Several stocks in the portfolio had strong returns in the quarter. Television broadcaster and magazine advertiser, Meredith Corporation (MDP, Financial) advanced following the acceptance of an acquisition bid from Gray Television for its 17 local television stations. Immediately prior to the acquisition, MDP plans to spin off its existing National Media Group to create a pure-play business focused on digital and consumer opportunities across the company’s lifestyle media brands. We view this transaction as a positive for both companies as Gray will become the second largest local TV broadcaster in the U.S. and Meredith will be able to focus on its digital and consumer-focused assets further unlocking value for the business.
From John Rogers (Trades, Portfolio)' Ariel Fund second-quarter 2021 commentary.
