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MEREDITH/NEW HERITAGE PARTNERSHIP CLOSES MINNESOTA CABLE PURCHASE

MEREDITH/NEW HERITAGE PARTNERSHIP CLOSES MINNESOTA CABLE PURCHASE
 DES MOINES, Iowa, Sept. 1 /PRNewswire/ -- Meredith/New Heritage Partnership announced today the closing of the acquisition of a 103,000- subscriber cable system in the Minneapolis-St. Paul area. The previously-announced purchase was effective at the close of business on Monday, Aug. 31, 1992.
 North Central Cable Communications Corporation, which comprises 43 communities in the Minneapolis-St. Paul area, was purchased by a limited partnership, Meredith/New Heritage Strategic Partners, L.P. (Strategic Partners). Strategic Partners is a partnership between Meredith/New Heritage Partnership and Continental Cablevision of Minnesota, Inc., a wholly owned subsidiary of Continental Cablevision, Inc.
 The partnership purchased the stock of North Central Cable for $220 million from Hauser Cable of Minnesota, Inc., Hauser Cable Communications, Inc. and Continental Cablevision of Minnesota, Inc. The purchase price is subject to certain adjustments.
 Approximately $140 million was obtained by Strategic Partners from a nine-bank consortium with Toronto Dominion Bank serving as agent. In addition, Meredith/New Heritage Partnership contributed approximately $55 million in cash and the assets of the Bismark-Mandan, North Dakota, cable system to Strategic Partners. The partnership now has approximately 125,000 cable subscribers. Meredith Corporation's ownership interest in Strategic Partners is approximately 73 percent.
 Meredith/New Heritage Partnership is a partnership between Meredith Cable, Inc. and New Heritage Associates, a group of former Heritage Communications, Inc. executives.
 Meredith Corporation, headquartered in Des Moines, Iowa, is a Fortune 500 diversified media company involved in magazine and book publishing, television broadcasting, residential real estate marketing and franchising, and investments in cable television.
 -0- 9/1/92
 /CONTACT: David Lundquist of New Heritage Associates, 515-246-4460, or Robin Lenocker of Meredith Corporation, 515-284-3386, or home, 515-279-3744/ CO: Meredith/New Heritage Partnership ST: Iowa IN: SU:


AH -- MN016 -- 5679 09/01/92 19:35 EDT
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Date:Sep 1, 1992
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