Meredith Corporation is considering making some drastic changes as Bloombergreports that the American media conglomerate wants to sell its 17 local television stations. The reason for this is due to the company putting its sole focus on its magazine business.
“As a matter of company policy, we do not comment on rumors or speculation,” a Meredith spokesperson responded when questioned about the Bloomberg report.
The report states that Meredith is working with an adviser to divest the stations. Nonetheless, a final arrangement on the sale has not been made.
According to Meredith’s website, their local television stations reach 11-percent of U.S. households, with most located in “large, fast-growing markets.” Furthermore, seven of their stations serve the nation’s top 25 markets in cities like Atlanta, Phoenix, St. Louis, and Portland.
Their local television stations are only part of Meredith’s media empire. The company owns numerous magazine brands, including People, Martha Stewart Living, Better Homes & Gardens, InStyle, Allrecipes, Real Simple, Shape, and Southern Living.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
