Increases in core, digital and retrans money fail to offset lower political and greater reverse comp.
Meredith Corp. said today that its Local Media Group will launch a new Southern Living television show starting in April 2020. It will air in all 12 of Meredith’s local television markets including Atlanta, Nashville, Greenville, S.C., and Mobile, Ala. The Southern Living Show will celebrate the Southern lifestyle and cover food, home, travel, and style. […]
Meredith acquired equity in Viant Technology Holding as part of its January 2018 acquisition of Time Inc., which had acquired its stake from Viant Technology LLC in February 2016.
What’s left of 47-year-old Money magazine has been sold to a 3-year-old digital startup run by a former Google executive. After shutting down its print edition earlier this year when parent Meredith failed to find a buyer, Money has sold its surviving brand, Money.com, to Ad Practitioners LLC, based in Dorado, Puerto Rico. Terms were not disclosed, but sources say the brand went for just over $20 million.
Meredith Corp. today announced that Joshua Pila, general counsel of Meredith’s Local Media Group, has been promoted to add Meredith’s Entertainment division to his legal portfolio, effective immediately. Pila’s new title will be general counsel — local media and entertainment. He will remain based in Atlanta. “Josh has proven himself as a strong television legal executive, and […]
Meredith’s television stations in 12 markets return to the satellite provider’s lineup immediately after almost two months.
Bryce Moore becomes VP of digital content and Lee Morehouse is promoted to digital products manager.
The stations group has 16 stations pulled off the satellite service.
If Dish and Meredith fail to reach an agreement, 16 Meredith-owned stations’ programming will not be available on Dish systems as of 7 p.m. ET on July 15.
Meredith Corp. is preparing to explore a sale of its portfolio of TV stations as it looks to streamline its business, people familiar with the matter tell Reuters. Meredith is discussing its plans with financial advisers and has already received interest in its stations from private equity firm Apollo Global Management, the sources say.
There is no fighting sexism on television without fighting age discrimination along with it.
The station group’s new half-hour weeknight program will debut in fall 2020.
The deal, subject to regulatory approval, is expected to close by the end of the year. Meredith said Friday it will use the proceeds to pay down debt.
The local media group’s performance of $214 million is driven by $36.1 million of political money and a 17% rise in core advertising plus greater retrans revenue.
The long-time GM of the group’s KVVU Las Vegas will oversee advertising revenue growth and strategy across Meredith’s station group.
The sales director of KPHO-KTVK is tapped to succeed Ed Munson who retired last month.
Meredith top brass, who have laid off hundreds since snapping up Time Inc. for $2.8 billion in January, are rewarding themselves generously with compensation jumping over 30% this year. Executive Chairman Steve Lacy’s total compensation including base salary, stock awards, option awards and non-equity incentive plan compensation jumped 35% from $10,118,433 to $13,725,050, according to the proxy statement filed this week.
Meredith announced that it was selling Time magazine for $190 million in cash to Marc Benioff and his wife. Marc Benioff is one of four co-founders of Salesforce, a cloud computing pioneer.
Meredith Corp. has signed a multi-year renewal with Nielsen to provide TV ratings across the Meredith Local Media Group’s television stations and markets. The agreement includes audience measurement and analytic data from Nielsen Scarborough and sales tool Nielsen Rhiza.
TownNews.com’s CMS will power Meredith Local Media Group’s web, mobile, OTT and live streaming initiatives.
The local media group’s performance of $199 million is driven by a 134% increase in political plus other revenue that more than offset an 8% drop in core advertising.
Chris Hercik, the chief creative officer of The Foundry, Meredith’s video and native advertising division, has left. Hercik, a former creative director at Sports Illustrated, moved into the Foundry job only in November as the Meredith takeover Of Time Inc. was nearing its conclusion. Hercik did not return an email via LinkedIn, where he had recently updated his entry to “former chief creative officer at The Foundry.”
After 40 years in broadcast TV, he will step down as head of Meredith’s Phoenix duopoly on Sept. 7. A search is underway for his successor.
The magazines, some of the most celebrated titles in the industry, clash with the lifestyle publications favored by Meredith, which bought Time Inc. last year.
According to most pure-play station groups, this recent sluggishness by auto dealers has been replicated in their automotive advertising sales, which typically account for around a quarter of their spot revenue. However, some group execs see things improving as the year progresses.
After buying Time Inc. for $2.8 billion, Meredith is the largest magazine company in the United States, but it’s not about to change its unassuming style.
Less than a week after taking over Time Inc., Meredith is planning to ax 700 people in its Tampa, Fla., Time Customer Service center.
In his new role, Harty, 55, will continue to lead Meredith’s National and Local Media Groups, and direct the integration of the Time Inc. acquisition. He will add responsibility for Meredith’s finance and legal functions. Current CEO Steve Lacy will become executive chairman.
Amid what is relatively light turn-of-the-year infighting between broadcasters and their MVPD partners, WideOpenWest-owned Atlanta-area operator NuLink has lost access to Meredith’s local CBS affiliate WGCL and co-owned independent WPCH (Peachtree TV).
Patrick McCreery will have oversight of all the Meredith Local Media Group station operations and general managers and will continue to be based in Phoenix.
Time Inc. announced on Sunday night that it had sold itself to the Meredith Corp., in a deal backed by Charles G. and David H. Koch, the billionaire brothers known for using their wealth and political connections to advance conservative causes. Under the terms of the deal, Meredith will pay $18.50 a share for Time — the publisher of once-premier glossy titles including Time, Sports Illustrated and People — in an all-cash transaction valued at nearly $3 billion. The boards of Time Inc. and Meredith finalized the deal on Sunday evening.
While the just-reported quarter saw an expected big drop in political money, local core was up 4%, to $88 million, a gain of approximately $3.5 million. According to Chairman-CEO Steve Lacy, growth in core should pick up steam going forward, with gains expected in the mid- to high single-digit range.
Meredith will debut an hour evening newscast in Atlanta produced by its CBS affiliate in Atlanta on its independent outlet there.
The station group and owner of DirecTV and U-Verse cannot come to terms on a new retransmission consent pack and so exchanging harsh words on their website in battle for hearts and minds of consumers.
He is Steve Doerr, most recently a news consultant with Crawford Johnson & Northcott. But he has had a slew of local TV management jobs in markets including Philadelphia, Washington, Dallas, Providence and Columbus, Ohio. WGCL is a Meredith CBS affiliate.