Register

    Media General buying Meredith in $2.4B deal

    By SHOOTUpdated:No Comments527 Views
    This March 11, 2015 file photo shows the Meredith Corp. headquarters building in Des Moines, Iowa. (AP Photo/Charlie Neibergall, File)

    By Michelle Chapman,. Business Writer

    --

    Media General is buying Meredith Corp. in an approximately $2.4 billion cash-and-stock deal.

    The combined company, called Meredith Media General, will have 88 television stations in 54 markets and media brands including Better Homes and Gardens, Allrecipes, Parents and Shape.

    Meredith shareholders will receive cash and stock valued at $51.53 per share. That's a 12 percent premium to the company's Friday closing price of $45.94. Media General stockholders will own about 65 percent of the combined company, while Meredith shareholders will own approximately 35 percent.

    Meredith CEO Steve Lacy will serve as CEO and president of the combined company.

    The board will include 12 members, eight appointed by Media General Inc. and four by Meredith. Media General Chairman J. Stewart Bryan III will serve as chairman of the combined business.

    Meredith Media General will maintain corporate and executive offices in Des Moines, Iowa and Richmond, Virginia. Meredith is based in Des Moines, while Medial General is based in Richmond, Virginia.

    The companies expect more than $80 million in total savings within the first two years after the transaction closes.

    Both companies' boards approved the deal, which is targeted to close by June 30, 2016. It still needs approval from Meredith and Media General shareholders and the Federal Communications Commission.

    Meredith shares rose $5.05, or 11 percent, to $50.99 in premarket trading Tuesday about 20 minutes before the market open while Media General added 95 cents, or 8.5 percent, to $12.10.

    Tags:Media GeneralMeredith Corp.



    Ex-OpenAI engineer who raised legal concerns about the technology he helped build has died

    Saturday, December 21, 2024
    Suchir Balaji poses for a photo in Hawaii in 2018. Balaji was a former OpenAI engineer and whistleblower who died in November 2024. (Balaji Ramamurthy via AP)

    Suchir Balaji, a former OpenAI engineer and whistleblower who helped train the artificial intelligence systems behind ChatGPT and later said he believed those practices violated copyright law, has died, according to his parents and San Francisco officials. He was 26.

    Balaji worked at OpenAI for nearly four years before quitting in August. He was well-regarded by colleagues at the San Francisco company, where a co-founder this week called him one of OpenAI's strongest contributors who was essential to developing some of its products.

    "We are devastated to learn of this incredibly sad news and our hearts go out to Suchir's loved ones during this difficult time," said a statement from OpenAI.

    Balaji was found dead in his San Francisco apartment on Nov. 26 in what police said "appeared to be a suicide. No evidence of foul play was found during the initial investigation." The city's chief medical examiner's office confirmed the manner of death to be suicide.

    His parents Poornima Ramarao and Balaji Ramamurthy said they are still seeking answers, describing their son as a "happy, smart and brave young man" who loved to hike and recently returned from a trip with friends.

    Balaji grew up in the San Francisco Bay Area and first arrived at the fledgling AI research lab for a 2018 summer internship while studying computer science at the University of California, Berkeley. He returned a few years later to work at OpenAI, where one of his first projects, called WebGPT, helped pave the way for ChatGPT.

    "Suchir's contributions to this project were essential, and it wouldn't have succeeded without him," said OpenAI co-founder John Schulman in a social media post memorializing Balaji. Schulman, who recruited Balaji to his team, said what... Read More

    MySHOOT Profiles


    Add A Comment