UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 5, 1995
Meredith Corporation
(Exact name of registrant as specified in its charter)
Iowa 1-5128 42-0410230
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1716 Locust Street, Des Moines, Iowa 50309-3023
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code 515 - 284-3000
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Item 2. Acquisition or Disposition of Assets.
On January 5, 1995, Meredith Corporation (the "Company") purchased the assets
of WSMV-TV, a television station located in Nashville, Tennessee from Cook
Inlet Television Partners, L.P. and Cook Inlet Television License Partners,
L.P. The purchased assets of WSMV-TV included its FCC authorizations, its NBC
television network affiliation contract and all real and personal property used
in operating the television station. The purchase price for WSMV-TV was $159
million which the Company believes approximates the fair value of the total
assets acquired based on current market conditions. The acquisition was
financed by cash from short-term investments and lines of credit and $100
million in term borrowings from a group of four banks led by The Northern Trust
Company as agent. The Company intends to continue operation of WSMV-TV as an
NBC television network affiliate.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of business acquired.
(b) Pro forma financial information.
It is impractical to provide the required financial statements and pro
forma financial information as of this date. The required financial
statements and pro forma financial information will be filed under cover
of Form 8 with the Commission as soon as practicable, but not later than
March 21, 1995, as required.
(c) Exhibits
(2) Asset Purchase Agreement (the "Agreement") by and between Cook Inlet
Television Partners, L. P. and Cook Inlet Television License Part-
ners, L.P. and Meredith Corporation, dated as of August 19, 1994.
(Incorporated herein by reference to Exhibit 2 to the Company's
Form 10-Q for the period ended September 30, 1994.) (Schedules and
exhibits to the Agreement as listed on pages vii through ix of the
index to the Agreement were not filed with the Commission. Copies of
any such schedules and/or exhibits to the Agreement will be furnished
supplementally to the Commission upon request.)
(99) Press release dated January 5, 1995 issued by Meredith Corporation.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MEREDITH CORPORATION
Registrant
(Larry D. Hartsook)
Larry D. Hartsook
Vice President - Finance
(Principal Financial and
Accounting Officer)
Date: January 19, 1995
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Exhibit Index
Exhibit #
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(99) Press release dated January 5, 1995
issued by Meredith Corporation.
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Exhibit 99
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MEREDITH CLOSES ACQUISITION OF WSMV-TV
IN NASHVILLE; APPOINTS NEW GENERAL MANAGER
DES MOINES, IOWA -- (January 5, 1995) -- Meredith Corporation today closed its
acquisition of WSMV-TV in Nashville from Cook Inlet Television Partners L.P.,
owned by Cook Inlet Region, Inc. of Anchorage, Ala., and Whitcom Partners of
New York City. The agreement for Meredith to acquire the NBC affiliate for
$159 million was announced in August.
Meredith today also appointed a new vice president and general manager for
the station -- Frank DeTillio. DeTillio has built a 23-year career in the
broadcast industry. He served as general manager of WFLA, an NBC affiliate in
Tampa, Fla., and has worked in a variety of management positions both at
independent and network stations in Washington, D.C., Columbus, Ohio, and
Buffalo, N.Y. Most recently, DeTillio was general manager and part owner of
WQBN radio in Tampa, Fla. DeTillio replaces Mike Kettenring, who has resigned.
"Meredith is pleased to continue the rich tradition and strong reputation
built by WSMV-TV over the years," said Jack D. Rehm, Meredith chairman and CEO.
"The station has a remarkable heritage, and you'll see us building on that
legacy as we play an even greater role in the Nashville community."
Meredith Corporation is a Fortune 500 diversified media company involved
in magazine and book publishing, television broadcasting, residential real
estate marketing and franchising, and investments in cable television systems.
The Meredith Broadcast Group owns television network affiliates in Nashville,
Phoenix, Kansas City, Las Vegas, Orlando and Saginaw/Flint, Mich.
