Open main menu

Meredith Corporation

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.[2]).

Meredith Corporation
Public
Traded asNYSEMDP
S&P 400 Component
IndustryMedia
Founded1902; 116 years ago (1902)
FounderEdwin T. Meredith
HeadquartersDes Moines, Iowa
Key people
  • Steve Lacy
  • (Executive Chairman)
  • Tom Harty
  • (President and CEO)
Products
RevenueUS$1.6 billion (2016)[1]
Number of employees
3,600 (2016)[1]
DivisionsNational Media
Local Media
Websitemeredith.com

Contents

HistoryEdit

 
Former logo from 1960s to 2009

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,[3][4] 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.[5]

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 March 2012, Meredith completed the acquisition of allrecipes.com from Reader's Digest Association for $175 million.[6] 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.[7][8] In November 2014, a month after inking the licensing deal with Stewart Omnimedia, Meredith acquired mywedding.com.[9] 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]

The Time Inc. acquisition was completed on January 31, 2018.[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]

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[27]

DivisionsEdit

National MediaEdit

MagazinesEdit

Meredith magazines include the following brands:

Defunct magazines include:

Digital mediaEdit

Local mediaEdit

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.[30]

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.[31] The purchase of KMOV was completed on February 28, 2014,[32] while the KTVK sale was completed on June 19.[33]

Meredith has also struck deals to acquire ABC affiliate WGGB in Springfield, Massachusetts from Gormally Broadcasting for $53.8 million[34] and Fox affiliate WALA in Mobile, Alabama from LIN Media for $86 million.[35]

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 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.[36][37][38]

Current Meredith-owned stationsEdit

City of license / Market Station Channel
TV (RF)
Owned since Network affiliation
Mobile WALA-TV 10 (9) 2014 Fox
Phoenix KPHO-TV 5 (17) 1952 CBS
KTVK 3 (24) 2014 Independent
Hartford - New Haven WFSB 3 (33) 1997 CBS
Atlanta[39] WGCL-TV 46 (19) 1999 CBS
WPCH-TV 17 (20) 2017 1 Independent
Springfield, Massachusetts WSHM-LD
(semi-satellite of WFSB)
3 (21) 2004 CBS
WGGB-TV 40 (40) 2014 ABC
Fox (DT2)
Bay City - Flint - Saginaw, MI WNEM-TV 5 (22) 1969 CBS
MyNetworkTV (DT2)
Kansas City, Missouri KCTV 5 (24) 1953 CBS
KSMO-TV 62 (47) 2005 MyNetworkTV
St. Louis KMOV 4 (24) 2014 CBS
MyNetworkTV (DT3)
Henderson - Las Vegas, NV KVVU-TV 5 (9) 1985 Fox
Portland, OR - Vancouver, WA KPTV 12 (12) 2002 Fox
KPDX 49 (30) 1997 MyNetworkTV
Bend, Oregon KUBN-LD
(semi-satellite of KPDX)
43 (43) 2006 MyNetworkTV
Greenville - Spartanburg - Asheville WHNS 21 (21) 1997 Fox
Nashville WSMV-TV 4 (19) 1995 NBC

Note:

Former Meredith-owned stationsEdit

City of license / Market Station Channel
TV (RF)
Years owned Current ownership status
Phoenix KASW 61 (49) 1 The CW affiliate owned by Nexstar Media Group
Fresno KSEE 24 (38) 1984–1993 NBC affiliate owned by Nexstar Media Group
Ocala - Gainesville, FL WOGX
(semi-satellite of WOFL)
51 (31) 1996–2002 Fox owned-and-operated (O&O)
Orlando - Daytona Beach WOFL 35 (22) 1983–2002 Fox owned-and-operated (O&O)
WCPX-TV 6 (26) 1997 2 CBS affiliate, WKMG-TV, owned by Graham Media Group
Omaha WOW-TV 6 (22) 1951–1975 NBC affiliate, WOWT, owned by Gray Television
Syracuse, New York WHEN-TV/WTVH ** 5 (47) 1948–1993 CBS affiliate owned by Granite Broadcasting
(operated under an SSA by Sinclair Broadcast Group)
Bend, Oregon KFXO-LD 39 (39) 1997–2007 Fox affiliate owned by News-Press & Gazette Company
Pittsburgh WPGH-TV 53 (43) 1978–1986 Fox affiliate owned by Sinclair Broadcast Group
Cleveland - Chattanooga, TN WFLI-TV 53 (42) 2004–2008 The CW affiliate owned by MPS Media
(operated under SSA by New Age Media)
Seattle-Tacoma KCPQ-TV 13 1998–1999 3 Fox affiliate owned by Tribune Broadcasting

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,[41] 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 stationsEdit

AM Stations FM Stations
City of License/Market Station/Frequency Years owned Current ownership status
Phoenix KPHO-910
(now KGME)
1952–1972 iHeartMedia, Inc.
Kansas City, Missouri KCMO-710
(KCMO is now at 810 AM;
710 AM is now WHB)
1953–1983 Cumulus Media
KCMO-FM-94.9 1953–1983 Cumulus Media
Omaha WOW-590
(now KXSP)
1951–1983 E.W. Scripps Company
WOW-FM-92.3
(now KEZO-FM)
1951–1983 E.W. Scripps Company
Syracuse, New York WHEN-620 1954–1976 iHeartMedia
Bridgeport, Michigan WNEM-1250
(now WJMK)
2004–2013 Ave Maria Communications

Four M StudiosEdit

Four M Studios (Four M), formerly Time Inc. Productions, is Meredith's in house production company and is under the over site of Bruce Gersh, Meredith’s president of People, Entertainment Weekly and People en Español.[27]

After attempting a few TV shows in 2014 and 2015, the company formed Time Inc. Productions in 2016 as its in house production company.[42] 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.[27] On October 30, 2017, the company announced that Paramount Network were partnering on two TV show pilots.[43]

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.[27]

Production libraryEdit

Time Inc. Productions
Time Inc. Productions/Four M Studios
Four M Studios[27]
  • Home (Apple) 10 one-hour episodes[45]
  • People Magazine Investigates: Cults (Investigation Discovery)
  • People Magazine Investigates: Crimes of Fashion (Investigation Discovery)
  • The Story of the Royals (ABC) documentary miniseries

See alsoEdit

ReferencesEdit

  1. ^ a b "Meredith Corporation 2016 Annual Report Form (10-K)" (PDF). Meredith. United States Securities and Exchange Commission. June 30, 2016. Retrieved August 8, 2017.
  2. ^ "Meredith Corporation Announces Completion Of Time Inc. Acquisition And Reports Fiscal 2018 Second Quarter And First Half Results".
  3. ^ "Miller Center of Public Affairs University of Virginia". American President Woodrow Wilson/Edwin T. Meredith Secretary of Agriculture. Archived from the original on December 17, 2010. Retrieved December 12, 2010.
  4. ^ "NNDB". Edwin T. Meredith. Retrieved December 12, 2010.
  5. ^ "History of Meredith Corporation – FundingUniverse". www.fundinguniverse.com.
  6. ^ Rubin, Ben Fox. "Meredith to Buy AllRecipes.com". Wall Street Journal. ISSN 0099-9660. Retrieved 2015-08-25.
  7. ^ Haughney, Christine (2014-10-15). "Martha Stewart's Magazines to Outsource Business Side to Meredith". The New York Times. ISSN 0362-4331. Retrieved 2015-08-25.
  8. ^ Trachtenberg, Jeffrey A. "Martha Stewart Magazines to Be Licensed to Meredith Corp". Wall Street Journal. ISSN 0099-9660. Retrieved 2015-08-25.
  9. ^ "Meredith Adds To Growing Presence In Wedding Marketplace With Acquisition Of Rapidly Growing Mywedding.com Brand (NYSE:MDP)". ir.meredith.com. Archived from the original on 2015-09-12. Retrieved 2015-08-25.
  10. ^ "Meredith Expands Digital Capabilities With Acquisition Of Selectable Media". PR Newswire. January 6, 2015. Retrieved January 7, 2015.
  11. ^ Bill Mickey (2015-01-28). "Meredith Buys Shape From AMI for $60 Million". Folio:. Retrieved 2015-03-09.
  12. ^ Steigrad, Alexandra (February 5, 2014). "Time Inc. Lays Out Restructuring". WWD. Retrieved February 5, 2014.
  13. ^ Lauria, Peter (February 13, 2013). "Time Warner in talks with Meredith on magazines: source". Reuters. Retrieved February 20, 2013.
  14. ^ "Media General to Buy Meredith Corp. for $2.4 Billion". The Wall Street Journal. September 8, 2015. Retrieved September 8, 2015.
  15. ^ Lieberman, David (2017-01-11). "FCC Approves Nexstar's $4.6B Acquisition Of Media General". Deadline. Retrieved 2018-04-21.
  16. ^ A. Trachtenberg, Jeffrey (February 7, 2017). "Meredith, Bronfman Move Forward in Effort to Acquire Time Inc". The Wall Street Journal. Retrieved February 8, 2017.
  17. ^ Nyren, Erin; Littleton, Cynthia (November 26, 2017). "Meredith Corp. Acquires Time Inc. in $2.8 Billion Koch Brothers-Backed Deal". Variety. Retrieved November 27, 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 November 27, 2017.
  19. ^ Hardy, Kevin (January 9, 2018). "Meredith launches new Hungry Girl magazine". Des Moines Register. Retrieved January 15, 2018.
  20. ^ "Meredith Corporation Announces Completion Of Time Inc. Acquisition And Reports Fiscal 2018 Second Quarter And First Half Results" (Press release). Meredith Corporation. January 31, 2018. Retrieved February 10, 2018.
  21. ^ Hays, Kali (February 1, 2018). "Time Inc., Now Meredith and More Changes to Come". Women's Wear Daily. Retrieved February 10, 2018.
  22. ^ Gold, Howard R. (February 1, 2018). "Who killed Time Inc.?". Columbia Journalism Review. Retrieved February 10, 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 2018-03-22.
  24. ^ "Banker shells out big bucks to buy Golf Magazine". New York Post. 2018-02-08. Retrieved 2018-03-22.
  25. ^ Sweney, Mark (2018-02-26). "Marie Claire publisher Time Inc UK sold to private equity group". the Guardian. Retrieved 2018-03-22.
  26. ^ "Marc and Lynne Benioff will buy Times magazine from Meredith for $190M". TechCrunch. Retrieved 2018-09-17.
  27. ^ a b c d e f Otterson, Joe (May 15, 2018). "Time Inc. Productions Rebrands as Four M Studios (EXCLUSIVE)". Variety. Retrieved November 9, 2018.
  28. ^ "Archived copy". Archived from the original on 2015-01-28. Retrieved 2015-08-25.
  29. ^ "Archived copy". Archived from the original on 2015-09-12. Retrieved 2015-08-25.
  30. ^ Pursell, Chris (January 2008). "Meredith Speeds Up 'Better' Rollout". TV Week. Retrieved January 19, 2011.
  31. ^ Meredith to Expand TV Portfolio with Deal to Add Stations in Phoenix, St. Louis, Meredith press release, December 23, 2013.
  32. ^ Brown, Lisa (February 28, 2014). "Meredith Corp. closes on $177 million purchase of KMOV". St. Louis Post-Dispatch. Retrieved February 28, 2014.
  33. ^ Gannett-Sander Complete Phoenix Sale, TVNewsCheck, Retrieved 19 June 2014.
  34. ^ Malone, Michael (19 June 2014). "Meredith to Acquire WGGB Springfield, Mass". Broadcasting & Cable. Retrieved 9 September 2014.
  35. ^ Staff. "Media General, LIN Sell Stations In 5 Markets".
  36. ^ "Why Sinclair Won't Buy Cox". Retrieved 10 November 2018.
  37. ^ "Cox Enterprises Mulls Selling 14 TV Stations". Retrieved 10 November 2018.
  38. ^ "Meredith, Scripps Could Make a Play for Cox". Retrieved 10 November 2018.
  39. ^ a b Swartz, Kristi E. (January 18, 2011). "Parent of CBS Atlanta to take over operations of Peachtree TV". Atlanta Journal-Constitution. Retrieved January 18, 2011.
  40. ^ Rodney Ho (February 23, 2017). "Meredith purchases Peachtree TV from Time Warner/Turner Broadcasting System". Atlanta Journal-Constitution. Cox Enterprises. Retrieved February 25, 2017.
  41. ^ "Meredith To Purchase Channel 6".
  42. ^ Applefeld Olson, Cathy (January 11, 2018). "At Time Inc. Productions, It's All About the Brands - Cynopsis Media". Cynopsis Media. Retrieved November 9, 2018.
  43. ^ a b c "Paramount Network, Time Inc. Productions Announce Collaboration". TVWeek. October 30, 2017. Retrieved November 9, 2018.
  44. ^ a b c d Stanhope, Kate (February 13, 2017). "Princess Diana Documentary in the Works at ABC". The Hollywood Reporter. Retrieved November 9, 2018.
  45. ^ a b c Alcinii, Daniele (August 9, 2018). "Bruce Gersh on Four M Studios' unscripted strategy". Realscreen. Retrieved November 10, 2018.

Further readingEdit

  • 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 linksEdit