DES MOINES, Iowa, Jan. 18, 2013 /PRNewswire/ -- Meredith Corporation (NYSE:MDP); ( www.meredith.com ) said today it recorded a net special charge of $7 million ( $4 million after-tax, or $0.10 per share) in its fiscal 2013 second quarter. The charge was related to business realignments and selected workforce reductions designed to realize the full value of recent acquisitions, and as part of an ongoing process to optimize performance and achieve further cost efficiencies.
Meredith has aggressively scaled its capabilities to deliver content over multiple platforms to meet increased consumer demand and growing client requests for multiplatform advertising and marketing programs in the past year. As a result, Meredith has added or created approximately 300 jobs to support key strategic growth initiatives including the:
- Acquisition of Allrecipes.com, doubling Meredith's digital presence. The addition made Meredith the No. 1 digital food media company, and moved it to No. 3 in the digital women's lifestyle category.
- Addition of the EveryDay with Rachael Ray and FamilyFun brands. These moves increased Meredith's share of the U.S. magazine industry advertising revenues to its current level of nearly 12 percent.
- Purchase of ShopNation and launch of a growing e-commerce platform.
- Execution of digital, mobile, video and social expansion strategies, including creating tablet editions; developing new mobile apps; and expanding video content creation capabilities.
- Expansion and monetization of Local Media Group video content through an increase in local news programming, along with more national video content creation.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV