March 21, 2023

Meredith Corp. clears hurdles in pending sales to Gray Television, IAC

Meredith Corp. has taken key steps on the path to selling off its TV stations and making the rest of the corporation part of a New York-based media conglomerate.

The company, headquartered in Des Moines since its founding in 1902, received clearance from the Federal Communications Commission on Friday for the $2.83 billion sale of its local broadcasting division to Gray Television. 

The same day, a waiting period required under an antitrust law expired for the separate deal under which digital media company IAC/Interactive Corp will buy Meredith’s magazine division for $2.7 billion and combine it with IAC subsidiary DotDash, a digital publisher, creating a new company, Dotdash Meredith, under DotDash CEO Neil Vogel.

Meredith said in a news release Monday that it expects to close both agreements by Dec. 1. Unlike the Dotdash deal, the sale to Gray requires approval from Meredith’s shareholders Nov. 30.