Meredith may be the true domestic goddess of media. A home and family media firm, Meredith publishes magazines, special interest publications, and books. Its portfolio of more than 20 subscription magazines includes flagship title Better Homes and Gardens, as well as Family Circle, Ladies' Home Journal, Parents, Fitness, and More. The company is also active in broadcasting with a dozen network-affiliated TV stations across the US. Meredith additionally operates about 50 websites and some 50 mobile apps, offers integrated marketing services, and has a large consumer database. Media General agreed to acquire the company in 2015 and the deal should close in 2016.
Meredith currently operates through two main business segments. Its national media group (66% of sales) consists of magazine publishing, interactive media, integrated marketing, brand licensing, database-related activities, and other related operations. Its local media group consists of its TV and radio stations, related interactive media operations, and video-related operations.
The company reported revenue of $1.59 billion for fiscal 2015. That was a 9% increase compared to the prior fiscal period. Its net income was $192.3 million for fiscal 2014. That was an increase of about 20% compared to the company's fiscal 2014 net income. Meredith's cash flow from operations remained strong during fiscal 2015.
Media General plans to acquire Meredith as part of a continuing a trend of consolidation in the US media industry as local TV stations look for negotiating leverage against large cable and satellite providers. The deal will create a new company called Meredith Media General which will have 88 television stations in 54 markets.