is selling its broadcast-television business to
Gray Television Inc.,
in a deal the company said would allow it to better focus on its magazine brands and digital-media properties.
Meredith on Monday said Gray agreed to purchase its business that owns or operates 17 television stations for $2.7 billion in cash. The stations reach 11% of U.S. households, including in markets such as Atlanta, Phoenix and St. Louis.
Shares of Meredith jumped 7.4% shortly after the opening bell.
Des Moines, Iowa-based Meredith has been remaking its media portfolio over the past several years. In 2018, it announced deals to sell magazines such as Time and Fortune, and more recently agreed to sell Travel + Leisure amid financial pressure in the magazine industry.