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.