DES MOINES, Iowa, Jan. 30, 2017 /PRNewswire/ -- The Meredith
Corporation (NYSE:MDP; www.meredith.com) Board of Directors on
Saturday, January 28, 2017, approved
a 5.1 percent increase of its regular stock dividend to
$2.08 per share on an annualized
basis, an increase of $0.10 per
share. The next quarterly dividend will be $0.52 per share and is payable on March 15, 2017, to shareholders of record on
February 28, 2017.
Meredith continues to focus on its successful Total Shareholder
Return program. Key elements include:
- An annual dividend yielding approximately 3.5 percent based on
Friday's closing price of $61.65. Meredith has paid
dividends for 70 consecutive years, increasing them for 24 years
straight.
- An ongoing share repurchase program with $74 million remaining under current
authorizations.
- Strategic investments to scale the business and increase
shareholder value.
Beth Kaplan Elected to Meredith Board of Directors
At its annual strategic retreat on January 27, 2017, the Meredith Board of Directors
elected Beth J. Kaplan to the
Meredith Board as a Class III Director. Kaplan will stand for
election at the next Meredith Annual Shareholders Meeting for a
full two-year term expiring November 13,
2019.
Kaplan is one of the country's leading brand marketing
executives. Most recently, she served as President and COO of
Rent the Runway, where she still serves on the Board. Her past
experiences include President and Chief Marketing and Merchandising
Officer at General Nutrition Corporation; EVP and General Manager
of Bath & Body Works; Senior Executive VP of Marketing,
Merchandising and Distribution of Rite Aid; and President of
Procter & Gamble's U.S. Cosmetics Division. She is currently a
Venture Partner at Axcel Partners, where she advises and invests in
emerging, high growth consumer businesses. Kaplan earned both
Bachelor's of Science and Master's of Business Administration
degrees from the University of
Pennsylvania's Wharton School of Business, and currently
sits on its Board of Overseers.
"We welcome Beth to the Board, and look forward to her
contributions," said Meredith Chairman and Chief Executive Officer
Stephen M. Lacy. "Her
experience leading many of the nation's top female-focused brands
is a perfect fit for Meredith, given our extensive reach to over
100 million unduplicated American women, including nearly 75
percent of all U.S. female Millennials."
ABOUT MEREDITH CORPORATION
Meredith Corporation (NYSE: MDP; www.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 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 lifestyle 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 5,000 Walmart stores across the U.S. 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 The Kraft Heinz Co., Bank of
America, WebMD, Volkswagen and NBC Universal.
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.
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SOURCE Meredith Corporation