The majority of Meredith Corp. shareholders approved the $2.8-billion deal of selling the company’s broadcasting division to Gray Television, with Gray taking over Meredith’s 17 local TV stations, including channels in major markets.
The Des Moines-based media company will also complete the sale of its magazine holdings to New York tech conglomerate IAC/Interactive Corp.
With this deal, Meredith will make its magazine division into a separate company, which IAC/Interactive Corp will buy for $2.7 billion and combine Meredith’s division with IAC-owned online publication, Dotdash, to form Dotdash Meredith, with headquarters in New York.
The deal is expected to close on Wednesday.
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