NEW YORK — The shareholders of Meredith Corporation are one step closer to seeing the company’s stock, traded on the New York Stock Exchange, disappear forever.
That’s because they’ve approved the Des Moines-based multimedia company’s $2.825 billion acquisition by Gray Television.
The required shareholder approval came Tuesday morning a special shareholder meeting. Now, Meredith on Wednesday will likely move ahead with filing a Form 8-K with the SEC disclosing the full voting results of the special meeting.
Immediately prior to the Gray acquisition close, Meredith will spin its digital, magazine, MNI, PEOPLE TV, and corporate operations out to its shareholders as a new company, Meredith Holdings Corp. This is the entity that the Barry Diller-led IAC-owned Dotdash has agreed to acquire for $2.7 billion.
Gray will retain all of the local television holdings, and the transactions are now on track to close as expected by the close of business Wednesday (12/1).
As of 12:45pm Eastern, MDP was trading at $59.10, up 6 cents from Monday; Meredith shares are at their highest level since April 2019.
Gray Television, like other companies in the broadcast media sector, is lower on COVID-19 Omicron variant fears. GTN was trading at $20.45, off 3%, and is now back to where shares were in late April 2021.