Meredith on the hunt for TV, digital companies to buy

Meredith, after being rebuffed in its bid to merge with Media General, is actively on the prowl for companies to buy.

CEO Steve Lacy told Media Ink he “presented five acquisitions to the board last week.”

None of the potential targets were in the print field, however, which would seem to squelch the inevitable speculation that he is stalking Time Inc. — or troubled Rodale.

“Two are in television, three are in digital,” he said.

Lacy declined to divulge further details.

But his actions do suggest the company is not in sell mode after plans to merge with Media General were squelched when TV station owner Nexstar stepped in and grabbed Media General for $4.6 billion.

As a consolation prize, Meredith will pocket a $60 million break-up fee.

Lacy said that $60 million is taxable income, so a good portion will go to Uncle Sam. Another seven-figure sum will pay legal fees.

But Lacy did say that with the merger talks over, the company is free to engage in stock repurchases and can increase its dividend.

In fact, Meredith’s board on Saturday increased its dividend by 8.2 percent, or 15 cents a share, to $1.98 a year.