Exhibit 99.1

MEREDITH DELIVERS STRONG FISCAL 2013 SECOND QUARTER

AND FIRST HALF RESULTS

Local Media Group Posts Record Revenue and Profit Performance

National Media Group Doubles Digital Advertising Revenues and Audience

DES MOINES, IA (January 24, 2013) - Meredith Corporation (NYSE: MDP; www.meredith.com), the leading media and marketing company serving American women, today reported fiscal 2013 second quarter earnings per share of $0.79, including a previously announced special charge of $0.10 per share. Total Company revenues rose 10 percent to $361 million, including an 18 percent increase in advertising revenues to $217 million.

Excluding the special charge, earnings per share grew 27 percent from the prior-year period to a record $0.89, and operating profit margin increased more than a full percentage point to 18 percent. Information on the special charge is available in Tables 1 and 2 of this press release.

“Our Local Media Group delivered record-setting revenue and operating profit performance for the second quarter and the first half of fiscal 2013,” said Meredith Chairman and CEO Stephen M. Lacy. “Our digital business continued its rapid growth, and our recent acquisitions again delivered strong contributions. We once again delivered higher cash flow and returns to shareholders, and we expect to continue to do so over time.”

For the first six months of fiscal 2013, Meredith's earnings per share were $1.34. Total Company revenues increased 9 percent to $715 million, including a 15 percent increase in advertising revenues. Excluding the special charge, earnings per share rose 22 percent from the prior-year period to $1.44.

Lacy noted the following business highlights achieved during the first half of fiscal 2013:

• Local Media Group revenues grew nearly 30 percent to $198 million, a record high for a first half. Net political advertising revenues were a record $38 million. Operating profit grew nearly 90 percent to $72 million. Excluding the special charge, operating profit grew more than 90 percent to $74 million, and the Group's EBITDA margin was 43 percent, both record highs for a fiscal first half.

• National Media Group revenues grew 3 percent. Advertising revenues increased 9 percent, driven by the acquisitions of the Allrecipes.com, EveryDay with Rachael Ray and FamilyFun brands. Absent these recent acquisitions, advertising revenues were down 9 percent.

• Total Company digital advertising revenues nearly doubled, reaching a record high for a fiscal first half. National Media Group digital advertising revenues increased more than 110 percent, while Local Media Group digital advertising revenues rose approximately 15 percent.

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• Consumer engagement strengthened across all of Meredith's media platforms. Meredith magazine readership is at an all-time high of 116 million, while several of Meredith's local television stations delivered strong performances during the November ratings period. Traffic to Meredith's websites rose approximately 85 percent to 40 million average monthly unique visitors.

Meredith remains strongly committed to a Total Shareholder Return (TSR) financial strategy. Key elements of Meredith's TSR program include: (1) A current annual dividend of $1.53 per share; (2) A $100 million share repurchase program; and (3) Ongoing strategic investments to scale the business and increase shareholder value over time.

OPERATING GROUP DETAIL

LOCAL MEDIA GROUP

Meredith's Local Media Group - which consists of local television affiliates, many in fast-growing markets, and a video content creation unit that produces national broadcast and custom programming - delivered record performance during the second quarter and first half of fiscal 2013.

Fiscal 2013 second quarter Local Media Group operating profit grew 65 percent from the prior-year period to $45 million. Revenues rose 32 percent to $111 million. Excluding the special charge, operating profit grew 70 percent to $46 million and EBITDA margin was 47 percent. All were records for any quarter in the Group's history.

For the first six months of fiscal 2013, Local Media Group operating profit grew nearly 90 percent from the prior-year period to $72 million. Revenues rose 29 percent to $198 million. Excluding the special charge, operating profit grew 93 percent to $74 million, and EBITDA margin was 43 percent. All were records for a first half in the Group's history.

Looking more closely at performance for the first half of fiscal 2013 compared to the prior-year period:

• Net political advertising revenues were a record $38 million. Performance was particularly strong at Meredith's stations in Las Vegas, Hartford and Phoenix.

• Non-political advertising revenues were down slightly, as record demand for political advertising prior to the November 6 elections displaced non-political advertising. However, non-political advertising revenues rose 3 percent for the period following the election.

• Automotive, Meredith's largest non-political advertising category, rose 10 percent.

• Other revenues and operating expenses both increased, due primarily to growth in retransmission revenues from cable and satellite television operators, and programming fees paid to affiliated networks.

• Meredith successfully renewed long-term affiliation agreements with CBS Corp. and Fox Broadcasting Co.

Meredith's connection with viewers also strengthened in the important November ratings period, and its stations in Hartford, Portland, Las Vegas and Saginaw maintained their market leadership in news.

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“We continued to excel at our goal of delivering compelling content to viewers across broadcast, digital and mobile media platforms,” said Local Media Group President Paul Karpowicz. “At the same time, we did a great job monetizing the strength of our audience, as local over-the-air television once again demonstrated its unique ability to build brands and deliver unmatched results for advertising clients.”

NATIONAL MEDIA GROUP

Meredith's National Media Group includes leading national consumer media brands delivered over multiple platforms that offer clients access to 100 million unduplicated American women every month - a reach unmatched in the industry. It also features brand licensing activities and business-to-business marketing products and services. Meredith continues to execute on a series of strategic initiatives including growing its market share of magazine advertising; expanding its digital footprint; and increasing revenues not dependent on advertising.

Fiscal 2013 second quarter National Media Group revenues grew 2 percent compared to the prior-year period to $249 million. Operating profit was $22 million, compared to $36 million. Excluding the special charge, operating profit was $28 million.

For the first six months of fiscal 2013, National Media Group revenues grew 3 percent compared to the prior-year period to $516 million. Operating profit was $52 million, compared to $72 million. Excluding the special charge, operating profit was $57 million.

Operating profit declines in both periods were due primarily to lower advertising revenues at comparable magazine titles, investments in digital and circulation initiatives, and weaker performance at Meredith Xcelerated Marketing.

Looking more closely at advertising performance for the first half of fiscal 2013 compared to the prior-year period:

• Total advertising revenues grew 9 percent compared to the year-ago period. Excluding recent acquisitions, total advertising revenues declined 9 percent.

• The food and beverage, retail, and media and entertainment categories were stronger in Meredith's titles. The direct response and financial categories were weaker.

• Meredith's share of total magazine advertising revenues grew to 11.0 percent from 10.3 percent, according to the most recent data by Publishers Information Bureau. The average net revenue per magazine page also rose 2 percent.

• Digital advertising revenues grew more than 110 percent, boosted by the addition of Allrecipes.com. Excluding recent acquisitions, digital advertising revenues grew almost 15 percent.

The Meredith Sales Guarantee demonstrates quantitatively that advertising in Meredith magazines increases retail sales. Currently, 13 consumer brands are participating in the program.

Circulation revenues grew 9 percent in the first half of fiscal 2013 compared to the prior-year period, and were down 2 percent excluding the recent acquisitions. Meredith generated more than 2 million digital orders for print magazine subscriptions in the first half of fiscal 2013, up nearly 60 percent from what was generated in the prior-year period.

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Meredith's connection to consumers strengthened as well. Readership for Meredith's magazines stands at a record 116 million, according to the most recent data from Mediamark Research and Intelligence. Digital traffic more than doubled to nearly 35 million average unique visitors in the first half of fiscal 2013, driven primarily by the acquisition of Allrecipes.com - along with aggressive digital marketing initiatives.

“We continue to develop multi-platform capabilities for our consumers and clients, deliver innovative sales programs - such as the Meredith Sales Guarantee - and grow the scale of our digital properties,” said National Media Group President Tom Harty. “As a result, we are growing our consumer connection; increasing our advertising market share; and our digital activities are performing at record levels.”

Other revenues were $121 million in the first half of fiscal 2013, compared to $141 million in the prior-year period. This was due primarily to performance at Meredith Xcelerated Marketing which, as previously communicated, experienced reductions in programs from certain clients in calendar 2012. However, the pipeline for new business is strong, and Meredith expects growth for Meredith Xcelerated Marketing in calendar 2013 when compared to the prior year. Notably, Meredith Xcelerated Marketing recently secured several new accounts - including United Healthcare and Bank of America - along with expansions of its significant business with Chrysler.

OTHER FINANCIAL INFORMATION

Consistent with its Total Shareholder Return strategy, Meredith repurchased 750,000 shares of Company stock in the first half of fiscal 2013. At December 31, 2012, $62 million remained under the current repurchase authorization.

Total debt was $365 million at December 31, 2012. Meredith's debt-to-EBITDA ratio was 1.5 to 1 for the 12 months ended December 31, 2012, and the weighted average interest rate was 3.5 percent at December 31, 2012.

Fiscal 2013 first half total Company expenses increased 9 percent; however they declined 1 percent excluding the recent acquisitions, reflecting ongoing cost-management initiatives.

Cash flow from operations increased in the first half of fiscal 2013 compared to the prior-year period, and totaled approximately $195 million for the 12 months ended December 31, 2012.

All earnings per share figures in the text of this release are diluted. Both basic and diluted earnings per share can be found in the attached Condensed Consolidated Statements of Earnings.

OUTLOOK

Meredith expects fiscal 2013 third quarter earnings per share to range from $0.65 to $0.70. Looking more closely at the third quarter of fiscal 2013 compared to the year-ago period:

• Total Local Media Group revenues are expected to increase in the high-single digits. Non-political advertising revenues are expected to be flat to up slightly.

• National Media Group advertising revenues are expected to be up in the mid-single digits including recent acquisitions, and down in the low-single digits on a comparable basis.

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Meredith also reconfirms its original full fiscal year 2013 earnings per share expectation of $2.60 to $2.95, excluding the special charge.

A number of uncertainties remain that may affect Meredith's outlook as stated in this press release for the third quarter and full year fiscal 2013. These and other uncertainties are referenced below under “Safe Harbor” and in certain filings with the U.S. Securities and Exchange Commission.

CONFERENCE CALL WEBCAST

Meredith will host a conference call on January 24, 2013 at 11 a.m. ET to discuss fiscal 2013 second quarter results. A live webcast will be accessible to the public on the Company's website, www.meredith.com, and a replay will be available for two weeks. A transcript will be available within 48 hours of the call at www.meredith.com.

RATIONALE FOR USE AND ACCESS TO NON-GAAP RESULTS

Management uses and presents GAAP and non-GAAP results to evaluate and communicate the performance of the Company. Non-GAAP measures should not be construed as alternatives to GAAP measures. EBITDA is a common supplemental measure of performance used by investors and financial analysts. Management believes that EBITDA provides an additional analytical tool to clarify the Company's results from core operations and delineate underlying trends. Meredith does not use EBITDA as a measure of liquidity or funds available for management's discretionary use because they include certain contractual and non-discretionary expenditures.

Results excluding recent acquisitions (Allrecipes.com, EveryDay with Rachael Ray and FamilyFun) and the special charge recorded in the second quarter of fiscal 2013 are supplemental non-GAAP financial measures.  While these adjusted results are not a substitute for reported results under GAAP, management believes this information is useful as an aid in better understanding Meredith's current performance, performance trends and financial condition.  Reconciliations of non-GAAP to GAAP measures are attached to this press release and will be made available at www.meredith.com.

SAFE HARBOR

This release contains certain forward-looking statements that are subject to risks and uncertainties. These statements are based on management's current knowledge and estimates of factors affecting the Company and its operations. Statements in this announcement that are forward-looking include, but are not limited to, the statements regarding advertising revenues, along with the Company's revenue and earnings per share outlook for the third quarter and full year fiscal 2013.

Actual results may differ materially from those currently anticipated. Factors that could adversely affect future results include, but are not limited to, downturns in national and/or local economies; a softening of the domestic advertising market; world, national or local events that could disrupt broadcast television; increased consolidation among major advertisers or other events depressing the level of advertising spending; the unexpected loss or insolvency of one or more major clients; the integration of acquired businesses; changes in consumer reading, purchasing and/or television viewing patterns; increases in paper, postage, printing, syndicated programming or other costs; changes in television

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network affiliation agreements; technological developments affecting products or methods of distribution; changes in government regulations affecting the Company's industries; increases in interest rates; and the consequences of acquisitions and/or dispositions. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

ABOUT MEREDITH CORPORATION

Meredith Corporation (NYSE: MDP; www.meredith.com) is the leading media and marketing company serving American women. Meredith features multiple well-known national brands - including Better Homes and Gardens, Parents, Family Circle, Allrecipes.com, Ladies' Home Journal, Fitness, More, American Baby, EveryDay with Rachael Ray and FamilyFun - along with local television brands in fast-growing markets. Meredith is the industry leader in creating content in key consumer interest areas such as home, family, food, health and wellness and self-development. Meredith uses multiple distribution platforms - including print, television, digital, mobile, tablets, and video - to give consumers content they desire and to deliver the messages of its advertising and marketing partners.

Additionally, Meredith uses its many assets to create powerful custom marketing solutions for many of the nation's top brands and companies. Meredith Xcelerated Marketing has significantly added to its capabilities in recent years through the acquisition of cutting-edge companies in digital, mobile, social, healthcare, database, and international marketing.

A hallmark of Meredith's business model and financial profile is its ability to consistently generate substantial free cash flow by leveraging the strength of its multi-platform portfolio. Meredith is committed to increasing Total Shareholder Return through dividend payments, share repurchases and strategic business investments. Meredith has paid a dividend for 65 straight years and increased its dividend for 19 consecutive years. Meredith currently pays an annual dividend of $1.53 per share, resulting in a dividend yield of approximately 5 percent.

-- # # # # --

Shareholder/Financial Analyst Contact:	Media Contact:
Mike Lovell	Art Slusark
Director of Investor Relations	Chief Communications Officer
Phone: (515) 284-3622	Phone: (515) 284-3404
E-mail: Mike.Lovell@Meredith.com	E-mail: Art.Slusark@Meredith.com

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Meredith Corporation and Subsidiaries

Condensed Consolidated Statements of Earnings (Unaudited)

	Three Months						Six Months
Periods ended December 31,	2012			2011			2012			2011
(In thousands except per share data)
Revenues
Advertising	$	217,094		$	183,636		$	424,216		$	367,953
Circulation	67,398			63,902			142,887			130,491
All other	76,103			81,179			147,649			158,182
Total revenues	360,595			328,717			714,752			656,626
Operating expenses
Production, distribution, and editorial	134,117			128,412			274,728			265,303
Selling, general, and administrative	158,058			134,940			314,372			277,905
Depreciation and amortization	10,967			10,505			22,894			20,337
Total operating expenses	303,142			273,857			611,994			563,545
Income from operations	57,453			54,860			102,758			93,081
Interest expense, net	(3,316		)	(2,897		)	(7,002		)	(5,616		)
Earnings before income taxes	54,137			51,963			95,756			87,465
Income taxes	(18,566		)	(20,369		)	(35,330		)	(34,244		)
Net earnings	$	35,571		$	31,594		$	60,426		$	53,221
Basic earnings per share	$	0.80		$	0.70		$	1.36		$	1.18
Basic average shares outstanding	44,409			44,838			44,451			44,923
Diluted earnings per share	$	0.79		$	0.70		$	1.34		$	1.18
Diluted average shares outstanding	44,936			45,044			44,989			45,115
Dividends paid per share	$	0.3825		$	0.3825		$	0.7650		$	0.6375

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Meredith Corporation and Subsidiaries

Segment Information (Unaudited)

	Three Months						Six Months
Periods ended December 31,	2012			2011			2012			2011
(In thousands)
Revenues
National media
Advertising	$	120,133		$	107,180		$	252,797		$	231,637
Circulation	67,398			63,902			142,887			130,491
Other revenues	61,905			73,233			120,722			140,799
Total national media	249,436			244,315			516,406			502,927
Local media
Non-political advertising	71,255			75,382			133,501			134,659
Political advertising	25,706			1,074			37,918			1,657
Other revenues	14,198			7,946			26,927			17,383
Total local media	111,159			84,402			198,346			153,699
Total revenues	$	360,595		$	328,717		$	714,752		$	656,626
Operating profit
National media	$	22,177		$	35,797		$	51,601		$	71,801
Local media	44,711			27,156			72,355			38,213
Unallocated corporate	(9,435		)	(8,093		)	(21,198		)	(16,933		)
Income from operations	$	57,453		$	54,860		$	102,758		$	93,081
Depreciation and amortization
National media	$	4,475		$	3,832		$	9,865		$	7,193
Local media	6,070			6,175			12,172			12,164
Unallocated corporate	422			498			857			980
Total depreciation and amortization	$	10,967		$	10,505		$	22,894		$	20,337
EBITDA1
National media	$	26,652		$	39,629		$	61,466		$	78,994
Local media	50,781			33,331			84,527			50,377
Unallocated corporate	(9,013		)	(7,595		)	(20,341		)	(15,953		)
Total EBITDA1	$	68,420		$	65,365		$	125,652		$	113,418

¹ EBITDA is net earnings before interest, taxes, depreciation, and amortization.

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Meredith Corporation and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

Assets	December 31, 2012				June 30, 2012
(In thousands)
Current assets
Cash and cash equivalents		$	24,714		$	25,820
Accounts receivable, net		222,772			215,526
Inventories		24,937			22,559
Current portion of subscription acquisition costs		89,436			75,446
Current portion of broadcast rights		6,753			3,408
Other current assets		21,084			16,677
Total current assets		389,696			359,436
Property, plant, and equipment		458,673			455,271
Less accumulated depreciation		(268,081		)	(260,967		)
Net property, plant, and equipment		190,592			194,304
Subscription acquisition costs		90,989			75,368
Broadcast rights		2,711			943
Other assets		66,813			66,858
Intangible assets, net		581,922			586,263
Goodwill		733,208			733,127
Total assets		$	2,055,931		$	2,016,299
Liabilities and Shareholders' Equity
Current liabilities
Current portion of long-term debt		$	50,000		$	105,000
Current portion of long-term broadcast rights payable		9,619			6,752
Accounts payable		48,048			72,911
Accrued expenses and other liabilities		131,864			117,071
Current portion of unearned subscription revenues		190,997			180,852
Total current liabilities		430,528			482,586
Long-term debt		315,000			275,000
Long-term broadcast rights payable		4,468			3,695
Unearned subscription revenues		155,640			141,408
Deferred income taxes		223,534			204,054
Other noncurrent liabilities		109,409			112,111
Total liabilities		1,238,579			1,218,854
Shareholders' equity
Common stock		36,018			35,791
Class B stock		8,348			8,716
Additional paid-in capital		47,176			53,275
Retained earnings		748,197			722,778
Accumulated other comprehensive loss		(22,387		)	(23,115		)
Total shareholders' equity		817,352			797,445
Total liabilities and shareholders' equity		$	2,055,931		$	2,016,299

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Meredith Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

Six months ended December 31,	2012			2011
(In thousands)
Net cash provided by operating activities	$	80,383		$	68,747
Cash flows from investing activities
Acquisitions of businesses	(6,047		)	(55,548		)
Additions to property, plant, and equipment	(13,659		)	(26,621		)
Other	—			(1,563		)
Net cash used in investing activities	(19,706		)	(83,732		)
Cash flows from financing activities
Proceeds from issuance of long-term debt	40,000			85,000
Repayments of long-term debt	(55,000		)	(30,000		)
Dividends paid	(34,129		)	(28,722		)
Purchases of Company stock	(25,471		)	(15,311		)
Proceeds from common stock issued	12,067			2,332
Excess tax benefits from share-based payments	1,519			83
Other	(769		)	—
Net cash provided by (used in) financing activities	(61,783		)	13,382
Net decrease in cash and cash equivalents	(1,106		)	(1,603		)
Cash and cash equivalents at beginning of period	25,820			27,721
Cash and cash equivalents at end of period	$	24,714		$	26,118

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Table 1

Meredith Corporation and Subsidiaries

Supplemental Disclosures Regarding Non-GAAP Financial Measures

Special Items - The following table shows results of operations excluding special items and as reported with the difference being the special items. Results of operations excluding special items are non-GAAP measures. Management's rationale for presenting non-GAAP measures is included in the text of this earnings release.

Periods ended December 31, 2012	Three Months										Six Months
	Excluding Special Items			Special Items				As Reported			Excluding Special Items			Special Items				As Reported
(In thousands except per share data)
Revenues
Advertising	$	217,094		$	—			$	217,094		$	424,216		$	—			$	424,216
Circulation	67,398			—				67,398			142,887			—				142,887
All other	76,103			—				76,103			147,649			—				147,649
Total revenues	360,595			—				360,595			714,752			—				714,752
Operating expenses
Production, distribution, and editorial	134,117			—				134,117			274,728			—				274,728
Selling, general, and administrative	151,015			7,043			(a)	158,058			307,329			7,043			(a)	314,372
Depreciation and amortization	10,967			—				10,967			22,894			—				22,894
Total operating expenses	296,099			7,043				303,142			604,951			7,043				611,994
Income from operations	64,496			(7,043		)		57,453			109,801			(7,043		)		102,758
Interest expense, net	(3,316		)	—				(3,316		)	(7,002		)	—				(7,002		)
Earnings before income taxes	61,180			(7,043		)		54,137			102,799			(7,043		)		95,756
Income taxes	(21,278		)	2,712				(18,566		)	(38,042		)	2,712				(35,330		)
Net earnings	$	39,902		$	(4,331	)		$	35,571		$	64,757		$	(4,331	)		$	60,426
Basic earnings per share	$	0.90		$	(0.10	)		$	0.80		$	1.46		$	(0.10	)		$	1.36
Basic average shares outstanding	44,409			44,409				44,409			44,451			44,451				44,451
Diluted earnings per share	$	0.89		$	(0.10	)		$	0.79		$	1.44		$	(0.10	)		$	1.34
Diluted average shares outstanding	44,936			44,936				44,936			44,989			44,989				44,989
(a) Severance costs of $7.4 million and vacated lease accruals of $0.4 million partially offset by a $0.8 million reduction in previously accrued restructuring charges

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Table 2

Meredith Corporation and Subsidiaries

Supplemental Disclosures Regarding Non-GAAP Financial Measures

Special Items - The following table shows results of operations excluding special items and as reported with the difference being the special items. Results of operations excluding special items are non-GAAP measures. Management's rationale for presenting non-GAAP measures is included in the text of this earnings release.

Periods ended December 31, 2012	Three Months										Six Months
	Excluding Special Items			Special Items				As Reported			Excluding Special Items			Special Items				As Reported
(In thousands)
Revenues
National media group
Advertising	$	120,133		$	—			$	120,133		$	252,797		$	—			$	252,797
Circulation	67,398			—				67,398			142,887			—				142,887
Other revenues	61,905			—				61,905			120,722			—				120,722
Total national media group	249,436			—				249,436			516,406			—				516,406
Local media group
Non-political advertising	71,255			—				71,255			133,501			—				133,501
Political advertising	25,706			—				25,706			37,918			—				37,918
Other revenues	14,198			—				14,198			26,927			—				26,927
Total local media group	111,159			—				111,159			198,346			—				198,346
Total revenues	$	360,595		$	—			$	360,595		$	714,752		$	—			$	714,752
Operating profit
National media group	$	27,725		$	(5,548	)	(a)	$	22,177		$	57,149		$	(5,548	)	(a)	$	51,601
Local media group	46,206			(1,495		)	(b)	44,711			73,850			(1,495		)	(b)	72,355
Unallocated corporate	(9,435		)	—				(9,435		)	(21,198		)	—				(21,198		)
Income from operations	$	64,496		$	(7,043	)		$	57,453		$	109,801		$	(7,043	)		$	102,758
Depreciation and amortization
National media group	$	4,475		$	—			$	4,475		$	9,865		$	—			$	9,865
Local media group	6,070			—				6,070			12,172			—				12,172
Unallocated corporate	422			—				422			857			—				857
Total depreciation and amortization	$	10,967		$	—			$	10,967		$	22,894		$	—			$	22,894
EBITDA 1
National media group	$	32,200		$	(5,548	)	(a)	$	26,652		$	67,014		$	(5,548	)	(a)	$	61,466
Local media group	52,276			(1,495		)	(b)	50,781			86,022			(1,495		)	(b)	84,527
Unallocated corporate	(9,013		)	—				(9,013		)	(20,341		)	—				(20,341		)
TOTAL EBITDA1	$	75,463		$	(7,043	)		$	68,420		$	132,695		$	(7,043	)		$	125,652
1 EBITDA is net earnings before interest, taxes, depreciation, and amortization.
(a) Severance costs of $5.9 million and a vacated lease accrual of $0.4 million partially offset by a $0.8 million reduction in previously accrued restructuring charges
(b) Severance costs of $1.5 million

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Table 3

Meredith Corporation and Subsidiaries

Supplemental Disclosures Regarding Non-GAAP Financial Measures

EBITDA

Consolidated EBITDA, which is reconciled to net earnings in the following tables, is defined as net earnings before interest, taxes, depreciation, and amortization.

Segment EBITDA is a measure of segment earnings before depreciation and amortization.

Segment EBITDA margin is defined as segment EBITDA divided by segment revenues.

	Three months ended December 31, 2012
	National Media			Local Media			Unallocated Corporate			Total
(In thousands)
Revenues	$	249,436		$	111,159		$	—		$	360,595
Operating profit	$	22,177		$	44,711		$	(9,435	)	$	57,453
Depreciation and amortization	4,475			6,070			422			10,967
EBITDA	$	26,652		$	50,781		$	(9,013	)	68,420
Less:
Depreciation and amortization										(10,967		)
Net interest expense										(3,316		)
Income taxes										(18,566		)
Net earnings										$	35,571
Segment EBITDA margin	10.7		%	45.7		%
	Three months ended December 31, 2011
	National Media			Local Media			Unallocated Corporate			Total
(In thousands)
Revenues	$	244,315		$	84,402		$	—		$	328,717
Operating profit	$	35,797		$	27,156		$	(8,093	)	$	54,860
Depreciation and amortization	3,832			6,175			498			10,505
EBITDA	$	39,629		$	33,331		$	(7,595	)	65,365
Less:
Depreciation and amortization										(10,505		)
Net interest expense										(2,897		)
Income taxes										(20,369		)
Net earnings										$	31,594
Segment EBITDA margin	16.2		%	39.5		%

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Table 3 (cont.)

	Six months ended December 31, 2012
	National Media			Local Media			Unallocated Corporate			Total
(In thousands)
Revenues	$	516,406		$	198,346		$	—		$	714,752
Operating profit	$	51,601		$	72,355		$	(21,198	)	$	102,758
Depreciation and amortization	9,865			12,172			857			22,894
EBITDA	$	61,466		$	84,527		$	(20,341	)	125,652
Less:
Depreciation and amortization										(22,894		)
Net interest expense										(7,002		)
Income taxes										(35,330		)
Net earnings										$	60,426
Segment EBITDA margin	11.9		%	42.6		%
	Six months ended December 31, 2011
	National Media			Local Media			Unallocated Corporate			Total
(In thousands)
Revenues	$	502,927		$	153,699		$	—		$	656,626
Operating profit	$	71,801		$	38,213		$	(16,933	)	$	93,081
Depreciation and amortization	7,193			12,164			980			20,337
EBITDA	$	78,994		$	50,377		$	(15,953	)	113,418
Less:
Depreciation and amortization										(20,337		)
Net interest expense										(5,616		)
Income taxes										(34,244		)
Net earnings										$	53,221
Segment EBITDA margin	15.7		%	32.8		%

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Meredith Corporation and Subsidiaries					Table 4
Supplemental Disclosures Regarding Non-GAAP Financial Measures
Six months ended December 31,	2012		2011		Change
National Media Advertising Revenues
Excluding recent acquisitions1	$	209,429	$	229,254	(9	)%
Recent acquisitions1	43,368		2,383
Total	$	252,797	$	231,637	9	%
National Media Circulation Revenues
Excluding recent acquisitions1	$	126,132	$	128,524	(2	)%
Recent acquisitions1	16,755		1,967
Total	$	142,887	$	130,491	9	%
National Media Digital Advertising Revenues
Excluding recent acquisitions1	$	22,498	$	19,776	14	%
Recent acquisitions1	19,859		168
Total	$	42,357	$	19,944	112	%
Total Company Operating Expenses
Excluding recent acquisitions1	$	554,779	$	559,487	(1	)%
Recent acquisitions1	57,215		4,058
Total	$	611,994	$	563,545	9	%

¹ Recent acquisitions represent EveryDay with Rachael Ray, FamilyFun, and Allrecipes.com

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