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UNITED STATES FORM 8-K PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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Date of Report (Date of earliest event reported) |
November 4, 2002 |
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Commission file number |
1-5128 |
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MEREDITH CORPORATION |
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(Exact name of registrant as specified in its charter) |
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IOWA |
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42-0410230 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
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1716 Locust Street, Des Moines, Iowa |
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50309-3023 |
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(Address of principal executive offices) |
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(Zip Code) |
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515-284-3000 |
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Item 5. |
Other Events |
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On November 4, 2002, Meredith Corporation announced an agreement to acquire American Baby magazine and related assets from Primedia Inc. for $115 million. American Baby magazine, which was launched in 1938, is currently published monthly and has a circulation of 2 million. Other American Baby group properties being acquired include:
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Childbirth magazine, which reaches 2.3 million expectant mothers annually |
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First Year of Life magazine, which reaches 3 million parents annually |
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Hispanic titles, including Expera, Primeros 12 Meses, and Health Kids en Espanol, and marketing programs, which reach 3 million consumers annually |
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Television programs, American Baby and Healthy Kids, which currently reach 60 million households on the FX television network |
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Web sites, americanbaby.com and healthykids.com, which deliver 2.7 million page views and approximately 700,000 unique visitors each month |
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Baby Faire expos and product shows, which have attracted more than 100,000 attendees annually |
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Sampling programs that reach nearly 10 million expectant and new parents annually |
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Custom publications for clients including Proctor & Gamble, Fisher Price and Mead Johnson |
The purchase price of $115 million represents a multiple of approximately 10 times the American Baby group's projected 12-month earnings before interest, taxes, deprecation and amortization. Meredith expects the transaction to be accretive to earnings per share in fiscal 2003 and subsequent years.
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SIGNATURE |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
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MEREDITH CORPORATION |
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Registrant |
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/s/ Suku V. Radia |
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Suku V. Radia |
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Vice President - Chief Financial Officer |
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(Principal Financial and Accounting Officer) |
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Date: |
November 4, 2002 |
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