Meredith Corporation is selling its Local Media Group division to Gray Television. The deal will be valued at $2.7 billion. It is structured as a spin-off of another Meredith division, National Media Group, into a separate public company that will inherit the Meredith Corporation name and MDP stock ticker. Meredith shareholders will receive the spin-off company's securities at a 1-to-1 ratio and $14.5 per share in exchange for their shares. The transaction is expected to close in Q4 2021.
Meredith Corporation is selling its Local Media Group division to Gray Television. The deal will be valued at $2.7 billion. It is structured as a spin-off of another Meredith division, National Media Group, into a separate public company that will inherit the Meredith Corporation name and MDP stock ticker. Meredith shareholders will receive the spin-off company's securities at a 1-to-1 ratio and $14.5 per share in exchange for their shares. The transaction is expected to close in Q4 2021. 
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