Should Meredith Corporation Throw in the Towel and be Divided Up?
Posted on 05/11/2020
Des Moines, Iowa-based Meredith Corporation is delaying the filing of its Quarterly Report on Form 10‑Q for the quarter ended March 31, 2020 (Form 10-Q). Meredith got hit bad facing a slurry of significant advertising campaign cancellations and delays which have negatively impacted its projections of future income. The company expects a number of impairments of its media assets. Once a media behemoth owning publications like Sports Illustrated, Family Circle, and Fortune, Meredith Corporation is struggling to remain relevant in an online media world. Due to the COVID-10 crisis and lockdown, the publisher giant is experiencing significant reductions in the availability of one or more of its products as a result of retailers or shippers modifying restocking, fulfillment, and shipping practices.
In October 2019, Meredith Corporation sold the Money brand and website to Ad Practitioners LLC, a media and advertising company based in Puerto Rico, for an estimated price of US$ 20 million. In May 2019, Meredith Corporation sold Sports Illustrated, often known as SI, to Authentic Brands Group for US$ 110 million. Sports Illustrated was first published in 1954.
Meredith Corporation sold Time magazine and website to Salesforce Chairman Marc Benioff and his wife Lynne for US$ 190 million.