Meredith Corp (New York Stock Exchange)

Meredith Corporation (Meredith) is a media and marketing company. Meredith is engaged in magazine and book publishing, television broadcasting, integrated marketing, and interactive media. The Company has two segments: publishing and broadcasting. The publishing segment focuses on the home and family market. It is a publisher of magazines serving women. The publishing segment also includes book publishing, which has over 420 books in print; integrated marketing, which has relationships with some of American companies; a consumer database; an extensive Internet presence that consists of 26 Websites and alliances with Internet destinations; brand licensing activities, and other related operations. The broadcasting segment includes 12 network-affiliated television stations located across the United States (U.S.) and one AM radio station. The television stations consist of six CBS affiliates, three FOX affiliates, two MyNetworkTV affiliates, and one NBC affiliate. The broadcasting segment also includes 20 traditional Websites, seven mobile Websites, and video related operations. The Company’s largest revenue source is magazine and television advertising. In June 2008, Meredith acquired Big Communications. In October 2007, the Company acquired Directive Corporation. In January 2007, it acquired Genex and New Media Strategies.

In April 2008, the Company completed the sale of WFLI, a CW affiliate serving the Chattanooga, Tennessee market and in May 2007, Meredith completed the sale of KFXO, the low-power FOX affiliate serving the Bend, Oregon market.

Publishing

Publishing represented 80 % of Meredith’s consolidated revenues during the fiscal year ended June 30, 2008 (fiscal 2008). Meredith’s subscription magazines include Better Homes and Gardens, Family Circle, Ladies’ Home Journal, Parents, American Baby, Fitness, Country Home, Traditional Home, Midwest Living, Ser Padres, Wood, Successful Farming, Siempre Mujer and ReadyMade. It publishes approximately 150 special interest publications under approximately 80 titles, primarily under the Better Homes and Gardens brand. The titles are issued from 1 to 8 times annually and sold primarily on newsstands. A limited number of subscriptions are also sold to certain special interest publications.

Advertising revenues are generated primarily from sales to clients engaged in consumer marketing. Many of Meredith’s larger magazines offer regional and demographic editions that contain similar editorial content but allow advertisers to customize their messages to target markets or audiences. The Company sells two primary types of magazine advertising: display and direct-response. Advertisements are either run-of-press (printed along with the editorial portions of the magazine) or inserts (preprinted pages). Most of the publishing segment’s advertising revenues are derived from run-of-press display advertising.

Subscriptions obtained through direct-mail solicitation, agencies, insert cards, the Internet, and other means are Meredith’s largest sources of circulation revenues. All of its subscription magazines except American Baby, Ser Padres, and Successful Farming also are sold by single copy. Single copies sold on newsstands are distributed primarily through magazine wholesalers, who have the right to receive credit from the Company for magazines returned to them by retailers.

Meredith Interactive Media has extended many of the Company’s magazine brands to the Internet. The two major destination sites are BHG.com and Parents.com. BHG.com, its flagship home and family site, features significant community applications, useful tools, and video anchored by Better.tv. The site attracts approximately five million visitors and averages 80 million page views each month. Parents.com is the Company’s portal for its parenthood brands Parents, American Baby, Child, and Family Circle.

The 420 books Meredith publishes and promotes are directed primarily at the home and family markets. They are published under the Better Homes and Gardens trademark and under licensed trademarks such as The Home Depot books. Meredith also publishes books based on properties of Sandra Lee Semi-Homemade and the Food Network and Discovery Channel cable networks. The books are sold through retail book and specialty stores, mass merchandisers, and other channels. During fiscal 2008, it published 130 new or revised titles.

In fiscal 2008, the Company entered into a long-term agreement to license the Better Homes and Gardens brand to Realogy Corporation. Realogy, owner of brands such as CENTURY 21, Coldwell Banker and ERA, is building a new residential real estate franchise system based on the Better Homes and Gardens brand. It launched in July 2008. In October 2007, Meredith announced a multi-year licensing agreement with Wal-Mart Stores, Inc. for the design, marketing, and retailing of a range of home products based on the Better Homes and Gardens brand.

Broadcasting

Broadcasting represented 20 %of Meredith’s consolidated revenues in fiscal 2008. Advertising is the principal source of revenue for the broadcasting segment. The stations sell commercial time to both local/regional and national advertisers. Most national advertising is sold by independent representative firms. The sales staff at each station generates local/regional advertising revenues. Typically 30 to 40 % of a market’s television advertising revenue is generated by local newscasts.

In December 2007, Meredith parenthood video content launched across Comcast Corp.’s cable systems on a new video on demand channel branded Parents TV that reaches more than 12 million households. More than 600,000 videos were downloaded in fiscal 2008. During fiscal 2008, Meredith introduced a new program called Job Connections in its Kansas City market.

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