DES MOINES, Iowa, May 11, 2016 /PRNewswire/ -- The Meredith
Corporation (NYSE:MDP; www.meredith.com) Board of Directors
today declared a regular quarterly dividend of $0.4950 per share, or $1.98 on an annual basis. The dividend will be
payable on June 15, 2016, to
shareholders of record on May 31,
2016.
Meredith continues to focus on its successful Total Shareholder
Return program. Key elements include:
- An annual dividend yielding approximately 4 percent based on
yesterday's closing price of $50.99.
Meredith has paid dividends for 69 consecutive years, increasing
them for 23 years straight.
- An ongoing share repurchase program with $89 million remaining under current
authorizations.
- Strategic investments to scale the business and increase
shareholder value.
ABOUT MEREDITH CORPORATION
Meredith Corporation
(NYSE: MDP; www.meredith.com) has been committed to service
journalism for more than 110 years. Today, Meredith uses multiple
distribution platforms - including broadcast television, print,
digital, mobile and video - to provide consumers with content they
desire and to deliver the messages of its advertising and marketing
partners.
Meredith's Local Media Group includes 17 owned or operated
television stations reaching 11 percent of U.S. households.
Meredith's portfolio is concentrated in large, fast-growing
markets, with seven stations in the nation's Top 25 - including
Atlanta, Phoenix, St.
Louis and Portland - and 13
in Top 50 markets. Meredith's stations produce over 650 hours of
local news and entertainment content each week, and operate leading
local digital destinations.
Meredith's National Media Group reaches 100 million unduplicated
women every month, including nearly 75 percent of U.S. millennial
women. Meredith is the leader in creating and distributing content
across platforms in key consumer interest areas such as food, home,
parenting and health through well-known brands such as Better Homes
and Gardens, Allrecipes, Parents and Shape. Meredith also
features robust brand licensing activities, including more than
3,000 SKUs of branded products at 4,000 Walmart stores across the
U.S. Meredith Xcelerated Marketing is a leader at developing and
delivering custom content and customer relationship marketing
programs for many of the world's top brands, including Kraft,
Lowe's and NBC Universal.
Meredith's balanced portfolio consistently generates substantial
free cash flow, and the Company is committed to growing Total
Shareholder Return through dividend payments, share repurchases and
strategic business investments. Meredith's current annualized
dividend of $1.98 per share yields
approximately 4 percent. Meredith has paid a dividend for 69
straight years and increased it for 23 consecutive years.
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SOURCE Meredith Corporation