DES MOINES, IA - Media and marketing company Meredith Corp. says it is buying television stations in Phoenix and St. Louis from Gannett Co. and Sander Media.
Meredith, the publisher of Better Homes and Gardens and other leading women's magazines, also owns 13 television stations in the United States.
The acquisition includes in Phoenix, independent station KTVK, and KASW, a CW affiliate which will be purchased by a third party but Meredith will provide services for its operation. Also included is KMOV, a CBS affiliate in St. Louis.
The cash transaction will cost Meredith $407 million. The stations are part of Gannett's recent acquisition of Belo Corp.
Des Moines-based Meredith says it expects the stations to generate between $105 million and $115 million in revenue in the first full year.