Meredith is laying off 130 people at its 17 stations as part of companywide “initiatives to address the ongoing Covid-19 crisis and position our business for continued growth.”
Meredith is proposing an amendment to its corporate charter that would allow the company to split its national media business and its local media business. In other words, it wants to split its magazine publishing business and its local TV business. Meredith owns 18 TV stations across 13 states. Splitting the two makes it easier to put the groups up for sale.
This fall, Meredith will launch People’s new syndicated TV show across all 12 of its markets. The program, People (the TV Show!), will be co-hosted by Kay Adams and Lawrence Jackson.
In the COVID-19 infected economy, every little bit helps for small business, and Meredith Corp. and its MNI Targeted Media division have launched an ad campaign pitching that a small investment in targeted advertising can yield pretty big results. The ad campaign uses the theme “I Believe.” Spots show a tire dealer who generated $12,000 in profit within a month of running a campaign with MNI.
In the company’s quarterly Q&A session with Wall Street analysts, Local Media Group President Patrick McCreery noted sequential month-over-month improvement throughout the pandemic. April TV ad revenues fell 49%, May was down 43% and June improved to a decline of 28%. Moving into the current quarter, July was down 25%.
Sequential improvement in digital and broadcast advertising couldn’t offset ad losses due to the coronavirus pandemic, sending Local Media revenue to $73.1 million for the company’s fiscal fourth quarter.
New jobs posted to TVNewsCheck’s Media Job Center include an opening for a vice president and general manager at a Meredith’s CBS affiliate in Michigan’s Great Lakes region.
Meredith Corp. is deploying Triveni Digital’s ATSC 3.0 solution to streamline the transition to NextGen TV in Portland, Ore. (DMA 22). Meredith’s KPDX (MNT) and KPTV (Fox) will use Triveni Digital’s ATSC 3.0 Broadcast Gateway scheduler, GuideBuilder XM ATSC 3.0 transport encoder, StreamScope XM ATSC 1.0 and ATSC 3.0 combo analyzer and StreamScope XM Verifier software application […]
The veteran showrunner will oversee all aspects of the new syndicated half hour, which will launch in Meredith’s 12 local television markets this fall.
Meredith promotes him from station manager at its Atlanta duopoly. At the same time WHNS News Director Kelly Boan is move up to station manager.
Local Media Group President Patrick McCreery gave analysts some detail on category performance. “The most impacted … was automotive. Our largest category now — as has been for the last year — is professional services. And that seems to be suffering less than some of the other categories.”
Increased political revenue couldn’t offset advertising losses due to the coronavirus pandemic, sending Local Media revenue to $99.7 million for the company’s fiscal third quarter.
Meredith Corp. is delaying the filing of its report for the quarter ended March 31. It told the SEC that the coronavirus pandemic resulted in “significant disruption of aspects of our business, including advertising cancellations and delays, reduced demand, loss or disruption of manufacturing and distribution capability, and quarantines and other government actions.” The quarterly report is now scheduled for this Thursday, May 14.
The media company, which originally thought it would avoid cuts, has changed its tune and is now implementing temporary salary cuts company-wide as well as a hiring freeze and employing less freelance employees.
The St. Louis CBS affiliate’s sales director is tapped by Meredith to succeed Mike Murphy who announced his retirement after a 30-year broadcasting career.
Las Vegas and Portland, Ore. will light up their NextGen TV markets in June from their initially-slated late April launch, but the broadcasters and coalition driving the new industry standard forward say major launches will still move ahead this year. The launches will coincide with the arrival in retail stores of the first 3.0-capable sets. Above, six LG sets will bear the NextGen TV logo, including the 55-, 65- and 77-inch class GX Gallery Series 4K Ultra HD models.
The new multi-year agreement covers all seven CBS affiliates owned by Meredith, which reach 7% of the U.S. audience serving more than 7.6 million television households.
Stations from Meredith, Nexstar, Sinclair and Tegna have applied for FCC approval to launch NextGen TV in Oregon.
NAB, legal counsel for Pearl TV and the general counsel of Meredith met last week with staff of the FCC Media Bureau to discuss the transition to NextGen TV and recommend a change in what broadcasters submit to the agency as part of their ATSC 3.0 license applications to allay concerns over possible contractual indemnification issues.
Moving to smaller physical footprints — or moving hardware completely from expensive urban environments to less expensive real estate — is a big driver in the transition to IP networking. But at the same time, some of the country’s biggest news operations still want to keep high-value content close by to ensure quick access for breaking news coverage — and that can mean sticking with on-premise storage. L-r: ABC’s Marcy Lefkovitz, Meredith’s Tom Casey, CBS’s Jeff Birch and Masstech’s Mike Palmer. (Photo: Wendy Moger-Bross)
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.