Media General, ABC Network Renew Affiliate Agreement
September 16 2015 - 11:36AM
Dow Jones News
By Tess Stynes
Media General Inc. said it renewed its affiliate agreement with
ABC Television Network.
Richmond, Va.-based Media General said the accord includes its
expanded ABC television station portfolio under a common long-term
agreement set to expire in 2021.
Financial terms of the agreement weren't provided in a news
release Wednesday.
"Media General is one of our larger affiliate groups and this
long-term, comprehensive agreement assures that the value of our
mutually beneficial relationship is fully recognized," said John
Rouse, senior vice president of affiliate relations for the ABC
network, which is owned by Walt Disney Co.
Media General has been growing through acquisitions in recent
years, acquiring LIN Media last year in deal that more than doubled
its station count. Less than a year earlier, Media General
purchased New Young Broadcasting, a move that also significantly
boosted its station count.
Earlier this month, Media General agreed to buy Meredith Corp.
in a roughly $2.4 billion deal, continuing a trend of consolidation
in the U.S. broadcast industry as local TV stations look for
negotiating leverage against large cable and satellite
providers.
Meredith, which began as an agricultural publisher in 1902, is
known for magazines such as Better Homes & Gardens and Family
Circle. But its 17 local TV stations are the centerpiece of the
deal. The combined company--Meredith Media General--will encompass
88 stations that reach 30% of U.S. households, or 34 million
homes.
Together, Media General and Meredith will have a diverse
network, with 29 of their stations affiliated with CBS, 15 with
NBC, 14 with Fox, 13 with ABC and 11 with the CW.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 16, 2015 11:21 ET (15:21 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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