Meredith trades for Connecticut TV station
DES MOINES, Iowa (AP) _ Meredith Corp. said Monday it has agreed to trade one of its two television stations in Orlando, Fla., for a station serving the Hartford-New Haven market in Connecticut.
The Des Moines-based media company will trade WCPX in Orlando for WFSB, a Connecticut station owned by Post-Newsweek Stations Inc., a subsidiary of The Washington Post Co.
Both stations are CBS affiliates. Meredith will receive a $60 million cash payment in addition to the Connecticut station. Meredith said the deal is expected to be complete in the fall, pending regulatory approval.
Meredith ended up with two television stations in Orlando after agreeing in January to buy WCPX and three other stations from First Media Television LP.
Meredith already owned a Fox affiliate in Orlando.
``Because Federal Communications Commission regulations prohibit one company from owning two TV stations that serve the same viewing area, the acquisition will resolve any ownership conflict for Meredith in Orlando,″ Meredith said in a statement announcing the trade.
Meredith, known for its publishing operations that include Better Homes and Gardens and Ladies Home Journal magazines, has been expanding its television unit in recent years and now owns 11 stations.
Meredith said the Connecticut station serves a market that ranks fourth in household income and third in per capita income among the top 40 television markets in the nation.
``As the top-rated station in the 27th-largest market, WFSB fits nicely with our stated growth strategy to acquire network-affiliated stations in the top 40 markets. It also expands our reach to a growing market in the Northeast region,″ Meredith President William T. Kerr said.