UPDATE: CEO Lacy Reaffirms Meredith's Commitment to Building Shareholder Value
Meredith Corporation (NYSE: MDP) Chairman and CEO Stephen M. Lacy today reaffirmed the Company's commitment to returning additional cash to shareholders and making strategic business investments during remarks following Meredith's Annual Shareholders Meeting in Des Moines.
Lacy pointed to Meredith's recent decision to increase its annual dividend 50 percent to $1.53 per share, along with Board approval of authorization to repurchase $100 million of Meredith common stock, as the twin pillars of the Company's commitment to a balanced Total Shareholder Return agenda. The next and higher quarterly dividend, representing a yield of 5.8 percent based on today's closing price, will be payable on December 15, 2011 to shareholders of record at the close of business on November 30, 2011.
Lacy also cited a series of strategic investments Meredith has made in recent months including (1) the acquisition of the Every Day with Rachael Ray and EatingWell media brands and the launch of Recipe.com in the food space; (2) the introduction of tablet editions of its leading brands; (3) an extension and expansion of its licensing agreement with Walmart; and (4) an investment in global marketing services company Iris.
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