Meredith Corporation Increases Dividend 11%; Reinitiates 1.1M Share Repurchase Program

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The Meredith Corporation (NYSE: MDP) Board of Directors yesterday approved an 11 percent raise in its quarterly dividend to $0.255 per share, or $1.02 on an annual basis. It is the 18th year in a row that Meredith has increased its dividend, and the 64th consecutive year of dividend payments. Additionally, Meredith announced it intends to reinitiate its share repurchase program. The Company has 1.1 million shares currently authorized for repurchase, and will revisit its authorization level later this year in connection with Fiscal 2012 planning.

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