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) September 4, 1997
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 September 4, 1997, Meredith Corporation (the "Company") acquired the net
assets of WFSB-TV, a CBS network-affiliated television station serving the
Hartford/New Haven, Conn. market through an exchange of the assets of WCPX-TV
in Orlando, Fla. The asset exchange was with Post-Newsweek Stations, Inc., a
wholly-owned subsidiary of the Washington Post Company and included a $60
million cash payment to the Company.
WCPX-TV was one of the four television stations which the Company agreed in
January 1997 to acquire from First Media. In the Orlando, Fla. market, the
Company currently owns WOFL-TV, a FOX network-affiliated television station.
Federal Communication Commission regulations required the Company to dispose of
one of these television stations since they currently prohibit the ownership of
more than one television station in a market. Therefore, for the purpose of
effecting the exchange, the Company purchased the net assets of WCPX-TV, a CBS
network-affiliated television station, serving the Orlando, Fla. market from
First Media Television, L.P. ("First Media") for $219 million on September 4,
1997, prior to the exchange for WFSB-TV.
The net purchase price of WFSB-TV was $159 million which the Company believes
approximates the fair value of the assets acquired based on current market
conditions. The acquisition was financed by cash from a $360 million, five-
year revolving/term credit facility with a group of seven banks led by Wachovia
Bank, N.A., as agent. The purchased net assets of WFSB-TV include its FCC
license, CBS network affiliation contract and all real and personal property
used in operating WFSB-TV. The Company intends to continue the operation of
WFSB-TV as a CBS network affiliate serving the Hartford/New Haven, Conn.
market.
Reference is made to the Company's Current Reports on Form 8-K dated January
24, 1997, and June 2, 1997, related to this acquisition.
Item 7. Financial Statements and Exhibits
(c) Exhibits
4 Credit Agreement dated July 1, 1997, among Meredith
Corporation and a group of banks with Wachovia Bank, N.A., as
Agent. (Incorporated herein by reference to Exhibit 4 to the
Company's Current Report on Form 8-K dated July 1, 1997.)
10 Asset Exchange Agreement dated June 2, 1997, between Meredith
Corporation and Post-Newsweek Stations, Connecticut, Inc.,
with respect to WCPX(TV), Orlando, Florida and WFSB (TV),
Hartford, Connecticut.
99 Press release issued by Meredith Corporation dated
September 4, 1997.
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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: September 18, 1997
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Index to Exhibits
Exhibit
Number Item
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4 Credit Agreement dated July 1, 1997, among Meredith
Corporation and a group of banks with Wachovia Bank, N.A., as
Agent. (Incorporated herein by reference to Exhibit 4 to the
Company's Current Report on Form 8-K dated July 1, 1997.)
10 Asset Exchange Agreement dated June 2, 1997, between Meredith
Corporation and Post-Newsweek Stations, Connecticut, Inc.,
with respect to WCPX(TV), Orlando, Florida and WFSB (TV),
Hartford, Connecticut.*
99 Press release issued by Meredith Corporation dated
September 4, 1997.
*Supplementary schedules and exhibits to this agreement, as
listed on page 79, are not included in this Form 8-K filing.
Copies of any of the schedules and exhibits to this agreement
will be furnished supplementary to the Commission upon request.