Meredith Corporation Seeks Shareholder Approval Of Charter Amendment

Meredith Corporation (NYSE: MDP; Meredith.com) today announced that it will seek shareholder approval of an amendment to its charter that would increase options for a tax-efficient separation of the Company’s National and Local media groups while preserving the rights currently held by both classes of shareholders if such a potential future event could maximize shareholder value.

The proposed amendment is not in response to any specific conversations or events. Instead, the Company believes it is a prudent step to increase the number of options available. There is no timeline for nor assurance of a potential transaction resulting from this proposed charter amendment.

Meredith’s Board of Directors has unanimously approved the proposed charter amendment. Under Iowa law, the proposed charter amendment is subject to approval by Meredith’s Class B and common shareholders, each voting as a separate class, as well as by a vote of all shareholders voting together as a single class. Meredith intends to seek approval of the charter amendment at its annual meeting of shareholders, which is scheduled to be held November 11, 2020. Meredith has filed a preliminary proxy statement with the SEC, which shareholders can access on Meredith’s corporate website for additional information.
https://ir.meredith.com/news-releases/press-release-details/2020/Meredith-Corporation-Seeks-Shareholder-Approval-Of-Charter-Amendment/default.aspx