TV, available via Amazon Channels.[30] On October 30, 2017, the company announced that Paramount Network were partnering on two TV show pilots.[48]

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 to telefilms.[30]

Production library

Time Inc. Productions
Time Inc. Productions/Four M Studios
Four M Studios[30]
  • Home (Apple) 10 one-hour episodes[50]
  • People Magazine Investigates: Cults (Investigation Discovery)
  • People Magazine Investigates: Crimes of Fashion (Investigation Discovery)
  • The Story of the Royals (ABC) documentary miniseries

See also

References

  1. ^ a b c "Meredith Corporation FY 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c d "Timeline: Meredith Corp. history". The Des Moines Register. September 8, 2015.
  3. ^ "Edwin T. Meredith". NNDB.
  4. ^ "Meredith Completes Acquisition of Allrecipes.com From Reader's Digest" (Press release). PR Newswire. March 1, 2012.
  5. ^ Rubin, Ben Fox (January 24, 2012). "Meredith to Buy AllRecipes.com". The Wall Street Journal. ISSN 0099-9660.
  6. ^ Haughney, Christine (October 15, 2014). "Martha Stewart's Magazines to Outsource Business Side to Meredith". The New York Times. ISSN 0362-4331.
  7. ^ Trachtenberg, Jeffrey A. (October 15, 2014). "Martha Stewart Magazines to Be Licensed to Meredith Corp". The Wall Street Journal. ISSN 0099-9660.
  8. ^ "Meredith Adds To Growing Presence In Wedding Marketplace With Acquisition Of Rapidly Growing Mywedding.com Brand" (Press release). PR Newswire. November 17, 2014.
  9. ^ O'Shea, Chris (November 17, 2014). "Meredith Buys Mywedding.com". AdWeek.
  10. ^ "Meredith Expands Digital Capabilities With Acquisition Of Selectable Media" (Press release). PR Newswire. January 6, 2015.
  11. ^ Bill Mickey (2015-01-28). "Meredith Buys Shape From AMI for $60 Million". Folio:. Retrieved .
  12. ^ Steigrad, Alexandra (February 5, 2014). "Time Inc. Lays Out Restructuring". WWD. Retrieved 2014.
  13. ^ Lauria, Peter (February 13, 2013). "Time Warner in talks with Meredith on magazines: source". Reuters. Retrieved 2013.
  14. ^ "Media General to Buy Meredith Corp. for $2.4 Billion". The Wall Street Journal. September 8, 2015. Retrieved 2015.
  15. ^ Lieberman, David (2017-01-11). "FCC Approves Nexstar's $4.6B Acquisition Of Media General". Deadline. Retrieved .
  16. ^ A. Trachtenberg, Jeffrey (February 7, 2017). "Meredith, Bronfman Move Forward in Effort to Acquire Time Inc". The Wall Street Journal. Retrieved 2017.
  17. ^ Nyren, Erin; Littleton, Cynthia (November 26, 2017). "Meredith Corp. Acquires Time Inc. in $2.8 Billion Koch Brothers-Backed Deal". Variety. Retrieved 2017.
  18. ^ Ember, Sydney; Ross, Andrew (November 26, 2017). "Time Inc. Sells Itself to Meredith Corp., Backed by Koch Brothers". The New York Times. Retrieved 2017.
  19. ^ Hardy, Kevin (January 9, 2018). "Meredith launches new Hungry Girl magazine". Des Moines Register. Retrieved 2018.
  20. ^ "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.
  21. ^ Hays, Kali (February 1, 2018). "Time Inc., Now Meredith and More Changes to Come". Women's Wear Daily. Retrieved 2018.
  22. ^ Gold, Howard R. (February 1, 2018). "Who killed Time Inc.?". Columbia Journalism Review. Retrieved 2018.
  23. ^ a b c d e f g h i j k l Spangler, Todd (2018-03-21). "Meredith Laying Off 1,200, Will Explore Sale of Time, SI, Fortune and Money Brands". Variety. Retrieved .
  24. ^ "Banker shells out big bucks to buy Golf Magazine". New York Post. 2018-02-08. Retrieved .
  25. ^ Sweney, Mark (2018-02-26). "Marie Claire publisher Time Inc UK sold to private equity group". the Guardian. Retrieved .
  26. ^ "Marc and Lynne Benioff will buy Times magazine from Meredith for $190M". TechCrunch. Retrieved .
  27. ^ NUSCA, ANDREW (November 9, 2018). "FORTUNE Sells to Thai Businessman for $150 Million". Fortune.
  28. ^ Hauser, Christine; Lee, Edmund (November 9, 2018). "Fortune Magazine Sold to Thai Businessman for $150 Million". The New York Times.
  29. ^ "Meredith Corporation Announces Sale of Sports Illustrated to ABG for $110 million". May 27, 2019.
  30. ^ a b c d e f Otterson, Joe (May 15, 2018). "Time Inc. Productions Rebrands as Four M Studios (EXCLUSIVE)". Variety. Retrieved 2018.
  31. ^ Steinberg, Brian (2019-05-28). "Meredith Sells Sports Illustrated to Authentic Brands Group for $110 Million". Variety. Retrieved .
  32. ^ "Archived copy". Archived from the original on 2015-01-28. Retrieved .CS1 maint: Archived copy as title (link)
  33. ^ "Archived copy". Archived from the original on 2015-09-12. Retrieved .CS1 maint: Archived copy as title (link)
  34. ^ Pursell, Chris (January 2008). "Meredith Speeds Up 'Better' Rollout". TV Week. Retrieved 2011.
  35. ^ "Meredith to Expand TV Portfolio with Deal to Add Stations in Phoenix, St. Louis" (Press release). PR Newswire. December 23, 2013.
  36. ^ Brown, Lisa (February 28, 2014). "Meredith Corp. closes on $177 million purchase of KMOV". St. Louis Post-Dispatch. Retrieved 2014.
  37. ^ Gannett-Sander Complete Phoenix Sale, TVNewsCheck, Retrieved 19 June 2014.
  38. ^ Malone, Michael (19 June 2014). "Meredith to Acquire WGGB Springfield, Mass". Broadcasting & Cable. Retrieved 2014.
  39. ^ Staff. "Media General, LIN Sell Stations In 5 Markets".
  40. ^ "Why Sinclair Won't Buy Cox". Retrieved 2018.
  41. ^ "Cox Enterprises Mulls Selling 14 TV Stations". Retrieved 2018.
  42. ^ "Meredith, Scripps Could Make a Play for Cox". Retrieved 2018.
  43. ^ "Meredith to explore sale of its U.S. broadcast stations: sources". Reuters. 2019-05-01. Retrieved .
  44. ^ a b Swartz, Kristi E. (January 18, 2011). "Parent of CBS Atlanta to take over operations of Peachtree TV". Atlanta Journal-Constitution. Retrieved 2011.
  45. ^ Rodney Ho (February 23, 2017). "Meredith purchases Peachtree TV from Time Warner/Turner Broadcasting System". Atlanta Journal-Constitution. Cox Enterprises. Retrieved 2017.
  46. ^ "Meredith To Purchase Channel 6".
  47. ^ Applefeld Olson, Cathy (January 11, 2018). "At Time Inc. Productions, It's All About the Brands - Cynopsis Media". Cynopsis Media. Retrieved 2018.
  48. ^ a b c "Paramount Network, Time Inc. Productions Announce Collaboration". TVWeek. October 30, 2017. Retrieved 2018.
  49. ^ a b c d Stanhope, Kate (February 13, 2017). "Princess Diana Documentary in the Works at ABC". The Hollywood Reporter. Retrieved 2018.
  50. ^ a b c Alcinii, Daniele (August 9, 2018). "Bruce Gersh on Four M Studios' unscripted strategy". Realscreen. Retrieved 2018.

Further reading

External links


  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

Meredith_Corporation
 



 



 
Music Scenes