Meredith Corp., owner of 12 network-affiliated TV stations,...
Meredith Corp., owner of 12 network-affiliated TV stations, is likely to buy more and/or divest its publishing assets, predicted an analyst. It would be “difficult” for the company to buy many publicly traded TV station owners without exceeding a debt-to-cash-flow…
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multiple of 3, though “there are many private firms that Meredith could acquire while maintaining its investment grade rating,” wrote Citigroup’s Jason Bazinet to investors Wednesday. It’s an “interesting time” for Meredith, which “tends to be very deliberate and quite conservative,” he wrote. “The secular forces weighing down on the magazine business are increasingly in tension with the growth from retransmission fees and the seemingly endless secular uptick in political advertising.” A company spokesman had no comment.