 Shares of Meredith Corp. shot up 12.9 in premarket trading Monday, after the TV broadcasting and magazine advertising company announced a deal to sell its Local Media Group to Gray Television Inc. in a deal valued at 2.7 billion. Under terms of the deal, Meredith will spin off its National Media Group to shareholders, who will receive 14.50 per share in cash and a 1-for-1 equity share in the company after the deal closes. 