Meredith Announces Special Early Retirement Program

Apr 18, 2001, 01:00 ET from Meredith Corporation

    DES MOINES, Iowa, April 18 /PRNewswire/ --
     Meredith Corporation (NYSE:   MDP) announced today that it will offer a
 one-time, special voluntary early retirement program to approximately
 170 employees.  All full-time active employees who will be 55 years of age or
 older and will have completed 10 or more years of continuous service by June
 30, 2001, will be eligible for the program.
     "Our two core industries -- magazine publishing and television
 broadcasting -- have experienced sharp revenue declines, and there is little
 evidence to suggest this will improve in the immediate future," said Meredith
 Chairman and Chief Executive Officer William T. Kerr.  "This special early
 retirement program is designed to reduce the number of Meredith employees,
 lower our operating expenses, and create opportunities for career growth in
 the process.
     "The level of acceptance of this program will influence our next steps to
 some degree, but we anticipate additional selective work force reductions
 through attrition, realignments and job eliminations, all with an eye toward
 continuous improvement," Kerr continued.  "We will stay focused on our core
 strategies of enhancing our home and family publishing business, improving
 broadcasting performance and expanding integrated marketing and interactive
 media."
      For employees who accept the program, Meredith will provide an incentive
 payment based upon years of service; an additional bridge payment that will
 continue until the retiree is eligible for Social Security benefits at age 62;
 extra credit when calculating post-retirement medical benefits; and
 reimbursement for pre-retirement financial counseling.  The timeframe for
 employee decision-making will begin on April 27 and close on June 15.
     Meredith is one of the nation's leading media and marketing companies with
 businesses centering on magazine and book publishing, television broadcasting,
 integrated marketing and interactive media.  Meredith
 ( http://www.meredith.com ) publishes more than 20 magazine brands and more
 than 100 special interest publications. Meredith owns 12 television
 stations -- including eight properties in top 35 markets -- and distributes
 original television programming based on its strong brands.  Meredith's
 consumer database contains more than 60 million names and is the largest
 domestic database among media companies. Additionally, Meredith has an
 extensive Internet presence, which includes 26 Web sites, strategic alliances
 with leading Internet destinations such as the Microsoft Network (MSN), and
 branded anchor tenant positions on America Online.  Meredith has approximately
 2,700 full-time employees nationwide.
 
 

SOURCE Meredith Corporation
    DES MOINES, Iowa, April 18 /PRNewswire/ --
     Meredith Corporation (NYSE:   MDP) announced today that it will offer a
 one-time, special voluntary early retirement program to approximately
 170 employees.  All full-time active employees who will be 55 years of age or
 older and will have completed 10 or more years of continuous service by June
 30, 2001, will be eligible for the program.
     "Our two core industries -- magazine publishing and television
 broadcasting -- have experienced sharp revenue declines, and there is little
 evidence to suggest this will improve in the immediate future," said Meredith
 Chairman and Chief Executive Officer William T. Kerr.  "This special early
 retirement program is designed to reduce the number of Meredith employees,
 lower our operating expenses, and create opportunities for career growth in
 the process.
     "The level of acceptance of this program will influence our next steps to
 some degree, but we anticipate additional selective work force reductions
 through attrition, realignments and job eliminations, all with an eye toward
 continuous improvement," Kerr continued.  "We will stay focused on our core
 strategies of enhancing our home and family publishing business, improving
 broadcasting performance and expanding integrated marketing and interactive
 media."
      For employees who accept the program, Meredith will provide an incentive
 payment based upon years of service; an additional bridge payment that will
 continue until the retiree is eligible for Social Security benefits at age 62;
 extra credit when calculating post-retirement medical benefits; and
 reimbursement for pre-retirement financial counseling.  The timeframe for
 employee decision-making will begin on April 27 and close on June 15.
     Meredith is one of the nation's leading media and marketing companies with
 businesses centering on magazine and book publishing, television broadcasting,
 integrated marketing and interactive media.  Meredith
 ( http://www.meredith.com ) publishes more than 20 magazine brands and more
 than 100 special interest publications. Meredith owns 12 television
 stations -- including eight properties in top 35 markets -- and distributes
 original television programming based on its strong brands.  Meredith's
 consumer database contains more than 60 million names and is the largest
 domestic database among media companies. Additionally, Meredith has an
 extensive Internet presence, which includes 26 Web sites, strategic alliances
 with leading Internet destinations such as the Microsoft Network (MSN), and
 branded anchor tenant positions on America Online.  Meredith has approximately
 2,700 full-time employees nationwide.
 
 SOURCE  Meredith Corporation