Meredith M&A Hunt Strengthens
We reported Meredith was looking for television stations to acquire after being rebuffed in its bid to buy Media General, combined with a strong earnings sheet.
Now, CEO Steve Lacy tells Media Ink he presented five purchase possibilities to the Meredith board of directors.
Two of the potential acquisitions are television stations and the remaining three are digital business, the New York Post reports.
Meredith got $60M in cash as a breakup fee from the defunct Media General deal. Lacy told investors recently the broadcaster would look to expand its digital capabilities, including “pursuing opportunities to add to its portfolio,” and seek “accretive acquisitions.”
The company has “low leverage and cheap debt,” placing it in a good position to pounce on stations it seeks to acquire. That includes getting a first look at some of the assets being divested in order to complete the Nexstar-MG deal, we’ve reported.