Project Name

Date of submission

Sl. No.
1
2
3
4

:
:

Group Members' contribution to this Project

Student Name
Ninan Alex
Rahul David Paul
Mark Linekar
Satheeshkumar

Weekly M&A Tracker Report

16-09-2015

contribution to this Project

Student ID
F14034
F14040
F14095
F14106
Total

Contribution %
25%
25%
25%
25%
100%

News Item Source with date

Headline News

Name of the Acquirer

Name of the Target

Biz. Interest proposed to be aquired

Valuation of the Target
Purchase Consideration
Type of Merger
Vertical/Horizontal/Conglomerate/Other?
All cash / All Equity / Part both / Not available
Friendly / Hostile
Global / Domestic
Deal Structure
Merger / Takeover / Spin off-Split up, etc
What are the various 'Valuation' aspects that the article talks
about? Even if the article is silent on 'Valuation' aspects, do
you infer such information from your analysis?

For any additional requirements of information, you may refer

to the Companies' website. If you do, you may consolidate
your findings here

For any additional requirements of information, you may refer

to the Companies' website. If you do, you may consolidate
your findings here

M&A DEAL TRACKER

The Wall Street Journal dated September 10, 2015
Media General to Buy Meredith Corp. for $2.4 Billion
Details

Based at (Country)

Media General Inc.

United States

Meredith Corp.

United States

100%
$ 3.1 Billion
$ 3.1 Billion

Horizontal
Part Both
Friendly
Domestic

Merger
1. The combined company is estimated to produce a synergic effect of $80 million within the first two

2. The deal will make the combined company the third-largest local TV station owner in the United Sta
includes 88 stations that reaches 30% of U.S. households.

1. Combined Company pro forma financial profile for calendar 2014

Total Revenue = $2,990 | Total EBITDA = $860 | Synergies = $80 | Pro Forma EBITDA = $ 940 (All valu

PASTE NEWSPAPER CUTTING OVERLEAF

Remarks
Media General is one of the USA's largest connected-screen
media companies that operates 71 television stations along
with digital media business.
Meredith Corporation is an American media conglomerate,
it has two two divisions national media and local media
consisting of magazines, television stations and digital
media etc.

(Enterprise Value which includes Meredith's net debt

balance of $772 million as on June 30, 2015)
RBC Capital Markets and JP Morgan Chase have committed
$2.8 billion to finance the deal.

Both the Companies operate in the same industry.

1 Shareholder of Meredith is to receive 1.5214 share of
Meredith Media General the comined company and $ 34.57
of cash payment.

Both operate in the domestic media market of United States

of America.

Both companies merge to form new combined company

Meredith Media General

synergic effect of $80 million within the first two years.

d-largest local TV station owner in the United States which

olds.

calendar 2014

rgies = $80 | Pro Forma EBITDA = $ 940 (All value in millions)

(Referred from Meredith Company website)

(Referred from Media General company
website)

(Referred from Media General company

website)

Media General to Buy Meredith Corp. for $2

Combined company will have 88 stations that reach 30% of U.S. households

Link: http://www.wsj.com/articles/media-general-to-buy-meredith-corp-for-2-4-billion-1

Media General Inc. said it agreed to buy Meredith Corp. for about $2.4 billion in cash and stock, continuing a trend o

The offer of $51.53 a share is a 12% premium to Merediths closing price on Friday. Including debt, the deal is valued
Meredith, which began as an agricultural publisher in 1902, is known for magazines such as Better Homes & Garden
stations that reach 30% of U.S. households, or 34 million homes.

This deal creates a powerful, multiplatform and highly diversified media company and it builds a platform for contin
executive.

The deal, which must be approved by both companies shareholders and the Federal Communications Commission, is

Lance Vitanza, an analyst at CRT Capital Group, said the deal made sense as it has become increasingly difficult for s
Youre seeing AT&T buying DirecTV, and Charter in the process of buying Time Warner Cable, he said. The TV g

Carriage paymentsalso known as retransmission consent feeshave been an important source of growth for stati
pay-TV providers can flare up, the signals of TV station giant Sinclair Broadcast Group went dark on Dish Network C

Broadcasters are facing new uncertainty in Washington over proposed rules that might weaken their hand in pay-TV n

Media General operates or services 71 television stations. After selling most of its newspaper holdings to a subsidiary
Young Broadcasting in 2013.
Together, Media General and Meredith will have a diverse network, with 29 of their stations affiliated with CBS, 15 w

The deal could have implications for magazine publisher Time Inc., which was long seen as a potential merger partne

Time Inc. and Meredith have had no recent discussions, according to a person familiar with the matter.
Wells Fargo analyst Marci Ryvicker said in a research note it was possible Media General would choose to spin off its
On the call, executives for both Meredith and Media General said they continued to view the magazine titles as a key
forecasting $500 million in revenue annually from these digital offerings, Mr. Lacy said.
Overall, the combined company will have about $3 billion in annual revenue and a workforce of around 9,000 people

Shares of Media General had fallen about 33% this year through Fridays close, prior to the announcement, giving the

In Tuesday trading, Media General shares fell 6% to $10.48 on the New York Stock Exchange, while Meredith shares
Media General shareholders will own about 65% of the new company, while Meredith shareholders will own about 3
The companies said they expect $80 million in synergies within the first two years.
The consolidation move comes as many media companies are splitting their broadcast businesses from their print ope
Tribune Media Co. and News Corp, publisher of The Wall Street Journal.
Lukas I. Alpert contributed to this article.

Week No.
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Possible M&As considered for analysis (List not to exceed

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not to exceed 5)
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