DES MOINES, Iowa, Aug. 9, 2017 /PRNewswire/ -- The Meredith
Corporation (NYSE:MDP; www.meredith.com) Board
of Directors today declared a regular quarterly dividend of
$0.52 per share, or $2.08 on an annual basis. The dividend will
be payable on September 15, 2017, to
shareholders of record on August 31,
2017.
Meredith has a strong history of returning cash to shareholders,
paying a dividend for 70 consecutive years and increasing its
dividend for 24 years straight, including a 5.1 percent increase
earlier this calendar year. As an acknowledgment of its
consistent track record of annual dividend increases, Meredith was
added to the S&P High Yield Dividend Aristocrat Index earlier
this year.
Meredith has delivered an average annual return of 21 percent
since the launch of its Total Shareholder Return (TSR) strategy
more than five years ago. Key elements of Meredith's TSR
strategy include:
- An annual dividend yielding 3.6 percent based on today's
closing price of $57.70.
- An ongoing share repurchase program with $68 million remaining under current
authorizations.
- Strategic investments to scale the business and increase
shareholder value.
Tom Harty Elected to Meredith Board of Directors
The Meredith Board of Directors today elected Meredith President and Chief Operating Officer
Thomas H. Harty to the Board. Harty,
54, was elected President and Chief Operating Officer in
August 2016, and currently oversees
Meredith's National and Local Media Groups. Prior to his current
role, Harty served as President of Meredith's National Media Group,
a position he assumed in 2010.
"Tom has been a major contributor to our success since joining
Meredith in 2004," said Meredith Chairman and CEO Steve Lacy. "He has played key leadership roles
in the development and execution of our strategic initiatives,
helping Meredith increase its connection to the American consumer
through growth in magazine audience, news viewership, digital
traffic, brand licensing and marketing services."
These initiatives include the acquisition of Allrecipes.com and
subsequent launch of Allrecipes magazine, as well as adding the
Martha Stewart Living, Rachael Ray Every
Day, FamilyFun, Parenting, and EatingWell brands to the
Meredith portfolio. Additionally, under Harty's leadership
Meredith has expanded its advertising and digital revenue platforms
and created the Meredith Sales Guarantee, leading to Meredith twice
being named the No. 1 rated Media Company by Advertiser
Perceptions.
Harty is currently a member of the Board of Directors and the
Executive Committee of the Association of Magazine Media. He holds
an MBA from Iona College and a B.S. in
Business Administration from Castleton University.
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 Local Media Group includes 17 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 700 hours of
local news and entertainment content each week, and operate leading
local digital destinations.
Meredith's National Media Group reaches 110 million unduplicated
women every month, including 70 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 & 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. 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 The Kraft Heinz Co., Benjamin Moore, Allergan, TGIFridays and
WebMD.
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 $2.08 per share yields
3.6 percent. Meredith has paid a dividend for 70 straight
years and increased it for 24 consecutive years.
View original content with
multimedia:http://www.prnewswire.com/news-releases/meredith-corporation-board-of-directors-declares-quarterly-dividend-300502308.html
SOURCE Meredith Corporation