2. SAFE HARBOR
This presentation and management’s commentary relating thereto may contain 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 presentation that are forward-
looking include, but are not limited to, the Company’s estimates of future revenues, profits and earnings per share.
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 or vendors; 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 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.
2
3. MEREDITH’S INVESTMENT THESIS
Portfolio of highly rated television stations in large and
fast-growing markets
Trusted national brands with an unrivaled female reach
Profitable and growing digital business
Growing consumer-generated revenue
Experienced management team with a proven record of
operational excellence and shareholder value creation over time
Strong and consistent cash flow generation, driven by:
Commitment to delivering Top-Third Total Shareholder Return:
1.
2.
3.
Balanced capital allocation strategy
Dividend payer for 70 years; increases for 24 consecutive years
Share buyback program
Accretive strategic acquisitions
3
4. TODAY’S AGENDA
Balanced Portfolio Delivers Strong Cash Flow
o Tom Harty, President and Chief Operating Officer
Local Media Group Growth Strategies
o Paul Karpowicz, President
National Media Growth Strategies
o Jon Werther, President
Total Shareholder Return Strategies
o Joe Ceryanec, Chief Financial Officer
Q&A
o Steve Lacy, Chairman and CEO
4
5. National Media
Revenue: $1.1B
Op. Profit: $140M
EBITDA: $160M
MEREDITH AT A GLANCE
Local Media
Revenue: $625M
Op. Profit: $210M
EBITDA: $250M WORKING YOUWSM V -TV WSM V-DT NASHVILL E
Wall Street Consensus for Fiscal 2017 ending June 30
Delivering Record Revenue and Profit in Fiscal 2017
5
6. LOCAL BRANDS IN LARGE AND GROWING MARKETS
#1or2
SIGN-ON to SIGN-OFF
RANK IN 7 MARKETS
17
STATIONS IN
PORTFOLIO
13
STATIONS
IN TOP 50
MARKETS
5
DUOPOLY
MARKETS
EAST & SOUTHEAST:
ATLANTA, MKT 10
NASHVILLE, MKT 29
HARTFORD, MKT 30
GREENVILLE, MKT 37
MOBILE, MKT 60
SPRINGFIELD, MKT 114
WEST & SOUTHWEST:
PHOENIX, MKT 12
PORTLAND, MKT 25
LAS VEGAS, MKT 40
MIDWEST:
ST. LOUIS, MKT 21
KANSAS CITY, MKT 33
SAGINAW, MKT 72
6
7. NATIONAL BRANDS POSSESSES STRONG CONSUMER REACH
80MILLION
UNIQUE
VISITORS
33%
FY-17 EST
DIGITAL
AD REVENUES
7
110MILLION
UNDUPLICATED
WOMEN
70%
REACH TO
MILLENNIAL
WOMEN
7
8. SUCCESSFUL EXECUTION OF STRATEGIC PLAN OVER TIME
National
Media
Group
Local
Media
Group
Corporate
Built fast-growing and profitable digital business with a scale audience
Added leading digital ad technology companies Selectable, Qponix & ShopNation
Achieved inflection in advertising revenues with digital driving overall growth
Added Allrecipes, Shape and Martha Stewart brands targeting younger women
Grew brand licensing business at Walmart to 5,000+ SKUs at 5,000 stores
Acquired and integrated 5 strong stations, achieving 3 additional duopolies
Grew news programming by 50% across portfolio
Significantly grew retransmission revenues and contribution
Expanded digital and mobile platforms
Implemented and aggressively pursuing Total Shareholder Return program
Grew dividend at 10% average annual rate to $2.08; currently yielding 4%
2.9% weighted-average interest rate and 1.7x debt-to-EBITDA leverage
8
9. MEREDITH GENERATES STRONG AND GROWING EBITDA
FY2011 FY2013 FY2015 FY2017E
7%
CAGR
$ in millions
Adjusted EBITDA before special items
Consensus for Fiscal 2017 ending June 30
$265
$268
$359
$319
$217
FY2009
9
Net Income
(Loss)
$(107) $127 $124 $137 $186
10. Record Local Media advertising revenue, led by political dollars
Retransmission contribution continues to grow
Achieved network affiliation renewal in important markets
Strong digital driving overall National Media advertising growth
Renewed highly profitable licensing agreement with Walmart
Rapid growth in consumer connection across media platforms
Strong cash flow fueling 24th-straight dividend increase
Highest earnings per share in Company’s 115-year history
STRONG ACHIEVEMENTS IN FISCAL 2017 TOWARD VISION
10
11. TODAY’S AGENDA
Balanced Portfolio Delivers Strong Cash Flow
o Tom Harty, President and Chief Operating Officer
Local Media Group Growth Strategies
o Paul Karpowicz, President
National Media Growth Strategies
o Jon Werther, President
Total Shareholder Return Strategies
o Joe Ceryanec, Chief Financial Officer
Q&A
o Steve Lacy, Chairman and CEO
11
12. HH in the DMA (M)
DMA
#1-60
Average Revenue / Station: $51M
ATTRACTIVE STATIONS IN LARGE & GROWING MARKETS
Most Stations are Big 4 Affiliates and Ranked #1 or #2
12
2.4
0.5
0
1
2
3
13. LOCAL MEDIA GROUP GROWTH STRATEGIES
13
Increase Viewership
Grow Revenue and Profit
Scale Digital Businesses
Increase Net Retransmission Contribution
Expand our Television Station Portfolio
15. $124 $113
$163 $158
$214
FY13 FY14 FY15 FY16 FY17E
$376
$403
$534 $548
$625
FY13 FY14 FY15 FY16 FY17E
GROWING REVENUES AND PROFIT
15
$ in millions
Consensus for Fiscal 2017 ending June 30, 2017
Revenues Operating Profit
14%
CAGR
15%
CAGR
16. $60
FY2013 FY2015FY2011 FY2017E
RECORD POLITICAL ADVERTISING REVENUES
$35
$44
$39
Presidential Election Year
Mid-term Election Year
16
$ in millions
Consensus for Fiscal 2017 ending June 30
9%
CAGR
17. FISCAL 2019 POLITICAL ADVERTISING OUTLOOK
Senate Races
Jeff Flake (R-AZ)
Dean Heller (R-NV)
Bob Corker (R-TN)
Chris Murphy (D-CT)
Bill Nelson (D-FL)
Elizabeth Warren (D-MA)
Debbie Stabenow (D-MI)
Claire McCaskill (D-MO)
Maria Cantwell (D-WA)
Governor Races
Doug Ducey (R-AZ)
Bruce Ranner (R-IL)
Charlie Baker (R-MA)
Dan Malloy (D-CT)
Kate Brown (D-OR)
Alabama (Open)
Florida (Open)
Georgia (Open)
Kansas (Open)
Michigan (Open)
Nevada (Open)
South Carolina (Open)
Tennessee (Open)
17
18. DIGITAL & MOBILE GROWTH STRATEGIES
18
Grow total LOCAL audience on all platforms
– Local is our business and what our advertisers expect
– Sustained growth is reliant on improved local content
– Meredith Content Hub generating increased page views
Increase digital engagement
– App users are our most loyal and fastest-growing audience
– Social media, specifically Facebook, is our biggest referrer
– Creating deep content to keep users engaged
Drive continued double-digit revenue growth
– Creating local digital agencies
– Increasing margins
– Generate 10 percent of ad revenues from digital and mobile platforms
19. STATIONS RANK HIGH IN DIGITAL USER ENGAGEMENT
19
Market Station comScore Ranking
Phoenix, AZ KPHO, KTVK 1
St. Louis, MO KMOV 1
Nashville, TN WSMV 1
Hartford, CT WFSB 1
Kansas City, MO KCTV, KSMO 1
Las Vegas, NV KVVU 1
Mobile, AL WALA 1
Flint, MI WNEM 1
Greenville, SC WHNS 2
Portland, OR KPTV, KPDX 3
Atlanta, GA WGCL, WPCH 4
comScore User Engagement rank within each TV market
20. 40%
Las Vegas
Portland
Greenville
Mobile
Springfield
(FOX)
Fiscal
2021
MVPD Renewal Schedule
Affiliation Renewal Schedule
Nashville
(NBC)
RETRANSMISSION RENEWALS SCHEDULE
Fiscal
2018
Fiscal
2019
Fiscal
2017
10%
Fiscal
2020
25%
St. Louis
Hartford
Springfield
(CBS)
Springfield
(ABC)
50% of Meredith Subscriber Households Will be Renewed in FY2017 and 2018
Atlanta
Phoenix
Kansas City
Saginaw
(CBS)
35%
20
21. EXPANDING OUR LOCAL MEDIA PORTFOLIO
Acquisition Criteria
Mid-to-large-size markets
• Market # 10-60
Big 4 Affiliation
• ABC, CBS, FOX, NBC
Leader in market
• Rank # 1 or #2 in news
Fast-growing markets
21
Regulatory Environment
Certain duopolies allowed using
qualified third party arrangements
Reinstated UHF discount
Review of media regulations
• 39% national cap
• Duopoly restrictions
• Cross-media ownership
• Rollout of ATSC 3.0
22. TODAY’S AGENDA
Balanced Portfolio Delivers Strong Cash Flow
o Tom Harty, President and Chief Operating Officer
Local Media Group Growth Strategies
o Paul Karpowicz, President
National Media Growth Strategies
o Jon Werther, President
Total Shareholder Return Strategies
o Joe Ceryanec, Chief Financial Officer
Q&A
o Steve Lacy, Chairman and CEO
22
23. MEREDITH NATIONAL MEDIA GROUP MISSION
Digital is adding to Meredith’s total audience, and is not cannibalizing print
23
meredithmission
create real
opportunities for women to
achieve daily
and dream big
24. NATIONAL MEDIA GROUP
CROSS-CHANNEL GROWTH STRATEGY
Growth & Diversification in
Advertising Revenue
Growth & Diversification in
Consumer Revenue
Audience &
Engagement
Growth
Best-In-Class
Branded
Experiences
Proprietary
Technology
Platforms
Proprietary First-
Party Data, Insights
& Analytics
1. 2. 3. 4.
24
25. PILLAR 1: BRANDED EXPERIENCES
25
Notification
Email
Saved recipe
Follow streams
and brands
User Comments (To Come)
25
26. MAGAZINE BRANDS: MAGNOLIA JOURNAL
Launched in fall 2016 as a
newsstand title
Strongest-selling launch in recent
history
Transitioned to quarterly
subscription title with one million
ratebase (May 2017)
On track to be most profitable title
in first year of operation in
Meredith history
26
28. PILLAR 2: CROSS-PLATFORM AUDIENCE GROWTH
Digital is adding to Meredith’s total audience, and is not cannibalizing print
50
75
100
125
150
175
200
2010 2011 2012 2013 2014 2015 2016
TotalAudience(inmillions)
Print Digital
40% of audience60% of audience
28
29. HIGHLY ENGAGED, LOYAL AUDIENCE
29
capture
hearts +
minds
#brandsthatinnovate
million
loyalists110
65 + million
followers
80 + million
unique visitors
154million
total audience
32 million
subscribers
Source: 2016 ComScore Multi-platform/GfK MRI Fusion (12-16/S16); Publisher’s
Estimate for non-measured titles (including estimate for SIMs based on FY16
circulation); Google Analytics, Brightcove; average monthly cross-platform views
33. PILLAR 3: FIRST-PARTY DATA & ANALYTICS
125 Million
Consumer Database
80 Million
Digital Consumers
PROPRIETARY DATA
>25,000
Attributes
visit register email follow subscribe
share search list watch buy
3 billion >6 million new >6 billion 25 million
'I made it'
'I did it'
profiles
Add to Shopping List
Print/Save/Build Collections
Video Views
7 'Shops'
Local Offers
INTEREST
INTENT
200 Million Monthly Actions
66 million
enter
50 million
33
interest + intent
We understand her
34. DIFFERENTIATION: FULL-FUNNEL TARGETING
34
Understand Her
Interests
Understand Her
Intent
Understand
When She’s
In-market
Driven by ‘Visit’ data
- Visits/ Content
- Emails
- Subscriptions
Driven by Action data
- ‘I Made it’
- Add to Shopping List
- Share
Driven by Real-time data
- Mobile – in-store recipes
- Shopper Marketing
- ShopNation Commerce
50% of Allrecipes
visitors are in
store w/in 24 hrs.
Meredith
Differentiates
(in food)
36. PROPRIETARY INSIGHTS & ANALYTICS ANCHOR
LARGE PARTNERSHIPS
36
PROGRAMMATIC
& BRANDED MEDIA VIDEO
Major
Food
Client
37. PILLAR 4: TECHNOLOGY PLATFORMS
37
Recent platform-centric acquisitions
• Social platform for food
• Native and engagement-based video
• Shopper marketing
• eCommerce and affiliate marketing
• Lead generation / performance
marketing
Existing /
Home-Grown
Technology
Platforms
(Consumer
Revenue,
etc.)
+
38. PLATFORMS DRIVING PREMIUM MONETIZATION
GROWTH & REVENUE DIVERSIFICATION
38
PREMIUM
MONETIZATION
UNITS
NATIVE VIDEO SPONSORSHIPS INFLUENCER SHOPPER
MARKETING
SOCIAL
Traditional Display vs. Premium Monetization
Traditional Display Premium Monetization
eCPM Ranges:
$10 – $30+
eCPM Ranges:
< $10
82%
18%
52%
48%
39. CONTINUED INNOVATION TO
FUEL ENGAGEMENT AND MONETIZATION
Native
Shopper
Meal Cards
OWNED CHANNELS
OWNED EXPERIENCES
EXTERNAL PLATFORMS ANALYTICS
Food Brand’promotions within
“Breakfast Foods” category…
Native
Shopper
Shoppable Pin
Real-Time
Dashboards
Shoppable Email
Facebook
Live
Product Card
Beacon
Technology
39
40. 0
100
200
300
400
500
600
2012 2017E
RESULTS: TOTAL AD REVENUE GROWTH,
FUELED BY DIGITAL CHANNELS . . .
$ in millions
Fiscal years ended June 30
PrintDigital
$492
$520
10% 30%
$
$
91% 70%
5-YEAR CAGR
Digital: 30%
40
41. . . . AND SHARE GAINS IN PRINT ADVERTISING
Meredith Share vs. Competitive SetMeredith Share vs. Industry
Source: Company management and Publishers Information Bureau.
35.8%
38.1%
40.3% 40.8%
2011 2013 2015 2016
41
11.1% 11.1%
11.8%
13.0%
2011 2013 2015 2016
42. RESULTS: CONSUMER REVENUE DIVERSIFICATION
42
Magazine subscriptions: stable revenue source
Auto-renewal has large upside (2x profit)
Launch promising new products
World’s No. 2 licensor behind Disney
Renewed Walmart relationship
Several new programs launched
Circulation & New Paid Products
Brand licensing
e-Commerce
Newer, fast-growing revenue source
Turning inspiration to action
43. 43
CREATING CONTENT WITH COMMERCE IN MIND
= content
that leads
to commerce
Scale + engagement
$23 billion
beauty
$28 billion
prescription drugs
$517 billion
automotive
$868 billion
food
$552 billion
home
Meredith consumers account for
$1 out of every $2 spent
across categories
$134 billion
travel
44. Brand Licensing, e-CommerceCirculation
$ in millions
Consensus for Fiscal 2017 ending June 30 44
GROWING CONSUMER-GENERATED REVENUE
2011 2013 2015 2017
86% 88% 85% 83%
$308
$365 $367
$388
45. ACQUISITION STRATEGY: IN LINE WITH BUSINESS
STRATEGY
45
Branded
Experiences
Audience
Development
First-Party
Data, Insights
& Analytics
Technology
Platforms
Ad Revenue
Diversification & Growth
Consumer Revenue
Diversification & Growth
• Allrecipes.com
• Shape
• Martha Stewart
• Allrecipes.com
• Shape
• Martha Stewart
• Shop Nation
• Allrecipes.com
• Shape
• Martha Stewart
• Selectable Media
• Qponix
• Shop Nation
• Yawkey
• Allrecipes.com
• Selectable Media
• Qponix
• Shop Nation
• Yawkey
Our strategy will continue to guide our acquisition and
partnership activities – as well as our organic investments
46. TODAY’S AGENDA
Balanced Portfolio Delivers Strong Cash Flow
o Tom Harty, President and Chief Operating Officer
Local Media Group Growth Strategies
o Paul Karpowicz, President
National Media Growth Strategies
o Jon Werther, President
Total Shareholder Return Strategies
o Joe Ceryanec, Chief Financial Officer
Q&A
o Steve Lacy, Chairman and CEO
46
47. COMMITMENT TO DELIVERING TOP 3RD TSR
Balanced capital allocation strategy
Consistent and growing dividend
Opportunistic share buyback program
Accretive strategic acquisitions
47
48. USE OF CASH PRIORITIES
48
Strong commitment to returning cash and maintaining dividend growth
Tuck-in acquisitions to strengthen existing portfolio
Larger acquisitions only if extremely strategic at attractive valuation with
strong synergies
Selective share repurchases enabling shareholders to benefit from dips in
price – current authorization of $100 million with $70 million remaining
Target maintaining current conservative net debt levels
Priority
This strategy seeks to optimize free cash flow driving Total Shareholder Return while
pursuing organic growth in its core businesses
49. ACQUISITION AND INVESTMENT PRIORITIES
Local media brands in large faster-growing markets
that add network and geographic diversity
Multi-platform national media brands that provide
access to new audiences and advertising categories
Digital businesses that support growth strategy
49
50. OUR CRITERIA FOR ACQUISITIONS AND INVESTMENTS
Strategic Benefit
– Will target drive growth faster than we can achieve organically?
– Does it meaningfully move the business forward?
Financial Attractiveness
– Does it meet our IRR hurdle rate of >15%?
– Are there revenue and/or cost synergies?
– Prefer quickly TSR accretive deals
Leadership expertise and fit
– Proven management teams and good cultural match
Opportunistic and selective
– Significant in-bound and out-bound activities ensure
we are well-positioned to view potential deals
50
51. MEREDITH’S GOAL: TOP-THIRD TSR
TSR (%)
5
15
10
0
S&P 500 Median TSR S&P 500 top 3rd TSR
S&P 500 TSR Benchmarks – expected returns
51
6-7%
10-11%
Multiple sources including BCG Investor Survey and Value Line
52. TOP-THIRD TSR EXPECTATIONS
Organic revenue growth
Margin expansion
Dividend yield
Buybacks
TSR Drivers through FY19:
+3-4%
+3-4%
+3-4%
+0-1%
Organic TSR 9-13%
Acquisitions and/or
multiple expansion
+++
Robust digital strategy with range of
monetization options fueled by leading
brands, content and scale
Stronger broadcasting revenue upside
from political year, retransmission uplift,
and non-political advertising
Planned annual dividend increases to
deliver peer-leading, stable yield, and
floor on stock
Aggressive buyback program that
capitalizes on current undervaluation
and returns excess cash
Total TSR At Least Top Third 52
53. MEREDITH’S INVESTMENT THESIS
Portfolio of highly rated television stations in large and
fast-growing markets
Trusted national brands with an unrivaled female reach
Profitable and growing digital business
Growing consumer-generated revenue
Experienced management team with a proven record of
operational excellence and shareholder value creation over time
Strong and consistent cash flow generation, driven by:
Commitment to delivering Top-Third Total Shareholder Return:
1.
2.
3.
Balanced capital allocation strategy
Dividend payer for 70 years; increases for 24 consecutive years
Share buyback program
Accretive strategic acquisitions
53
54. TODAY’S AGENDA
Balanced Portfolio Delivers Strong Cash Flow
o Tom Harty, President and Chief Operating Officer
Local Media Group Growth Strategies
o Paul Karpowicz, President
National Media Growth Strategies
o Jon Werther, President
Total Shareholder Return Strategies
o Joe Ceryanec, CFO
Q&A
o Steve Lacy, Chairman and CEO
54
55. APPENDIX I: SUPPLEMENTAL DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES
55
Year Ending June 30, 2017E1
Local
Media
Group
National
Media
Group
Operating profit 213$ 154$
Depreciation and amortization 35 18
EBITDA 248 172
Fiscal 2017 special items
Write-down of contingent consideration payable - (20)
Severance and related benefit costs - 8
Write-down of impaired assets 2 -
Total special items 2 (12)
Adjusted EBITDA 250$ 160$
1 Wall Street Consensus for Fiscal 2017 ending June 30
56. APPENDIX II: SUPPLEMENTAL DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES
56
Years ended June 30, 2009 2011 2013 2015 2017E1
(In millions)
Net earnings (loss) (107)$ 127$ 124$ 137$ 186$
Net interest expense 20 13 13 19 19
Income taxes (53) 81 74 86 110
Discontinued operations 5 4 - - -
Operating profit (loss) (135) 225 211 242 315
Depreciation and amortization 43 40 45 58 54
EBITDA (92) 265 256 300 369
Special items 309 - 12 19 (10)
Adjusted EBITDA 217$ 265$ 268$ 319$ 359$
1 Wall Street Consensus forFiscal 2017 ending June 30
