Media General, ABC Network Renew Affiliate Agreement

By Tess Stynes 

Media General Inc. said it renewed its affiliate agreement with ABC Television Network.

Richmond, Va.-based Media General said the accord includes its expanded ABC television station portfolio under a common long-term agreement set to expire in 2021.

Financial terms of the agreement weren't provided in a news release Wednesday.

"Media General is one of our larger affiliate groups and this long-term, comprehensive agreement assures that the value of our mutually beneficial relationship is fully recognized," said John Rouse, senior vice president of affiliate relations for the ABC network, which is owned by Walt Disney Co.

Media General has been growing through acquisitions in recent years, acquiring LIN Media last year in deal that more than doubled its station count. Less than a year earlier, Media General purchased New Young Broadcasting, a move that also significantly boosted its station count.

Earlier this month, Media General agreed to buy Meredith Corp. in a roughly $2.4 billion deal, continuing a trend of consolidation in the U.S. broadcast industry as local TV stations look for negotiating leverage against large cable and satellite providers.

Meredith, which began as an agricultural publisher in 1902, is known for magazines such as Better Homes & Gardens and Family Circle. But its 17 local TV stations are the centerpiece of the deal. The combined company--Meredith Media General--will encompass 88 stations that reach 30% of U.S. households, or 34 million homes.

Together, Media General and Meredith will have a diverse network, with 29 of their stations affiliated with CBS, 15 with NBC, 14 with Fox, 13 with ABC and 11 with the CW.

Write to Tess Stynes at [e-mail]

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(END) Dow Jones Newswires

September 16, 2015 11:21 ET (15:21 GMT)

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