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Meredith Corporation (MDP)

  • Thu, Jun. 25, 8:42 PM
    • Shares in Martha Stewart Living Omnimedia (NYSE:MSO) rose 3.9% today, and another 0.5% after hours, as the prospect of more (maybe several more) bidders for the company emerged today.
    • Sequential Brands (SQBG -1.5%) on Monday said it had agreed to acquire MSO for $6.15 a share (about $353M), in a done deal. But The New York Post reported that bidding has reopened for "at least five prospective bidders" as Sequential's CEO Yehuda Shmidman was said to have leaked deal details early.
    • That meant having to include a 30-day "go-shop" provision -- and now bidders may include Meredith (NYSE:MDP), which already has licensing for the Martha Stewart magazines; licensing group Iconix (NASDAQ:ICON); Global Brands; and Authentic Brands.
    • Sequential's board is reportedly "very disappointed that this occurred and wants to understand how this happened."
    • Martha Stewart shares were last quoted at $6.43 after hours, a 4.6% premium to Sequential's offer.
  • Thu, Apr. 23, 9:43 AM
    • Meredith Corp. (NYSE:MDP) is up 2.1% as it posted record revenues in fiscal Q3 that still missed expectations slightly. Earnings per share beat expectations though EBITDA came in at $61.7M, below an expected $69.4M.
    • Revenue breakout: Advertising, $206M (up 13.1%); Circulation, $96M (flat); Other, $96.1M (up 7.8%).
    • By operating group: National Media, $275.3M (up 2%), driven by integration of Shape brand and the Martha Stewart properties; Local Media, $122.9M (up 25.7%), driven by added TV stations in St. Louis, Phoenix, Mobile-Pensacola and Springfield, Mass.
    • Digital ad revenues grew more than 55%. Traffic to digital/mobile sites is now about 70M unique visitors/month.
    • Conference call at 11 a.m. ET.
    • Press release
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  • Oct. 15, 2014, 5:54 PM
    • Magazine publisher/TV network owner Meredith (NYSE:MDP) will "assume ad sales, circulation, and production of Martha Stewart Living (NYSE:MSO) and Martha Stewart Weddings magazines," under a 10-year deal.
    • Meredith will also handle sales/marketing for MSO's sites and video library. However, MSO's editorial team will "continue to create all content for print and digital properties."
    • The companies assert the deal will enable Meredith to "market [Martha Stewart's] magazines and digital assets alongside Meredith's own leading brands." MSO expects the agreement will increase its op. income "by as much as $10-$15 million annually." A $2M-$3M Q4 restructuring charge will be recorded.
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  • Jun. 25, 2014, 12:11 PM
    • Sinclair Broadcast (SBGI +14.1%), Media General (MEG +10.4%), E.W. Scripps (SSP +7.9%), Gray Television (GTN +7.5%), Meredith (MDP +4.3%), Gannett (GCI +3.8%), and Nextar (NXST +15.6%) are taking off after the Supreme Court ruled (by a 6-3 vote) Aereo's TV streaming service is illegal.
    • National broadcast network owners are generally showing more moderate gains.
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  • Jan. 4, 2012, 1:28 PM
    Meredith Corp. (MDP -2%) deepens its foray into the women-focused media space by acquiring FamilyFun magazine and related assets from Walt Disney Co.'s (DIS) publishing arm for an undisclosed sum. The magazine, which has an audience of about 6M, targets mothers with children ages 3 to 12 and focuses on family activities, such as cooking, crafts and travel.
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Company Description
Meredith Corpis a diversified media company focused on the home and family marketplace.The Company operates two business segments: local media and national media.