Meredith Corporation
MDP confirmed today that it held discussions with
Time Warner, Inc. TWX regarding a potential
combination of Meredith's National Media Group with Time Inc.'s Lifestyle and
Style & Entertainment brands. Earlier today, Time Warner announced that it
is going to spin off its entire Time Inc. subsidiary into a separate publicly
traded company.
Meredith Chairman and Chief Executive Officer Stephen M. Lacy said, "At Time
Warner's initiation, we discussed combining our National Media Group with
certain Time Inc. brands to create a new publicly traded company. There are
natural synergies between our two portfolios; however, we respect Time
Warner's decision and certainly remain open to continuing a dialogue on how
our companies might work together on future opportunities."
Lacy continued, "Going forward, Meredith will continue to enhance shareholder
value through ongoing execution of our successful Total Shareholder Return
strategy and building on our company's strong momentum. We are in an excellent
financial position given the significant free cash flow our businesses
generate and our low debt level. We will continue to focus on initiatives
designed to maximize the value of our attractive national and local media and
marketing services assets, including strategic acquisitions. "
Key elements of Meredith's Total Shareholder Return strategy include: (1) A
current annual dividend of $1.63 per share; (2) A $100 million share
repurchase program, and (3) Ongoing strategic investments to scale the
business and increase shareholder value over time.
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