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Meredith Corporation  (MDP)
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Meredith Corporation Segments

 
National media
   67.12 % of total Revenue
Nonpolitical advertising
   23.22 % of total Revenue
Political advertising
   0.55 % of total Revenue
Other revenues
   9.11 % of total Revenue
Local media
   32.88 % of total Revenue
Other
   9.11 % of total Revenue
Total Advertising
   56.85 % of total Revenue
Total Circulation
   18.76 % of total Revenue
Total other
   -558101382.76 % of total Revenue
 

Business Segments (Sep. 30, 2015)
Revenues
(in millions $)
I. Quarter
%
(of total Revenues)
(Sep. 30, 2015)
Income
(in millions $)
I. Quarter
%
(Profit Margin)
National media
258.20 67.12 % 22.80 8.83 %
Nonpolitical advertising
89.31 23.22 % 0.00 -
Political advertising
2.12 0.55 % 0.00 -
Other revenues
35.04 9.11 % 0.00 -
Local media
126.47 32.88 % 29.33 23.19 %
Other
35.04 9.11 % 0.00 -
Total Advertising
218.67 56.85 % 0.00 -
Total Circulation
72.18 18.76 % 0.00 -
Total other
-2,146,826,265.00 -558101382.76 % 0.00 -
Total
384.67 100 % 52.13 13.55 %

• View Income Statement • View Competition by Segment • View Annual Report

Growth rates by Segment (Sep. 30, 2015)
Y/Y Revenue
%
I. Quarter
Q/Q Revenue
%
(Sep. 30, 2015)
Y/Y Income
%
I. Quarter
Q/Q Income
%
National media
4.82 % -12.73 % -21.08 % -48.43 %
Nonpolitical advertising
11.87 % -4.62 % - -
Political advertising
-83.65 % 71.94 % - -
Other revenues
-36.54 % -47.96 % - -
Local media
1.29 % -2.76 % -19.24 % -26.61 %
Other
- - - -
Total Advertising
0.29 % -5.37 % - -
Total Circulation
9.55 % -21.8 % - -
Total other
- - - -
Total
3.63 % -9.68 % -20.05 % -38.07 %

• View Growth rates • View Competitors Segment Growth • View Market Share

To get more information on Meredith's National media, Nonpolitical advertising, Political advertising, Other revenues, Local media, Other, Total Advertising, Total Circulation, Total other, Total segment. Select each division with the arrow.

  Meredith's

Business Segments Description



The Company has two business segments: publishing and broadcasting.

Publishing

Magazines

Better Homes and Gardens magazine, the Company's flagship, accounts for a significant percentage of revenues and operating profit of the publishing segment and the Company. Meredith's other magazines brands not listed in the preceding table are Country Gardens; Renovation Style; Creative Home; Decorating; Do It Yourself; Garden, Deck & Landscape; Garden Shed; and American Patchwork & Quilting. Meredith also has a 50 percent interest in a monthly Australian edition of Better Homes and Gardens magazine.

The Company publishes a group of Special Interest Publications, primarily under the Better Homes and Gardens and Creative Collection banners, that are issued from one to six times a year and primarily sold on newsstands. Titles published quarterly or every other month include the aforementioned Creative Home; Decorating; Do It Yourself; Garden, Deck & Landscape; Garden Shed; and American Patchwork & Quilting as well as Beautiful New Homes, Bedroom & Bath, Home Planning Ideas, Kitchen and Bath Ideas, 100 Ideas series, Paint Decor, Quick & Easy Decorating, Remodeling Ideas, Scrapbooks etc., and Window & Wall Ideas.

Meredith Interactive Media has extended many of the Company's magazine brands to the Internet. The flagship home and family site - bhg.com - is a leader in providing unique content and applications in its core content areas of decorating, food, home improvement, and remodeling. The Company has established multi-year alliance agreements with two of the leading Internet providers, driving additional traffic to the Company's sites. These web sites are additional sources of advertising and other revenues; more importantly, they hold the potential for significant cost reductions through online magazine subscription orders.

Advertising

Advertising revenues are generated primarily from sales to clients engaged in consumer marketing. Many of Meredith's larger magazines offer different regional and demographic editions that contain the same basic editorial material but allow advertisers to concentrate on specific markets or specific audiences. The Company sells two primary types of magazine advertising: display and direct-response. Advertisements are either run-of-press (printed along with the editorial portions of the magazine) or inserts (preprinted forms). Most of the publishing segment's advertising revenues are derived from run-of-press display advertising. Meredith Corporate Solutions brings together all of the Company's resources to create multi-platform marketing programs that meet each client's unique advertising and promotional requirements.

Circulation

Subscriptions obtained through direct-mail solicitation, agencies, insert cards, the Internet, and other means are Meredith's largest source of circulation revenues, but single-copy sales are also important. All of the Company's subscription magazines except Successful Farming and American Baby are sold by single copy as well. Single-copy sales are distributed through magazine wholesalers, who have the right to receive credit from the Company for magazines that retailers return to them.

Meredith Integrated Marketing, which offers integrated promotional strategies that combine all of the Company's custom capabilities, and Meredith's consumer database, which can make more than 75 million names available to magazine and television advertisers, are important because they provide revenue sources that are independent of advertising and circulation. Fiscal 2003 clients included Carnival Cruise Lines, DaimlerChrysler, Iams, and Hunter Douglas.

Broadcasting

Operations

Advertising is the principal source of revenues for the broadcasting segment. The stations sell commercial time to both local/regional and national advertisers. Rates for spot advertising are influenced primarily by the market size, number of in-market broadcasters, audience share, and audience demographics. The larger a station's share in any particular daypart, the more leverage a station has in setting advertising rates. As the market fluctuates with supply and demand, so does a station's rates. Most national advertising is sold by independent representative firms. The sales staff at each station generates local/regional advertising revenues.

Typically 25 to 35 percent of a market's television advertising revenues is generated by local news. The Company's stations have increased the number of hours of local news programming significantly over the last several years and are continually working to improve their news operations and ratings.

The national network affiliations of Meredith's 11 television stations influence advertising rates. Generally a network affiliation agreement provides a station the exclusive right to broadcast network programming in its local service area. In return, the network has the right to sell most of the commercial advertising aired during network programs. In some instances, the network compensates the local stations in accordance with the television station's network affiliation agreement. Conversely, affiliated stations make payments to the network for certain specified programming such as professional football. As a standard practice, the FOX and UPN networks make no cash payments to affiliates. The Company's FOX affiliates, however, pay the FOX network for additional advertising spots in prime-time programming.

In September 2002, Meredith moved the FOX affiliation in Portland from KPDX to KPTV. The Portland UPN affiliation was moved to KPDX under an affiliation agreement that expires in September 2004. Meredith's affiliation agreements for all FOX-affiliated stations expire in June 2007. The Company's five CBS affiliates have agreements that expire from November 2004 to April 2006. The Company's Nashville station has an affiliation agreement with NBC that expires in December 2006. While Meredith's relations with the networks historically have been good, the Company can make no assurances these relationships will continue in the same manner over time.

The costs of locally produced and purchased syndicated programming are significant. Syndicated programming costs are based largely on uncontrollable market factors, primarily demand from other stations in the market. The Company has been emphasizing its locally produced news and entertainment programming, not only to attract advertisers but also to gain greater control of content and costs. Recent changes in Federal Communication Commission (FCC) regulations may lead to increased ownership consolidation, which in turn could affect local market competition for syndicated programming and lead to higher costs.

In April 2000, Meredith and other broadcasters dedicated a portion of their digital spectrum to create a wireless infrastructure to deliver content to consumers. Meredith owns a minority position in this new venture, iBlast Networks, and will share in its revenues and operating results. iBlast is currently testing distribution using selected television stations in Los Angeles, San Francisco/San Jose, Washington, Baltimore, Atlanta, Phoenix, San Diego, and Seattle/Tacoma. No official announcement has been made as to the anticipated rollout schedule affecting other iBlast markets or member stations.

   

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