"We're pleased to add this high-performing station to our portfolio," said Meredith Chairman and Chief Executive Officer Stephen M. Lacy. "The acquisition of KMOV adds another Top 25 television market to our group, and is consistent with our successful Total Shareholder Return strategy. Together with KCTV (CBS) in Kansas City, Meredith now has powerful local brands in two of the Midwest's top news and sports markets."
In the first full year post closing, all three television stations are expected to generate combined revenues of
Meredith continues to expect fiscal 2014 full year earnings per share to range from
This release contains certain forward-looking statements that are subject to risks and uncertainties. These statements are based on management's current knowledge and estimates of factors affecting the Company and its operations. Actual results may differ materially from those currently anticipated. Factors that could adversely affect future results include, but are not limited to, downturns in national and/or local economies; a softening of the domestic advertising market; world, national or local events that could disrupt broadcast television; increased consolidation among major advertisers or other events depressing the level of advertising spending; the unexpected loss or insolvency of one or more major clients; the integration of acquired businesses; changes in consumer reading, purchasing and/or television viewing patterns; increases syndicated programming or other costs; unauthorized persons accessing our websites or internal networks; changes in television network affiliation agreements; technological developments affecting products or methods of distribution; changes in government regulations affecting the Company's industries; increases in interest rates; and the consequences of acquisitions and/or dispositions. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Meredith owns or operates 14 television stations that reach more than 10 percent of U.S. television households:
A hallmark of Meredith's business model and financial profile is its ability to consistently generate substantial free cash flow by leveraging the strength of its multi-platform portfolio. Meredith is committed to increasing Total Shareholder Return through dividend payments, share repurchases and strategic business investments. Meredith has paid a dividend for 66 straight years and increased its dividend for 20 consecutive years. Meredith currently pays an annual dividend of
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