Meredith today announced that it’s selling its Local Media Group to Gray Television for $2.7 billion in cash. Meredith will focus exclusively on its National Media Group portfolio post-close.

Local Media Group owns 17 TV stations in 12 local markets, including in Atlanta, Phoenix and Portland, Oregon.

Under the terms of the deal, Meredith's National Media Group 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 post-close Meredith.

The deal was unanimously approved by Meredith's and Gray's boards. The parties expect to close the transaction in the fourth quarter of this year, says a news release from Gray.  

Following the sale, Meredith will focus on its brands including People, Better Homes & Gardens, and Allrecipes, says a press release from Meredith.