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Changed Risks for MEREDITH CORP (MDP)

Our indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly or could prevent us from taking advantage of lower rates

Covenants under the indenture governing our 2026 Senior Notes and our credit agreement may restrict our business and operations in many ways, and if we do not effectively manage our covenants, our financial conditions and results of operations could be adversely affected

Adverse changes in the equity markets or interest rates, changes in actuarial assumptions and legislative or other regulatory actions could substantially increase our United Kingdom (UK) pension costs and could result in a material adverse effect on our business, financial condition, and results of operations

Our business could be adversely impacted by the proposed divestiture of our non-core media assets

Risks Relating to the Acquisition of Time

Risks Relating to Indebtedness and Equity

Significant costs associated with the acquisition will be incurred

Increases in paper and postage prices, which are difficult to predict and control, could adversely affect our results of operations

Risks Relating to Income Taxes

We have recorded significant goodwill and other intangible assets in connection with the acquisition of Time that could become impaired, resulting in significant non-cash charges against earnings

Employee uncertainty related to the acquisition could harm the Company

ITEM 1A RISK FACTORS

The Company may fail to realize all of the anticipated benefits of the acquisition of Time, those benefits may take longer to realize than expected, or the Company may encounter significant difficulties in integrating Time’s business into our operations If the acquisition does not achieve its intended cost savings results, the business, financial condition, and results of operations could be materially and adversely affected

The Time business could have an indemnification obligation to Time Warner, which could materially adversely affect our financial condition

We have three classes of stock with different voting rights

The Tax Cuts and Jobs Act (the Tax Reform Act) could adversely affect the Company’s business and financial condition

Risks Relating to Business Operations

The holder of our Series A preferred stock has rights that are senior to those of Meredith’s common stockholders, and the terms of the Series A preferred stock may limit our ability to pay dividends

To service our indebtedness, we will require a significant amount of cash and our ability to generate cash depends on many factors beyond our control

Customers may delay or cancel business arrangements, or seek to modify existing relationships, as a result of concerns over the acquisition or to extract negotiation leverage

Our substantial level of indebtedness and our ability to incur significant additional indebtedness could adversely affect our business, financial condition, and results of operations

Impairment of goodwill and intangible assets is possible, depending upon future operating results and the value of the Company’s stock