2015 Annual Report Report Annual 2015

Home , Cozi, FamilyFun, Martha Stewart Living, Martha Stewart Weddings, Midwest Living, Steve Lacy (businessman)

Meredith Corporation Annual Report 2015 deliver the messages of advertisersdeliver the and extend expertise franchises and our brand related to markets. distinguish and services Our products customer basis of quality, themselves on the that can be trusted. service and value Meredith Corporation • 1716 Locust Street Des Moines, IA 50309-3023 515-284-3000 • meredith.com ned readers and viewers, fned readers and that serve well-de media and marketing company founded upon founded upon marketing company media and and committed to our customers service to value for our shareholders. building is a commitment to service Our cornerstone that, we have built businesses journalism. From Our Mission Our a publicly held Corporation, are Meredith We Corporate Information Financial Highlights MEREDITH CORPORATION REGISTRAR AND TRANSFER AGENT Meredith Corporation (NYSE: MDP; meredith.com) has Wells Fargo Bank, N.A., PO Box 64854, St. Paul, MN been committed to service journalism for more than 55164-0854 or 1110 Centre Pointe Curve, Suite 101, 110 years. Today, Meredith uses multiple distribution Mendota Heights, MN 55120-4100, 800-468-9716 or Years Ended June 30 (In millions except per share data) platforms – including broadcast television, print, digital, 651-450-4064, email: [email protected] mobile, tablets and video – to provide consumers with content they desire and to deliver the messages of its DIVIDEND REINVESTMENT 2014 2013 2012 2011 GAAP Results 2015 advertising and marketing partners. Meredith Corporation ofers a dividend reinvestment Revenues $ 1,594 $ 1,469 $ 1,471 $ 1,377 $ 1,400 plan that automatically reinvests shareholder dividends ANNUAL MEETING for the purchase of additional shares of stock. To obtain Income from operations 242 187 211 186 225 Holders of Meredith Corporation stock are invited to more information or to join the plan, contact Wells Fargo Net earnings 137 114 124 104 127 attend the annual meeting of shareholders at 10 a.m. at 800-468-9716 or write to the preceding addresses. Central Standard Time on November 11, 2015, at the Total assets 2,843 2,544 2,140 2,016 1,713 Company’s principal ofce, 1716 Locust Street, FORM 10-K Des Moines, IA. A copy of the Meredith Corporation Fiscal 2015 Annual Total debt 795 715 350 380 195 Report on Form 10-K to the Securities and Exchange STOCK EXCHANGE Commission (SEC) is included in this report and available Non-GAAP Results Common stock of Meredith Corporation is listed on at meredith.com. Additional copies are available without the New York Stock Exchange. The exchange symbol charge to shareholders by calling 515-284-3000. The Earnings per share (1) $ 3.30 $ 2.80 $ 2.91 $ 2.50 $ 2.81 for Meredith is MDP. CUSIP Number: 589433101. Class Company has filed as an exhibit to the Annual Report on B stock of Meredith Corporation (issued as a dividend Form 10-K the certification of its chief executive ofcer (2) EBITDA 300 246 256 230 265 on common stock in December 1986) is not listed. and chief financial ofcer required by Section 302 of the The transfer of Class B stock is limited to the lineal Sarbanes-Oxley Act. descendants of original owners, their spouses, or trusts/ family partnerships for the benefit of those persons. QUARTERLY INFORMATION Requests for transfer to any other person or entity To receive copies of Meredith Corporation quarterly (1) (3) Adjusted EPS Dividends Per Share will require a share-for-share conversion to common SEC filings, earnings releases and dividend releases, 5-Year CAGR: 8% 5-Year CAGR: 15% stock. Conversion prior to sale is recommended. CUSIP please visit meredith.com, or call 515-284-3000. Number: 589433200. The Company’s Chairman and $3.50 $2.00 Chief Executive Ofcer has certified to the New York INVESTOR CONTACT $3.30 $1.83 Stock Exchange that he is not aware of any violation Meredith Corporation Investor Relations $1.73 by the Company of the New York Stock Exchange 1716 Locust Street, Des Moines, IA 50309-3023 3.00 $2.91 Corporate Governance Listing Standards. The most 515-284-3000 (meredith.com) $2.81 $2.80 $1.63 $1.53 recently required certification was submitted to the $2.50 1.50 exchange on December 12, 2014. 2.50 NATIONAL MEDIA LOCAL MEDIA 2.00 $1.02 1.00 ® 1.50 ®

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Non-GAAP amounts are not in accordance with GAAP (accounting principles generally accepted in the United States of America). While management believes ® ® ® Greenville - Asheville Las Vegas Mobile - Pensacola these measures contribute to an understanding of the Company’s fnancial performance, they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” in the Appendix immediately following the included Form 10-K.

(1) From continuing operations adjusted for special items. ® (2) EBITDA – earnings from continuing operations before interest, taxes, depreciation and amortization. Flint - Saginaw Springﬁeld - Holyoke (3) Annualized dividend per share at end of fscal year. To Our Shareholders

On behalf of Meredith Corporation and our nearly 4,000 employees, we want to thank you for your investment in our Company. As a shareholder, you’ve entrusted us with your fnancial resources. That’s a responsibility we take very seriously. At Meredith, we are continuing to execute a strategic plan to grow our strong connection with consumers; expand, enhance and extend our portfolio of media brands; rapidly grow our digital activities; and deliver a superior return for our shareholders. In fscal 2015, we made excellent progress on all these goals, leading with strong fnancial performance. We delivered more than 20 percent growth in earnings per share as revenues rose 9 percent to a record $1.6 billion. Total Company advertising revenues grew 15 percent, and digital advertising revenues grew more than 45 percent. Our Local Media Group delivered the best fnancial STRATEGIC ACQUISITIONS performance in its history, driven by a record & INVESTMENTS $44 million in political advertising revenues; In our Local Media Group, we added contributions from recent acquisitions; and growth WALA, the Mobile-Pensacola FOX afliate; in retransmission fees. Our National Media Group and WGGB, the ABC and FOX afliate in delivered an 8 percent increase in operating proft, Springﬁeld, Massachusetts. Including our and set records for digital advertising and brand acquisitions of stations in Phoenix and licensing revenues. St. Louis in ﬁscal 2014, we expect these properties to add approximately 30 percent We continued to deliver on our Total Shareholder to our local media group revenues. Return strategy, returning more than $125 million to shareholders through dividends and share repurchases. At the same time, we made strategic investments to scale our business. In fscal 2015, we achieved several important objectives that position Meredith for continued growth in revenues, proft and cash fow over time: We signifcantly broadened our media portfolio by adding and successfully In our National Media Group, we added the Shape brand, the leader in the women’s integrating a series of new properties. In our active lifestyle category; acquired the rights National Media Group, we added the Shape to operate Martha Stewart Living and related brand and we acquired the rights to operate digital brands; and entered the millennial- Martha Stewart’s media properties. We rich wedding category with the addition of entered the millennial-rich wedding category the Martha Stewart Weddings brand and leading digital destination with the addition of the Martha Stewart mywedding.com.

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® BURN ate KHUDSON In the Local Media Group, we added two FAT LIKE THE NEW WAY CRAZY SHE GOT In Less Time! THIS BODY More attractive stations to our portfolio: WALA, Energy, FOODS12 Less THAT FIX A Stress the Mobile-Pensacola FOX affliate; and BAD The BEST MOOD HOUR for Amazing SEX WGGB, the ABC affliate in Springfeld, YOUNGER Faster SKIN WEIGHT WHILE LOSS YOU SLEEP! Massachusetts, that also airs FOX on a digital Your Easy Get-Lean Plan tier. Together with the fscal 2014 acquisitions MARCH 2015 of KMOV in St. Louis and KTVK in Phoenix, we added great properties to our station group and created two new and proftable duopoly markets.

Meredith Corporation 2015 Annual Report | 1 We expanded our rapidly growing digital products at Walmart stores across the U.S. business. In our National Media Group, we Meredith Xcelerated Marketing generated acquired leading advertising technology more than 20 percent growth in operating platform Selectable Media, driving CPM proft, as the digital marketing agency growth across our digital business. We leveraged its content marketing expertise relaunched several key digital destinations, on behalf of clients in the automotive, casual including allrecipes.com and BHG.com, dining, consumer packaged goods and retail updating their design and increasing their industries. social networking capabilities. In our Local Our Local Media Group delivered signifcant Media Group, we enhanced our digital and growth in retransmission revenues from mobile destinations and we also launched a subscription television operators such new technology platform that enables us to as cable, satellite and phone companies, sell digital advertising across our stations. and is well-positioned for increased proft We strengthened our competitive position contribution in fscal 2016 and 2017. by enhancing many of our existing media Finally, we continued to execute our Total brands and launching new ones. This Shareholder Return strategy. We increased included rate base expansions for Allrecipes our dividend by 6 percent early in calendar and EatingWell magazines; redesigns of 2015, marking our 22nd straight year of Family Circle and WOOD magazines; and dividend increases. the premiere of the Eat This! Not That! bookazine. We also launched Parents Latina, Our Plans for Fiscal 2016 expanding our market-leading reach to As we look to fscal year 2016, we will continue the U.S. Hispanic millennial mom, one of to engage and entertain our audiences with the fastest-growing consumer segments great content across media platforms, while also in our country. We laid the foundation to delivering innovative advertising programs for our launch our agricultural brand, Successful clients. This is particularly true of the millennial Farming, in farm-rich Brazil. Our Local Media generation, whose oldest members are beginning Group added newscasts at several stations, to form families of their own. bringing to 660 the number of hours of news We will continue to enhance our digital, video and local programming created weekly. and mobile media products; optimize our We delivered growth in our businesses circulation activities; expand our brand licensing not dependent on advertising. Our Brand arrangements; and pursue further strategic Licensing activities delivered excellent portfolio expansions. performance, driven by strong sales of

CONTINUED ADVERTISING EFFECTIVENESS

We believe so strongly in the efectiveness of advertising across our national brands that we launched the Meredith Sales Guarantee several years ago to prove – using third-party data from Nielsen – that advertising across our media properties efectively and efciently drives retail sales. We were the ﬁrst to provide this measurement and are taking steps to make it a broad industry tool. To date, we delivered strong sales lifts and positive returns on investment for EACH of the more than 50 measurements we’ve conducted. Details include: Sales lifts ranging from 2% to nearly 50% Positive ROI ranging from $1.60 to $20.00 We believe the results demonstrate the continued efectiveness of advertising in media properties, no matter the platform.

2 | Meredith Corporation 2015 Annual Report Our Long-Term Vision RAPID DIGITAL EXPANSION Looking beyond fscal 2016, we will continue to We acquired leading ad technology platform focus on investing in our brands; pursuing accretive Selectable Media, giving us more premium digital acquisitions to grow our portfolio; carefully managing advertising inventory through its powerful native and engagement-based advertising products. We expenses; and rewarding our shareholders through redesigned and relaunched several of our key digital dividend growth and share repurchases. To destinations, including allrecipes.com and BHG.com. accomplish these goals, we are pursuing several Digital ad revenues accounted for nearly 25 percent parallel paths: of the National Media Group’s total ad revenues in fiscal 2015, up from just 7 percent five years ago. Ensuring our acquisitions are successfully In our Local Media Group, we continued to enhance integrated and that we grow our existing our digital and mobile destinations, helping us businesses organically; increase trafc to our websites by approximately 30 percent in fiscal 2015. We also launched a new ad Growing our digital, video and mobile technology platform that enables us to sell digital businesses with the goal of increasing our advertising across our station group. millennial reach; As a whole, unique visitors to our websites grew to Pursuing opportunities to add to our media a record high of approximately 70 million monthly portfolio; unique visitors in fiscal 2015, ranking Meredith among the top 35 digital operators in the U.S. Diversifying our revenue mix in favor of businesses not dependent on traditional advertising; and Delivering growth in cash fow as part of our Total Shareholder Return strategy. Our talented and creative employees play a vital role in Meredith’s success. They include our inventive content creators, innovative sales and marketing professionals, dedicated support groups and committed management team. Our workforce is the best in the media industry, underscored by our 113-year track record of success. In closing, we continue to be highly confdent in the strength and resilience of Meredith’s diversifed business model. We have a proven track record of developing our existing brands and proftably integrating acquired properties. We have a long history of prudent capital stewardship and an ongoing commitment to Total Shareholder Return. It is our mission and pledge to protect and grow the value of your investment in Meredith over time. Sincerely,

Steve Lacy Mell Meredith Frazier Chairman and Vice Chairman Chief Executive Offcer

On September 8, 2015, Media General, Inc. and Meredith Corporation announced a defnitive merger agreement to create a powerful new multiplatform and diversifed media company to be known as Meredith Media General. We’re excited about the growth opportunities and shareholder value creation we expect from this merger. Current Meredith CEO Steve Lacy will be the CEO and current Meredith CFO Joe Ceryanec will be CFO of Meredith Media General. More details are available at meredith.com.

Meredith Corporation 2015 Annual Report | 3 Board of Directors

OUR COMMITMENT TO THE ENVIRONMENT

As a leading marketing communications Donald A. Baer 1, 2 Mell Meredith Frazier 3, 4 Stephen M. Lacy company, consumers Mr. Baer, 60, a director since Ms. Frazier, 59, a director since Mr. Lacy, 61, a director since come to our brands 2014, is worldwide chair and 2000, is vice chairman of Meredith 2004, is chairman and chief for timeless advice chief executive offcer of Burson- Corporation and chair of the executive offcer of Meredith about food, decorating, Marsteller, a member of WPP PLC, Meredith Corporation Foundation. Corporation, the leading media building, parenting, one of the world’s largest strategic and marketing company gardening, beauty, communications businesses. serving American women. crafts, health and well-being, and more. We realize that to take care of our homes and families, we must take care of the planet. Meredith has in place a number of sustainable business practices as well as an internal Donald C. Berg 1, 2 Frederick B. Henry 3, 4 Philip A. Marineau 1, 4 task force whose Mr. Berg, 60, a director since Mr. Henry, 69, a director since Mr. Marineau, 68, a director goal is to recommend 2012, is the chief executive 1969, is president of the Bohen since 1998, is a partner at LNK ongoing changes that offcer of The Comfy Cow, a Foundation, a private charitable Partners, a private equity frm. will enable us to be an purveyor of specialty gourmet foundation. even more responsible ice cream. member of the global community. To see our progress, please visit our corporate social responsibility report at meredith.com.

Mary Sue Coleman 1, 2 Joel W. Johnson 2, 3 Elizabeth Tallett 3, 4 Dr. Coleman, 71, a director since Mr. Johnson, 72, a director since Ms. Tallett, 66, a director since 1997, is the president emerita 1994, is the retired chairman and 2008, is a consultant to early stage of the University of Michigan, chief executive of Hormel Foods pharmaceutical and healthcare one of the nation’s top public Corporation, a leading producer of companies. universities. meat and other products.

Ofcers Stephen M. Lacy Paul A. Karpowicz John S. Zieser Committee Assignments Chairman and President, Local Media Group Chief Development Offcer 1 Audit Chief Executive Offcer Joseph H. Ceryanec and General Counsel 2 Finance 3 Nominating/Governance Thomas H. Harty Chief Financial Offcer Steven M. Cappaert 4 Compensation President, National Media Group Corporate Controller

4 | Meredith Corporation 2015 Annual Report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended June 30, 2015 Commission file number 1-5128

MEREDITH CORPORATION (Exact name of registrant as specified in its charter) Iowa 42-0410230 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

1716 Locust Street, Des Moines, Iowa 50309-3023 (Address of principal executive offices) (ZIP Code)

Registrant's telephone number, including area code: (515) 284-3000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $1 New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: Title of class Class B Common Stock, par value $1

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The registrant estimates that the aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant at December 31, 2014, was $1,954,000,000 based upon the closing price on the New York Stock Exchange at that date.

Shares of stock outstanding at July 31, 2015 Common shares...... 37,660,699 Class B shares ...... 6,963,229 Total common and Class B shares...... 44,623,928

selected by the Company for comparison, which is also weighted by market capitalization, is comprised of TEGNA Inc. (formerly Gannett Co., Inc.); Graham Holding Company (formerly The Washington Post Company); Martha Stewart Living Omnimedia, Inc.; Media General, Inc.; and The E.W. Scripps Company.

The graph depicts the results for investing $100 in the Company's common stock, the S&P MidCap 400 Index and the Peer Group at closing prices on June 30, 2010, assuming dividends were reinvested.

Reconciliation of Non-GAAP Financial Measures

The following tables provide reconciliations of financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP), or non-GAAP financial measures, used in the annual report to shareholders to the most directly comparable GAAP financial measures. This information is not part of the Company's Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission.

Years ended June 30, 2015 2014 2013 2012 2011 Adjusted earnings per share from continuing operations $ 3.30 $ 2.80 $ 2.91 $ 2.50 $ 2.81 Special items 1 (0.28) (0.30) (0.17) (0.19) 0.06 Earnings per share from continuing operations $ 3.02 $ 2.50 $ 2.74 $ 2.31 $ 2.87

Years ended June 30, 2015 2014 2013 2012 2011 (In thousands) EBITDA 2 $ 299,916 $ 246,443 $ 256,184 $ 230,097 $ 264,836 Depreciation and amortization (57,804) (59,928) (45,350) (44,326) (39,545) Net interest expense (19,352) (12,176) (13,430) (12,896) (12,938) Income taxes (85,969) (60,798) (73,754) (68,503) (80,743) Earnings from continuing operations 136,791$ 113,541$ 123,650$ 104,372$ 131,610$

1 Fiscal 2015 special items include severance costs, the write-down of impaired assets, acquisition and disposal transaction costs, and other miscellaneous write-down and accruals. Fiscal 2014 special items include severance costs; the write-down of certain identifiable intangibles, fixed assets, and art and manuscript inventory; television station acquisition transaction costs; vacated building and lease accruals; the write-off of deferred financing costs; and other miscellaneous accruals partially offset by a tax benefit from realignment of international operations and a reduction in previously accrued restructuring charges. Fiscal 2013 special items include severance costs, professional fees and expenses related to a transaction that did not materialize, and vacated lease accruals partially offset by a reduction in previously accrued restructuring charges. Fiscal 2012 special items include severance costs, Allrecipes.com acquisition costs, vacated lease accruals, and other net miscellaneous write-downs and accruals partially offset by a reduction of contingent consideration payable. Fiscal 2011 special items include a reduction of contingent consideration payable and the reversal of previously accrued restructuring charges partially offset by severance costs and the write-down of certain identifiable intangibles. 2 EBITDA is earnings from continuing operations before interest, taxes, depreciation, and amortization.

Appendix Corporate Information Financial Highlights MEREDITH CORPORATION REGISTRAR AND TRANSFER AGENT Meredith Corporation (NYSE: MDP; meredith.com) has Wells Fargo Bank, N.A., PO Box 64854, St. Paul, MN been committed to service journalism for more than 55164-0854 or 1110 Centre Pointe Curve, Suite 101, 110 years. Today, Meredith uses multiple distribution Mendota Heights, MN 55120-4100, 800-468-9716 or Years Ended June 30 (In millions except per share data) platforms – including broadcast television, print, digital, 651-450-4064, email: [email protected] mobile, tablets and video – to provide consumers with content they desire and to deliver the messages of its DIVIDEND REINVESTMENT 2014 2013 2012 2011 GAAP Results 2015 advertising and marketing partners. Meredith Corporation ofers a dividend reinvestment Revenues $ 1,594 $ 1,469 $ 1,471 $ 1,377 $ 1,400 plan that automatically reinvests shareholder dividends ANNUAL MEETING for the purchase of additional shares of stock. To obtain Income from operations 242 187 211 186 225 Holders of Meredith Corporation stock are invited to more information or to join the plan, contact Wells Fargo Net earnings 137 114 124 104 127 attend the annual meeting of shareholders at 10 a.m. at 800-468-9716 or write to the preceding addresses. Central Standard Time on November 11, 2015, at the Total assets 2,843 2,544 2,140 2,016 1,713 Company’s principal ofce, 1716 Locust Street, FORM 10-K Des Moines, IA. A copy of the Meredith Corporation Fiscal 2015 Annual Total debt 795 715 350 380 195 Report on Form 10-K to the Securities and Exchange STOCK EXCHANGE Commission (SEC) is included in this report and available Non-GAAP Results Common stock of Meredith Corporation is listed on at meredith.com. Additional copies are available without the New York Stock Exchange. The exchange symbol charge to shareholders by calling 515-284-3000. The Earnings per share (1) $ 3.30 $ 2.80 $ 2.91 $ 2.50 $ 2.81 for Meredith is MDP. CUSIP Number: 589433101. Class Company has filed as an exhibit to the Annual Report on B stock of Meredith Corporation (issued as a dividend Form 10-K the certification of its chief executive ofcer (2) EBITDA 300 246 256 230 265 on common stock in December 1986) is not listed. and chief financial ofcer required by Section 302 of the The transfer of Class B stock is limited to the lineal Sarbanes-Oxley Act. descendants of original owners, their spouses, or trusts/ family partnerships for the benefit of those persons. QUARTERLY INFORMATION Requests for transfer to any other person or entity To receive copies of Meredith Corporation quarterly (1) (3) Adjusted EPS Dividends Per Share will require a share-for-share conversion to common SEC filings, earnings releases and dividend releases, 5-Year CAGR: 8% 5-Year CAGR: 15% stock. Conversion prior to sale is recommended. CUSIP please visit meredith.com, or call 515-284-3000. Number: 589433200. The Company’s Chairman and $3.50 $2.00 Chief Executive Ofcer has certified to the New York INVESTOR CONTACT $3.30 $1.83 Stock Exchange that he is not aware of any violation Meredith Corporation Investor Relations $1.73 by the Company of the New York Stock Exchange 1716 Locust Street, Des Moines, IA 50309-3023 3.00 $2.91 Corporate Governance Listing Standards. The most 515-284-3000 (meredith.com) $2.81 $2.80 $1.63 $1.53 recently required certification was submitted to the $2.50 1.50 exchange on December 12, 2014. 2.50 NATIONAL MEDIA LOCAL MEDIA 2.00 $1.02 1.00 ® 1.50 ®

Atlanta Phoenix ® ® 1.00

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® ® ® $0 $0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015

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