The $86 million buy of the Fox affiliate from Media General was part of a divestiture deal involved in obtaining federal regulatory approval of Media General’s merger with LIN Media.
Meredith Corp. on Friday said it has completed the acquisition of Fox affiliate WALA Mobile, Ala.-Pensacola, Fla. (DMA 59) from Media General for $86 million.
The sale was part of a divestiture deal involved in Media General receiving regulatory approval for its merger with LIN Media.
The company said the purchase will not have a material effect on Meredith’s fiscal 2015 second quarter financial results, but will be accretive to Meredith’s earnings for the second half of fiscal 2015 and in fiscal 2016.
Meredith said it will provide more detail when it reports fiscal 2015 second quarter results on Jan. 28, 2015.
Meredith now owns or operates 17 television stations that reach over 10% of U.S. television households. Seven of Meredith’s stations are located in top 25 markets, and 14 are in top 60 markets.
Meredith operates duopolies in the Atlanta, Phoenix, Kansas City, Portland, Ore. and Springfield, Mass. markets.