Meredith Corp. signed a definitive agreement to buy...

Meredith Corp. signed a definitive agreement to buy the broadcast assets of TV stations in Phoenix and St. Louis from Gannett and Sander Media. Gannett also completed its acquisition of Belo. The agreement with Meredith stems from a Department of Justice consent decree, which required Gannett to divest a St. Louis station to get approval for its Belo acquisition (CD Dec 17 p6). The stations -- KTVK Phoenix, KASW Phoenix, and KMOV St. Louis -- will be sold for $407.5 million, Meredith said in a press release (http://bit.ly/1hzeX3R). “At the closing, Meredith will simultaneously convey KASW-TV to Sagamore Hill of Phoenix, LLC, which, through its affiliates, owns and operates two television stations in two markets,” Gannett said in a separate press release (http://ganne.tt/1c2USgP). The purchase of Belo “nearly doubles Gannett’s broadcast portfolio and creates the largest independent station group of major network affiliates in the top 25 markets,” it said (http://bit.ly/1cNF4zr).