14. MEREDITH CORP., Des Moines, IA
2016 Spot Revenue: $505.9 million Stations: 28 in 12 markets Coverage:10.8% Ownership: Meredith Corp. (NYSE: MDP) Key Executives: Stephen M. Lacy, chairman-CEO; Tom Harty, president-CEO; Paul Karpowicz, president, Meredith Local Media Group.
In January, Meredith and Cox Media Group created a buying cooperative, designed to give the partners extra negotiating leverage with syndicators, as well as a chance to bid on their best shows by delivering 18% of U.S. TV households. It will also give both parties economies of scale when buying tech gear.
Meredith wanted to get in on the past year’s M&A activity when it proposed to buy Media General for $2 billion. Nexstar made a counter offer, however, that prevailed. Later, it said it was interested in the Tribune stations, but those eventually were sold to Sinclair. In February, however, Meredith paid $70 million for Time Warner’s WPCH Atlanta.
Last August, Tom Harty was named president-CEO, overseeing Meredith’s National and Local Media Groups. Jon Werther was chosen to succeed Harty as National Media Group President.
J. Stewart Bryan, the former longtime chairman of Media General, died on Jan. 15. He was 77.