NEW YORK, May 3, 2021 /PRNewswire/ —
If you own Meredith shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Meredith Corporation («Meredith» or the «Company») (NYSE: MDP) in connection with the proposed acquisition of the Company’s Local Media Group business by Gray Television, Inc. (NYSE: GTN) and subsequent spin-out transaction. Under the terms of the merger agreement, Meredith will sell its Local Media Group business to GTN for $2.7 billion in cash. Meredith’s National Media Group portfolio will be spun out to shareholders as a standalone publicly traded company retaining the Meredith Corporation name, with shareholders receiving cash consideration per share of approximately $14.50 and 1-for-1 equity share in the post-close Meredith company.
WeissLaw LLP is investigating whether Meredith’s board acted in the best interest of Meredith’s public shareholders in agreeing to the proposed transaction, whether the proposed merger consideration adequately compensates Meredith’s shareholders, and whether all information regarding the process undertaken by the board and the valuation of the transaction will be fully and fairly disclosed to Meredith’s public shareholders.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org
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SOURCE WeissLaw LLP