Meredith Corp was incorporated under the laws of the State of Iowa. It began in 1902 as an agricultural publisher. In 1924, the Company published the first issue of Homes and Gardens. The Company entered the television broadcasting business in 1948. Today Meredith engages in magazine publishing and related brand licensing, television broadcasting, integrated marketing, interactive media, and video production related operations. The Company operates two business segments: national media and local media. The national media segment includes magazine publishing, brand licensing, integrated marketing, interactive media, database-related activities, and other related operations. The local media segment consists of the operations of network-affiliated television stations, related interactive media operations, and video production related operations. The local media segment consists of 12 network-affiliated television stations located across the United States (U.S.) in mostly fast growing markets and a national video creation unit. Local media's digital presence includes 20 websites and mobile websites and 36 apps focused on news, sports, and weather-related information. The national media segment includes national consumer media brands delivered via multiple media platforms, brand licensing activities, and business-to-business marketing products and services.It focuses on the home and family market. It is a publisher of magazines serving women. In fiscal 2013, it published twenty subscription magazines, including Better Homes and Gardens, Family Circle, Ladies' Home Journal, Parents, FamilyFun, American Baby, EveryDay with Rachael Ray, and Fitness, and approximately 120 special interest publications. Twenty of its brands are also available as digital editions on various platforms. The national media segment's extensive digital media presence consists of over 40 websites, almost 30 mobile-optimized websites, and about 30 applications. The national media segment also includes digital and customer relationship marketing, which provides specialized marketing products and services to some of America's companies; a large consumer database; brand licensing activities; and other related operations. The Company's magazines and related publishing products and services compete with other mass media, including the internet and many other leisure-time activities. Competition for advertising dollars is based on advertising rates, circulation levels, reader demographics, advertiser results, and sales team effectiveness. Competition for readers is based on editorial content, marketing skills, price, and customer service. The ownership, operation, and sale of broadcast television and radio stations, including those licensed to the Company, are subject to the jurisdiction of the FCC, which engages in extensive regulation of the broadcasting industry under authority granted by the Communications Act of 1934, as amended (Communications Act), including authority to promulgate rules and regulations governing broadcasting.