Meredith Corporation is an American media conglomerate based in Des Moines, Iowa, USA. The company has two divisions: National Media and Local Media. As of 2016, the company employed 12,600 people and had US$1.6 billion in revenues. As of 2018, they are the largest magazine company in the world (after its buyout of Time Inc.).
Video Meredith Corporation
History
Edwin Thomas Meredith founded the company in 1902 when he began publishing Successful Farming magazine. In 1922, Meredith began publishing Fruit, Garden and Home magazine, a home and family service publication. Two years later, this magazine was retitled Better Homes and Gardens, and the first issue cost a dime on the newsstand. In 1930, they published the first edition of The Better Homes and Gardens Cook Book. By 1928, the company had combined circulations of 2.5 million.
The company went public in 1946 and was first listed on the New York Stock Exchange in 1965. Following its initial public offering, Meredith began acquiring television stations, a strategy it has continued over the decades.
Recently, Meredith has introduced numerous other female-oriented consumer brands and has expanded its reach, through acquisitions and strategic partnerships, to become the leading media and marketing company serving the adult female audience in the United States. The company has extended its media and marketing platform around the globe, through acquisitions and strategic licensing relationships. In recent years, Meredith has acquired allrecipes.com from Reader's Digest Association, mywedding.com., Selectable Media, and Shape, Natural Health and Fit Pregnancy from American Media Inc.
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..
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%. However, the offer was countered by Nexstar Broadcasting Group, who made a successful, $4.6 billion bid to acquire Media General instead.
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. 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.
On January 9, 2018, it was announced that Meredith would launch a Hungry Girl magazine on January 16, expanding from the online brand.
The Time Inc. acquisition was completed on January 31, 2018. 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. Howard Milstein had announced on February 7, 2018, that he would acquire Golf Magazine from Meredith, and Time Inc. UK was sold to the British private equity group Epiris.
Maps Meredith Corporation
Divisions
National media
Magazines
Meredith magazines include the following brands:
Defunct magazines include:
- More
- Readymade
- Sail
- Scrapbooks Etc.
Digital media
- Allrecipes.com
- mywedding.com
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.
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. The purchase of KMOV was completed on February 28, 2014, while the KTVK sale was completed on June 19.
Meredith has also struck deals to acquire ABC affiliate WGGB in Springfield, Massachusetts from Gormally Broadcasting for $53.8 million and Fox affiliate WALA in Mobile, Alabama from LIN Media for $86 million.
Current Meredith-owned stations
Note:
- 1 Between 2009 and 2017, Meredith operated WPCH through a local marketing agreement when the station was owned by Time Warner subsidiary Turner Broadcasting System. On February 23, 2017, Meredith announced its intention to purchase the station from Time Warner prior to the latter's merging with AT&T.
Former Meredith-owned stations
Notes:
- (**) WHEN-TV/WTVH was the only station that was built and signed-on by Meredith.
- 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, 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
Business deals
Meredith Corporation has, through acquisitions and strategic partnerships, transformed the company into a "360 degree" media and marketing powerhouse serving the largest audience of female adults of any media company in the United States. John S. Zieser, Chief Development Officer, has led the company on these business activities, from the acquisition of the Parents, Family Circle and Fitness brands from European media conglomerate Bertelsmann in 2005, to the more recent acquisition of several digital and mobile companies which led to expansion of Meredith's high growth "business-to-business" Integrated Marketing division, to large strategic licensing relationships with Walmart and Realogy relating to the Better Homes and Gardens brand. John Zieser also leads and manages the acceleration of Meredith's consumer brands overseas, through over 35 licensing partnerships with leading media partners around the globe.
In March 2012, Meredith completed the acquisition of allrecipes.com from Reader's Digest Association for $175 million.
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.
In November 2014, a month after inking the licensing deal with Martha Stewart Living Omnimedia, Meredith acquired mywedding.com.
In November 2017, Meredith Corporation acquired Time Inc., combining to boast 135 Million readers. The acquisition was finalised on January 31, 2018.
See also
- New Media Strategies
- List of United States magazines
References
Further reading
- Brown, Kathi Ann (2002). Meredith: the first 100 years. ISBN 978-0-696-21668-8.
- Pendergast, Sara (2006). "Meredith Corporation". International Directory of Company Histories. Retrieved 2018-05-13 - via Encyclopedia.com.
External links
- Official website
- Agriculture.com portal by Successful Farming
- Better Homes and Gardens main website
Source of article : Wikipedia
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