Cox Media Group and Meredith are getting the benefits of a merger and acquisition without actually executing one.
By forming a co-op to share resources as well as buy programming and equipment, the broadcasters hope to operate more efficiently and serve their communities.
“Our individual footprints complement each other geographically and are composed of leading stations in attractive television markets,” Cox Media Group EVP Television Jane Williams tells TVNewsCheck.
Meredith Local Media Group President Paul Karpowicz says, “We asked ourselves, what can we do together to give us scale and play bigger?” The joint effort should give the broadcasters extra bargaining leverage with syndicators and a chance to bid on the best shows, according to Karpowicz.
The companies will also compare gear lists before the upcoming NAB spring show, reports TVNewsCheck.
A total of 21 stations make up the co-op.