DES MOINES, Iowa, Nov. 10, 2016 /PRNewswire/ -- The Meredith
Corporation (NYSE:MDP; www.meredith.com) Board of Directors
yesterday declared a regular quarterly dividend of $0.4950 per share, or $1.98 on an annual basis. The dividend will
be payable on December 15, 2016, to
shareholders of record on November
30, 2016.
Meredith has a strong history of returning cash to shareholders,
paying a dividend for 69 consecutive years and increasing its
dividend for 23 years straight.
Meredith has delivered an average annual return of 18 percent
since the launch of its Total Shareholder Return (TSR) strategy
five years ago. Key elements of Meredith's TSR strategy
include:
- An annual dividend yielding 4.2 percent based on yesterday's
closing price of $47.65.
- An ongoing share repurchase program with $78 million remaining under current
authorizations.
- Strategic investments to scale the business and increase
shareholder value.
ABOUT MEREDITH CORPORATION
Meredith Corporation (NYSE: MDP; meredith.com) has been
committed to service journalism for 115 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 nearly 700 hours of
local news and entertainment content each week, and operate leading
local digital destinations.
Meredith's National Media Group reaches more than 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, Shape
and EatingWell. 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. and at walmart.com.
Meredith Xcelerated Marketing is an award-winning, strategic and
creative agency that provides fully integrated marketing solutions
for many of the world's top brands, including Kraft, Lowe's,
TGIFriday'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 X percent. Meredith has paid a dividend for 69
straight years and increased it for 23 consecutive years.
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SOURCE Meredith Corporation