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Business Description
Meredith Corporation is a media and marketing company that is engaged in magazine and book publishing, television broadcasting, integrated marketing and interactive media. Meredith's two business segments are publishing and broadcasting. Publishing segment focuses on the home and family market. It consists of 17 magazine brands, including Better Homes and Gardens, Ladies' Home Journal and Country Home, as well as approximately 160 special interest publications; book publishing with 300 books in print; integrated marketing relationships; a consumer database; an Internet presence, including 24 Websites and strategic alliances with Internet destinations; brand licensing relationships, and other related operations. Broadcasting segment includes the operations of 12 network-affiliated television stations located across the continental United States and one AM Radio station. The television stations consist of six CBS affiliates, four FOX affiliates, one NBC affiliate and one UPN affiliate.

Financial Information
For the fiscal year ended 6/30/04, total revenues rose 8% to $1.16 billion. Net income before acct. change rose 26% to $110.7 million. Revenues reflect higher magazine and broadcasting advertising revenues. Net income reflects a decrease in interest expense.