Monday, July 28, 2014

Meredith Corp. Gets Midtown Office in $407.5m Gannett Divestiture

By: Paul Dionne | Vizzda 

Pursuant to an FCC-mandated asset sale in connection with its $2.2b acquisition of Belo Corporation, Gannett Corporation—parent company for The Arizona Republic, Tucson Citizen, KPNX-TV and KNAZ-TV—has sold the television stations KTVK-TV in Phoenix and KMOV-TV in St. Louis to Meredith Corp. The $2.2b acquisition was tendered as $1.5b in cash and assumption of $715m in existing debt. 

KTVK-TV is an independent station on Channel 6; a second Phoenix station—CBS-affiliate KASW-TV on Channel 5—was sold to SagamoreHill Broadcasting with a service agreement between SagamoreHill and Meredith. The divestiture by Gannett—necessary to comply with FCC regulations regarding concentration of media ownership—was valued at $407.5m.

As part of the sale, Meredith acquired the office complex that serves as the headquarters for both of the Phoenix stations for $9,878,335 or $110.58 per square foot in an all cash deal. The two 2-and-3-story buildings total 89,335 ft2 and are located at the northeast corner of 7th Avenue and Missouri Avenue. The buildings were built in 1974 and 1982 on a 4.67 acre site zoned C-2 and P-1. 

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