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2020 Financial Highlights •Delivered sales of $11.8 billion, up 2.7%, and up 3.5% on an organic, daily, constant currency basis compared to the prior year (excluding divestitures and foreign exchange) •Generated reported operating earnings of $1.0 billion; adjusted operating earnings of $1.3 billion •Achieved $1.1 billion of operating cash flow and returned over $0.9 billion to shareholders through dividends and share repurchases. Fourth Quarter Financial Highlights •Delivered sales of $2.9 billion, up 3.3%, and up 5.6% on an organic, daily, constant currency basis compared to the fourth quarter 2019 (excluding divestitures and foreign exchange) •Generated reported operating earnings of $275 million; adjusted operating earnings of $295 million •Achieved reported operating margin of 9.4%, up 300 basis points; adjusted operating margin of 10.0%, down 75 basis points

Fiscal 2020 fourth quarter revenues were $611 million, a decline of 22 percent from the prior year period, due primarily to (1) COVID-19 related advertising cancellations and delays that reduced revenues by an estimated $136 million; and (2) Previously announced magazine portfolio adjustments designed to improve profitability that reduced advertising and consumer related revenues by approximately $40 million. Fiscal 2020 fourth quarter earnings from continuing operations was $6 million, compared to a loss of $4 million in the prior year period. Fiscal 2020 full year revenues were $2.8 billion, a decline of 11 percent from the prior year due primarily to (1) COVID-19 related advertising cancellations and delays, and impact to consumer related activities that reduced revenues by an estimated $154 million; (2) Previously announced magazine portfolio adjustments of approximately $126 million; and (3) $79 million lower political advertising revenues in Meredith's Local Media Group, as expected in a non-political year. These declines were partially offset by $31 million retransmission growth. Fiscal 2020 full year loss from continuing operations was $209 million, compared to earnings from continuing operations of $129 million in the prior year, due primarily to non-cash impairments of goodwill, intangible, and lease-related assets.

Firecrown Media has acquired Trains magazine and several other railroading publications from Kalmbach Media, Trains reports. The terms were not disclosed. Also included are Classic Trains, Model Railroader, Classic Toy Trains, FineScale Modeler, and Astronomy. Firecrown owns numerous transportation brands, including Flying, Plane & Pilot, Boating, Yachting, and the supply chain site FreightWaves.