truefalse0000065011FALSE2021Q2June 30us-gaap:AccountingStandardsUpdate201613Memberus-gaap:AccountingStandardsUpdate201602Memberus-gaap:AccountingStandardsUpdate201613Member000000650112020-07-012020-12-31xbrli:shares0000065011us-gaap:CommonStockMember2021-01-310000065011us-gaap:CommonClassBMember2021-01-31iso4217:USD00000650112020-12-3100000650112020-06-30iso4217:USDxbrli:shares0000065011us-gaap:CommonStockMember2020-12-310000065011us-gaap:CommonStockMember2020-06-300000065011us-gaap:CommonClassBMember2020-06-300000065011us-gaap:CommonClassBMember2020-12-310000065011us-gaap:AdvertisingMember2020-10-012020-12-310000065011us-gaap:AdvertisingMember2019-10-012019-12-310000065011us-gaap:AdvertisingMember2020-07-012020-12-310000065011us-gaap:AdvertisingMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueMember2019-07-012019-12-310000065011mdp:OtherRevenueMember2020-10-012020-12-310000065011mdp:OtherRevenueMember2019-10-012019-12-310000065011mdp:OtherRevenueMember2020-07-012020-12-310000065011mdp:OtherRevenueMember2019-07-012019-12-3100000650112020-10-012020-12-3100000650112019-10-012019-12-3100000650112019-07-012019-12-310000065011us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-06-300000065011us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-06-300000065011us-gaap:AdditionalPaidInCapitalMember2020-06-300000065011us-gaap:RetainedEarningsMember2020-06-300000065011us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000065011us-gaap:RetainedEarningsMember2020-07-012020-09-3000000650112020-07-012020-09-300000065011us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000065011us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-07-012020-09-300000065011us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-3000000650112019-07-012020-06-300000065011srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2020-06-300000065011srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-06-300000065011us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-09-300000065011us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-09-300000065011us-gaap:AdditionalPaidInCapitalMember2020-09-300000065011us-gaap:RetainedEarningsMember2020-09-300000065011us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-3000000650112020-09-300000065011us-gaap:RetainedEarningsMember2020-10-012020-12-310000065011us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-012020-12-310000065011us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-10-012020-12-310000065011us-gaap:AdditionalPaidInCapitalMember2020-10-012020-12-310000065011us-gaap:CommonStockMember2020-10-012020-12-310000065011us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-12-310000065011us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-12-310000065011us-gaap:AdditionalPaidInCapitalMember2020-12-310000065011us-gaap:RetainedEarningsMember2020-12-310000065011us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000065011us-gaap:CommonStockMember2019-12-310000065011us-gaap:CommonStockMember2019-06-300000065011us-gaap:CommonStockMember2019-09-300000065011us-gaap:CommonClassBMember2019-06-300000065011us-gaap:CommonClassBMember2019-12-310000065011us-gaap:CommonClassBMember2019-09-300000065011us-gaap:CommonStockMemberus-gaap:CommonStockMember2019-06-300000065011us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-06-300000065011us-gaap:AdditionalPaidInCapitalMember2019-06-300000065011us-gaap:RetainedEarningsMember2019-06-300000065011us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-3000000650112019-06-300000065011us-gaap:RetainedEarningsMember2019-07-012019-09-3000000650112019-07-012019-09-300000065011us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300000065011us-gaap:CommonStockMemberus-gaap:CommonStockMember2019-07-012019-09-300000065011us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300000065011us-gaap:CommonStockMember2019-07-012019-09-300000065011us-gaap:RetainedEarningsMemberus-gaap:CommonStockMember2019-07-012019-09-300000065011us-gaap:CommonClassBMember2019-07-012019-09-300000065011us-gaap:CommonClassBMemberus-gaap:RetainedEarningsMember2019-07-012019-09-300000065011us-gaap:RedeemableConvertiblePreferredStockMember2019-07-012019-09-300000065011us-gaap:RedeemableConvertiblePreferredStockMemberus-gaap:RetainedEarningsMember2019-07-012019-09-3000000650112018-07-012019-06-300000065011srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2019-06-300000065011srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-06-300000065011us-gaap:CommonStockMemberus-gaap:CommonStockMember2019-09-300000065011us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-09-300000065011us-gaap:AdditionalPaidInCapitalMember2019-09-300000065011us-gaap:RetainedEarningsMember2019-09-300000065011us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-3000000650112019-09-300000065011us-gaap:RetainedEarningsMember2019-10-012019-12-310000065011us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-10-012019-12-310000065011us-gaap:CommonStockMemberus-gaap:CommonStockMember2019-10-012019-12-310000065011us-gaap:AdditionalPaidInCapitalMember2019-10-012019-12-310000065011us-gaap:CommonStockMember2019-10-012019-12-310000065011us-gaap:RetainedEarningsMemberus-gaap:CommonStockMember2019-10-012019-12-310000065011us-gaap:CommonClassBMember2019-10-012019-12-310000065011us-gaap:CommonClassBMemberus-gaap:RetainedEarningsMember2019-10-012019-12-310000065011us-gaap:RedeemableConvertiblePreferredStockMember2019-10-012019-12-310000065011us-gaap:RedeemableConvertiblePreferredStockMemberus-gaap:RetainedEarningsMember2019-10-012019-12-310000065011us-gaap:CommonStockMemberus-gaap:CommonStockMember2019-12-310000065011us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-12-310000065011us-gaap:AdditionalPaidInCapitalMember2019-12-310000065011us-gaap:RetainedEarningsMember2019-12-310000065011us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-3100000650112019-12-310000065011us-gaap:DiscontinuedOperationsDisposedOfBySaleMembermdp:SportsIllustratedMember2019-07-012019-09-300000065011us-gaap:DiscontinuedOperationsDisposedOfBySaleMembermdp:FanSidedMember2019-10-012019-12-310000065011us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2019-10-012019-10-310000065011us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2019-10-012019-12-310000065011us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2019-07-012019-12-310000065011us-gaap:SellingGeneralAndAdministrativeExpensesMembermdp:OutsourcingAgreementMembersrt:MaximumMember2020-07-012020-12-310000065011mdp:OtherRevenueMembermdp:OutsourcingAgreementMember2020-10-012020-12-310000065011mdp:OtherRevenueMembermdp:OutsourcingAgreementMember2019-10-012019-12-310000065011mdp:OtherRevenueMembermdp:OutsourcingAgreementMember2020-07-012020-12-310000065011mdp:OtherRevenueMembermdp:OutsourcingAgreementMember2019-07-012019-12-310000065011us-gaap:SellingGeneralAndAdministrativeExpensesMembermdp:TransitionServicesAgreementMember2020-10-012020-12-310000065011us-gaap:SellingGeneralAndAdministrativeExpensesMembermdp:TransitionServicesAgreementMember2019-10-012019-12-310000065011us-gaap:SellingGeneralAndAdministrativeExpensesMembermdp:TransitionServicesAgreementMember2020-07-012020-12-310000065011us-gaap:SellingGeneralAndAdministrativeExpensesMembermdp:TransitionServicesAgreementMember2019-07-012019-12-310000065011mdp:NationalMediaMembermdp:AdvertiserRelationshipsMember2020-12-310000065011mdp:NationalMediaMembermdp:AdvertiserRelationshipsMember2020-06-300000065011mdp:PublisherRelationshipsMembermdp:NationalMediaMember2020-12-310000065011mdp:PublisherRelationshipsMembermdp:NationalMediaMember2020-06-300000065011mdp:NationalMediaMembermdp:PartnerRelationshipsMember2020-12-310000065011mdp:NationalMediaMembermdp:PartnerRelationshipsMember2020-06-300000065011us-gaap:CustomerRelationshipsMembermdp:NationalMediaMember2020-12-310000065011us-gaap:CustomerRelationshipsMembermdp:NationalMediaMember2020-06-300000065011mdp:NationalMediaMemberus-gaap:OtherIntangibleAssetsMember2020-12-310000065011mdp:NationalMediaMemberus-gaap:OtherIntangibleAssetsMember2020-06-300000065011us-gaap:LicensingAgreementsMembermdp:LocalMediaMember2020-12-310000065011us-gaap:LicensingAgreementsMembermdp:LocalMediaMember2020-06-300000065011mdp:AdvertiserRelationshipsMembermdp:LocalMediaMember2020-12-310000065011mdp:AdvertiserRelationshipsMembermdp:LocalMediaMember2020-06-300000065011us-gaap:TransmissionServiceAgreementMembermdp:LocalMediaMember2020-12-310000065011us-gaap:TransmissionServiceAgreementMembermdp:LocalMediaMember2020-06-300000065011mdp:LocalMediaMemberus-gaap:OtherIntangibleAssetsMember2020-12-310000065011mdp:LocalMediaMemberus-gaap:OtherIntangibleAssetsMember2020-06-300000065011mdp:NationalMediaMemberus-gaap:TrademarksMember2020-12-310000065011mdp:NationalMediaMemberus-gaap:TrademarksMember2020-06-300000065011mdp:NationalMediaMemberus-gaap:InternetDomainNamesMember2020-12-310000065011mdp:NationalMediaMemberus-gaap:InternetDomainNamesMember2020-06-300000065011us-gaap:OperatingAndBroadcastRightsMembermdp:LocalMediaMember2020-12-310000065011us-gaap:OperatingAndBroadcastRightsMembermdp:LocalMediaMember2020-06-300000065011mdp:NationalMediaMemberus-gaap:TrademarksMember2019-07-012019-09-300000065011mdp:NationalMediaMember2020-06-300000065011mdp:NationalMediaMember2019-06-300000065011mdp:NationalMediaMember2020-07-012020-12-310000065011mdp:NationalMediaMember2019-07-012019-12-310000065011mdp:NationalMediaMember2020-12-310000065011mdp:NationalMediaMember2019-12-310000065011mdp:LocalMediaMember2020-06-300000065011mdp:LocalMediaMember2019-06-300000065011mdp:LocalMediaMember2020-07-012020-12-310000065011mdp:LocalMediaMember2019-07-012019-12-310000065011mdp:LocalMediaMember2020-12-310000065011mdp:LocalMediaMember2019-12-310000065011us-gaap:SubsequentEventMember2021-01-012021-01-300000065011mdp:A2021PerformanceImprovementPlanMemberus-gaap:EmployeeSeveranceMember2020-07-012020-09-30mdp:employee0000065011mdp:A2021PerformanceImprovementPlanMemberus-gaap:EmployeeSeveranceMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-09-300000065011mdp:A2021PerformanceImprovementPlanMembermdp:NationalMediaMemberus-gaap:EmployeeSeveranceMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000065011mdp:A2021PerformanceImprovementPlanMemberus-gaap:CorporateNonSegmentMemberus-gaap:EmployeeSeveranceMember2020-07-012020-09-300000065011mdp:A2021PerformanceImprovementPlanMemberus-gaap:EmployeeSeveranceMember2020-10-012020-12-310000065011mdp:A2020PerformanceImprovementPlanMember2019-07-012019-12-310000065011mdp:A2020PerformanceImprovementPlanMemberus-gaap:EmployeeSeveranceMember2019-07-012019-12-310000065011us-gaap:OtherRestructuringMembermdp:A2020PerformanceImprovementPlanMember2019-07-012019-12-310000065011mdp:A2020PerformanceImprovementPlanMemberus-gaap:EmployeeSeveranceMember2019-10-012019-12-310000065011mdp:NationalMediaMembermdp:A2020PerformanceImprovementPlanMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:A2020PerformanceImprovementPlanMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011us-gaap:CorporateNonSegmentMembermdp:A2020PerformanceImprovementPlanMember2019-07-012019-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-12-310000065011us-gaap:CorporateNonSegmentMember2020-10-012020-12-310000065011us-gaap:CorporateNonSegmentMember2019-10-012019-12-310000065011us-gaap:CorporateNonSegmentMember2020-07-012020-12-310000065011us-gaap:CorporateNonSegmentMember2019-07-012019-12-310000065011us-gaap:CorporateNonSegmentMember2020-12-310000065011us-gaap:EmployeeSeveranceMember2020-06-300000065011us-gaap:EmployeeSeveranceMember2019-06-300000065011us-gaap:EmployeeSeveranceMember2020-07-012020-12-310000065011us-gaap:EmployeeSeveranceMember2019-07-012019-12-310000065011us-gaap:EmployeeSeveranceMember2020-12-310000065011us-gaap:EmployeeSeveranceMember2019-12-310000065011us-gaap:LineOfCreditMembermdp:SeniorCreditFacilityTermLoanDue2025Membermdp:VariableRateCreditFacilityMember2020-12-310000065011us-gaap:LineOfCreditMembermdp:SeniorCreditFacilityTermLoanDue2025Membermdp:VariableRateCreditFacilityMember2020-06-300000065011us-gaap:LineOfCreditMembermdp:SeniorCreditFacilityIncrementalTermLoanDue2025Membermdp:VariableRateCreditFacilityMember2020-12-310000065011us-gaap:LineOfCreditMembermdp:SeniorCreditFacilityIncrementalTermLoanDue2025Membermdp:VariableRateCreditFacilityMember2020-06-300000065011us-gaap:LineOfCreditMembermdp:VariableRateCreditFacilityMembermdp:A350MillionRevolvingCreditFacilityDue2023Member2020-06-300000065011us-gaap:LineOfCreditMembermdp:VariableRateCreditFacilityMembermdp:A350MillionRevolvingCreditFacilityDue2023Member2020-12-31xbrli:pure0000065011mdp:A6.875SeniorNotesDue2026Memberus-gaap:SeniorNotesMember2020-06-300000065011mdp:A6.875SeniorNotesDue2026Memberus-gaap:SeniorNotesMember2020-12-310000065011mdp:A6500SeniorNotesDue2025Memberus-gaap:SeniorSubordinatedNotesMember2020-06-300000065011mdp:A6500SeniorNotesDue2025Memberus-gaap:SeniorSubordinatedNotesMember2020-12-310000065011us-gaap:DomesticCountryMember2020-10-012020-12-310000065011mdp:TimeIncUKLtdMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMemberus-gaap:PerformanceGuaranteeMemberus-gaap:NonoperatingIncomeExpenseMember2020-07-012020-09-300000065011us-gaap:DiscontinuedOperationsDisposedOfBySaleMembermdp:SunsetandINVNTLeaseGuaranteesMemberus-gaap:PerformanceGuaranteeMember2020-12-310000065011us-gaap:DiscontinuedOperationsDisposedOfBySaleMembermdp:SunsetandINVNTLeaseGuaranteesMemberus-gaap:PerformanceGuaranteeMember2020-06-30iso4217:CAD0000065011mdp:TimeInc.Memberus-gaap:PendingLitigationMembermdp:TIRvs.CanadianPrimeMinisterOfNationalRevenueMember2010-10-260000065011mdp:TimeInc.Memberus-gaap:PendingLitigationMembermdp:TIRvs.CanadianPrimeMinisterOfNationalRevenueMember2013-09-130000065011mdp:TimeInc.Memberus-gaap:PendingLitigationMembermdp:TIRvs.CanadianPrimeMinisterOfNationalRevenueMember2015-06-190000065011mdp:TimeInc.Memberus-gaap:PendingLitigationMembermdp:TIRvs.CanadianPrimeMinisterOfNationalRevenueMember2015-11-300000065011us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000065011us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000065011us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300000065011us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300000065011us-gaap:FairValueMeasurementsRecurringMember2020-12-310000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310000065011us-gaap:FairValueMeasurementsRecurringMember2020-06-300000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-06-300000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-300000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300000065011us-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000065011us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000065011us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-300000065011us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000065011us-gaap:IndefinitelivedIntangibleAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2019-07-012020-06-300000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2020-12-310000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Membermdp:ContingentConsiderationMember2020-06-300000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Membermdp:ContingentConsiderationMember2019-06-300000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Membermdp:ContingentConsiderationMember2020-07-012020-12-310000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Membermdp:ContingentConsiderationMember2019-07-012019-12-310000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Membermdp:ContingentConsiderationMember2020-12-310000065011us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Membermdp:ContingentConsiderationMember2019-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMemberus-gaap:IntersegmentEliminationMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMember2020-10-012020-12-310000065011mdp:NationalMediaMembermdp:AdvertisingRelatedRevenueMagazineMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueMagazineMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenueMagazineMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueMagazineMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMemberus-gaap:IntersegmentEliminationMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMember2020-10-012020-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2020-10-012020-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2020-10-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenuePoliticalSpotMember2020-10-012020-12-310000065011mdp:NationalMediaMembermdp:AdvertisingRelatedRevenueThirdPartySalesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueThirdPartySalesMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenueThirdPartySalesMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueThirdPartySalesMember2020-10-012020-12-310000065011mdp:NationalMediaMemberus-gaap:AdvertisingMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011us-gaap:AdvertisingMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011us-gaap:IntersegmentEliminationMemberus-gaap:AdvertisingMember2020-10-012020-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueSubscriptionMember2020-10-012020-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:ConsumerRelatedRevenueSubscriptionMember2020-10-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueSubscriptionMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueSubscriptionMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMemberus-gaap:IntersegmentEliminationMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMember2020-10-012020-12-310000065011mdp:NationalMediaMembermdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:IntersegmentEliminationMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMember2020-10-012020-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueLicensingMember2020-10-012020-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:ConsumerRelatedRevenueLicensingMember2020-10-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueLicensingMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueLicensingMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMemberus-gaap:IntersegmentEliminationMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMember2020-10-012020-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueDigitalConsumerMember2020-10-012020-12-310000065011us-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueDigitalConsumerMembermdp:LocalMediaMember2020-10-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueDigitalConsumerMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueDigitalConsumerMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011mdp:ConsumerRelatedRevenueMemberus-gaap:IntersegmentEliminationMember2020-10-012020-12-310000065011mdp:OtherRevenueProjectsBasedMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:OtherRevenueProjectsBasedMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011mdp:OtherRevenueProjectsBasedMemberus-gaap:IntersegmentEliminationMember2020-10-012020-12-310000065011mdp:OtherRevenueProjectsBasedMember2020-10-012020-12-310000065011mdp:OtherRevenueOtherMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:OtherRevenueOtherMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011mdp:OtherRevenueOtherMemberus-gaap:IntersegmentEliminationMember2020-10-012020-12-310000065011mdp:OtherRevenueOtherMember2020-10-012020-12-310000065011mdp:OtherRevenueMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011mdp:OtherRevenueMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-10-012020-12-310000065011mdp:OtherRevenueMemberus-gaap:IntersegmentEliminationMember2020-10-012020-12-310000065011us-gaap:IntersegmentEliminationMember2020-10-012020-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMemberus-gaap:IntersegmentEliminationMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMember2019-10-012019-12-310000065011mdp:NationalMediaMembermdp:AdvertisingRelatedRevenueMagazineMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueMagazineMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenueMagazineMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueMagazineMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMemberus-gaap:IntersegmentEliminationMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMember2019-10-012019-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2019-10-012019-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2019-10-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenuePoliticalSpotMember2019-10-012019-12-310000065011mdp:NationalMediaMembermdp:AdvertisingRelatedRevenueThirdPartySalesMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueThirdPartySalesMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenueThirdPartySalesMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueThirdPartySalesMember2019-10-012019-12-310000065011mdp:NationalMediaMemberus-gaap:AdvertisingMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011us-gaap:AdvertisingMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011us-gaap:IntersegmentEliminationMemberus-gaap:AdvertisingMember2019-10-012019-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueSubscriptionMember2019-10-012019-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:ConsumerRelatedRevenueSubscriptionMember2019-10-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueSubscriptionMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueSubscriptionMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMemberus-gaap:IntersegmentEliminationMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMember2019-10-012019-12-310000065011mdp:NationalMediaMembermdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:IntersegmentEliminationMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMember2019-10-012019-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueLicensingMember2019-10-012019-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:ConsumerRelatedRevenueLicensingMember2019-10-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueLicensingMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueLicensingMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMemberus-gaap:IntersegmentEliminationMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMember2019-10-012019-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueDigitalConsumerMember2019-10-012019-12-310000065011us-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueDigitalConsumerMembermdp:LocalMediaMember2019-10-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueDigitalConsumerMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueDigitalConsumerMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011mdp:ConsumerRelatedRevenueMemberus-gaap:IntersegmentEliminationMember2019-10-012019-12-310000065011mdp:OtherRevenueProjectsBasedMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:OtherRevenueProjectsBasedMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011mdp:OtherRevenueProjectsBasedMemberus-gaap:IntersegmentEliminationMember2019-10-012019-12-310000065011mdp:OtherRevenueProjectsBasedMember2019-10-012019-12-310000065011mdp:OtherRevenueOtherMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:OtherRevenueOtherMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011mdp:OtherRevenueOtherMemberus-gaap:IntersegmentEliminationMember2019-10-012019-12-310000065011mdp:OtherRevenueOtherMember2019-10-012019-12-310000065011mdp:OtherRevenueMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011mdp:OtherRevenueMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-10-012019-12-310000065011mdp:OtherRevenueMemberus-gaap:IntersegmentEliminationMember2019-10-012019-12-310000065011us-gaap:IntersegmentEliminationMember2019-10-012019-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMemberus-gaap:IntersegmentEliminationMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMember2020-07-012020-12-310000065011mdp:NationalMediaMembermdp:AdvertisingRelatedRevenueMagazineMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueMagazineMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenueMagazineMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueMagazineMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMemberus-gaap:IntersegmentEliminationMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMember2020-07-012020-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2020-07-012020-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2020-07-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenuePoliticalSpotMember2020-07-012020-12-310000065011mdp:NationalMediaMembermdp:AdvertisingRelatedRevenueThirdPartySalesMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueThirdPartySalesMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenueThirdPartySalesMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueThirdPartySalesMember2020-07-012020-12-310000065011mdp:NationalMediaMemberus-gaap:AdvertisingMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011us-gaap:AdvertisingMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011us-gaap:IntersegmentEliminationMemberus-gaap:AdvertisingMember2020-07-012020-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueSubscriptionMember2020-07-012020-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:ConsumerRelatedRevenueSubscriptionMember2020-07-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueSubscriptionMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueSubscriptionMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMemberus-gaap:IntersegmentEliminationMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMember2020-07-012020-12-310000065011mdp:NationalMediaMembermdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:IntersegmentEliminationMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMember2020-07-012020-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueLicensingMember2020-07-012020-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:ConsumerRelatedRevenueLicensingMember2020-07-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueLicensingMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueLicensingMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMemberus-gaap:IntersegmentEliminationMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMember2020-07-012020-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueDigitalConsumerMember2020-07-012020-12-310000065011us-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueDigitalConsumerMembermdp:LocalMediaMember2020-07-012020-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueDigitalConsumerMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueDigitalConsumerMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011mdp:ConsumerRelatedRevenueMemberus-gaap:IntersegmentEliminationMember2020-07-012020-12-310000065011mdp:OtherRevenueProjectsBasedMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:OtherRevenueProjectsBasedMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011mdp:OtherRevenueProjectsBasedMemberus-gaap:IntersegmentEliminationMember2020-07-012020-12-310000065011mdp:OtherRevenueProjectsBasedMember2020-07-012020-12-310000065011mdp:OtherRevenueOtherMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:OtherRevenueOtherMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011mdp:OtherRevenueOtherMemberus-gaap:IntersegmentEliminationMember2020-07-012020-12-310000065011mdp:OtherRevenueOtherMember2020-07-012020-12-310000065011mdp:OtherRevenueMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011mdp:OtherRevenueMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2020-07-012020-12-310000065011mdp:OtherRevenueMemberus-gaap:IntersegmentEliminationMember2020-07-012020-12-310000065011us-gaap:IntersegmentEliminationMember2020-07-012020-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMemberus-gaap:IntersegmentEliminationMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenueDigitalMember2019-07-012019-12-310000065011mdp:NationalMediaMembermdp:AdvertisingRelatedRevenueMagazineMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenueMagazineMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenueMagazineMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenueMagazineMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMemberus-gaap:IntersegmentEliminationMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenueNonPoliticalSpotMember2019-07-012019-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2019-07-012019-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2019-07-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenuePoliticalSpotMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenuePoliticalSpotMember2019-07-012019-12-310000065011mdp:NationalMediaMembermdp:AdvertisingRelatedRevenueThirdPartySalesMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenueThirdPartySalesMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:AdvertisingRelatedRevenueThirdPartySalesMember2019-07-012019-12-310000065011mdp:AdvertisingRelatedRevenueThirdPartySalesMember2019-07-012019-12-310000065011mdp:NationalMediaMemberus-gaap:AdvertisingMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011us-gaap:AdvertisingMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011us-gaap:IntersegmentEliminationMemberus-gaap:AdvertisingMember2019-07-012019-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueSubscriptionMember2019-07-012019-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:ConsumerRelatedRevenueSubscriptionMember2019-07-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueSubscriptionMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueSubscriptionMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMemberus-gaap:IntersegmentEliminationMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueRetransmissionMember2019-07-012019-12-310000065011mdp:NationalMediaMembermdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMemberus-gaap:IntersegmentEliminationMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueNewsstandMember2019-07-012019-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueLicensingMember2019-07-012019-12-310000065011us-gaap:OperatingSegmentsMembermdp:LocalMediaMembermdp:ConsumerRelatedRevenueLicensingMember2019-07-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueLicensingMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueLicensingMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMemberus-gaap:IntersegmentEliminationMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueAffinityMarketingMember2019-07-012019-12-310000065011mdp:NationalMediaMemberus-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueDigitalConsumerMember2019-07-012019-12-310000065011us-gaap:OperatingSegmentsMembermdp:ConsumerRelatedRevenueDigitalConsumerMembermdp:LocalMediaMember2019-07-012019-12-310000065011us-gaap:IntersegmentEliminationMembermdp:ConsumerRelatedRevenueDigitalConsumerMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueDigitalConsumerMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011mdp:ConsumerRelatedRevenueMemberus-gaap:IntersegmentEliminationMember2019-07-012019-12-310000065011mdp:OtherRevenueProjectsBasedMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:OtherRevenueProjectsBasedMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011mdp:OtherRevenueProjectsBasedMemberus-gaap:IntersegmentEliminationMember2019-07-012019-12-310000065011mdp:OtherRevenueProjectsBasedMember2019-07-012019-12-310000065011mdp:OtherRevenueOtherMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:OtherRevenueOtherMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011mdp:OtherRevenueOtherMemberus-gaap:IntersegmentEliminationMember2019-07-012019-12-310000065011mdp:OtherRevenueOtherMember2019-07-012019-12-310000065011mdp:OtherRevenueMembermdp:NationalMediaMemberus-gaap:OperatingSegmentsMember2019-07-012019-12-310000065011mdp:OtherRevenueMemberus-gaap:OperatingSegmentsMembermdp:LocalMediaMember2019-07-012019-12-310000065011mdp:OtherRevenueMemberus-gaap:IntersegmentEliminationMember2019-07-012019-12-310000065011us-gaap:IntersegmentEliminationMember2019-07-012019-12-310000065011country:USus-gaap:PensionPlansDefinedBenefitMember2020-10-012020-12-310000065011country:USus-gaap:PensionPlansDefinedBenefitMember2019-10-012019-12-310000065011country:USus-gaap:PensionPlansDefinedBenefitMember2020-07-012020-12-310000065011country:USus-gaap:PensionPlansDefinedBenefitMember2019-07-012019-12-310000065011us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-10-012020-12-310000065011us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-10-012019-12-310000065011us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-07-012020-12-310000065011us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2019-07-012019-12-310000065011us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembercountry:US2020-10-012020-12-310000065011us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembercountry:US2019-10-012019-12-310000065011us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembercountry:US2020-07-012020-12-310000065011us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembercountry:US2019-07-012019-12-310000065011us-gaap:EmployeeStockOptionMember2020-10-012020-12-310000065011us-gaap:EmployeeStockOptionMember2019-10-012019-12-310000065011us-gaap:EmployeeStockOptionMember2020-07-012020-12-310000065011us-gaap:EmployeeStockOptionMember2019-07-012019-12-310000065011us-gaap:WarrantMember2020-10-012020-12-310000065011us-gaap:WarrantMember2019-10-012019-12-310000065011us-gaap:WarrantMember2020-07-012020-12-310000065011us-gaap:WarrantMember2019-07-012019-12-310000065011us-gaap:RestrictedStockMember2020-10-012020-12-310000065011us-gaap:RedeemableConvertiblePreferredStockMember2019-10-012019-12-310000065011us-gaap:RestrictedStockMember2019-10-012019-12-310000065011us-gaap:RedeemableConvertiblePreferredStockMember2019-07-012019-12-310000065011us-gaap:RestrictedStockMember2019-07-012019-12-310000065011us-gaap:RestrictedStockMember2020-07-012020-12-31mdp:segmentmdp:measure0000065011us-gaap:OperatingSegmentsMember2020-10-012020-12-310000065011us-gaap:OperatingSegmentsMember2019-10-012019-12-310000065011us-gaap:OperatingSegmentsMember2020-07-012020-12-310000065011us-gaap:OperatingSegmentsMember2019-07-012019-12-31

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedDecember 31, 2020
Commission file number 1-5128

mdp-20201231_g1.jpg
MEREDITH CORPORATION
(Exact name of registrant as specified in its charter)
Iowa42-0410230
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1716 Locust Street,Des Moines,Iowa50309-3023
(Address of principal executive offices)(ZIP Code)
Registrant’s telephone number, including area code:
(515)284-3000
Former name, former address, and former fiscal year, if changed since last report: Not applicable
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $1MDPNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         Yes þ   No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).         Yes þ   No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ     Accelerated filer o     Non-accelerated filer o
Smaller reporting company      Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act     o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No þ

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Shares of stock outstanding at January 31, 2021
Common shares40,565,853 
Class B shares5,068,657 
Total common and class B shares45,634,510 

















(This page has been left blank intentionally.)





TABLE OF CONTENTS
Page
Part I - Financial Information
Item 1.Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets as of December 31, 2020 and June 30, 2020
Condensed Consolidated Statements of Earnings for the Three and Six Months Ended December 31, 2020 and 2019
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended December 31, 2020 and 2019
Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended December 31, 2020 and 2019
Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2020 and 2019
Notes to Condensed Consolidated Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 5.Other information
Item 6.Exhibits
Signature
Meredith Corporation and its consolidated subsidiaries are referred to in this Quarterly Report
 on Form 10-Q (Form 10-Q) as Meredith, the Company, we, our, and us.



PART IFINANCIAL INFORMATION
Item 1.Financial Statements

Meredith Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
AssetsDecember 31, 2020June 30,
2020
(In millions except per share data)
Current assets
Cash and cash equivalents$379.1 $132.4 
Accounts receivable, net542.3 461.9 
Inventories33.8 34.2 
Current portion of subscription acquisition costs222.1 213.2 
Other current assets62.9 43.1 
Total current assets1,240.2 884.8 
Property, plant, and equipment894.7 883.3 
Less accumulated depreciation(517.3)(483.4)
Net property, plant, and equipment377.4 399.9 
Operating lease assets387.6 404.6 
Subscription acquisition costs212.8 221.6 
Other assets242.4 232.4 
Intangible assets, net1,586.3 1,647.5 
Goodwill1,719.6 1,719.3 
Total assets$5,766.3 $5,510.1 
Liabilities and Shareholders' Equity
Current liabilities
Current portion of long-term debt$4.1 $4.1 
Current portion of operating lease liabilities35.7 35.2 
Accounts payable124.4 121.1 
Accrued expenses and other liabilities225.2 168.1 
Current portion of unearned revenues402.3 403.2 
Total current liabilities791.7 731.7 
Long-term debt2,985.2 2,981.8 
Operating lease liabilities449.4 466.7 
Unearned revenues254.6 267.5 
Deferred income taxes468.7 463.8 
Other noncurrent liabilities206.8 210.4 
Total liabilities5,156.4 5,121.9 
Shareholders' equity
Series preferred stock, par value $1 per share
  
Common stock, par value $1 per share
40.5 40.3 
Class B stock, par value $1 per share
5.1 5.1 
Additional paid-in capital240.0 227.6 
Retained earnings390.5 197.6 
Accumulated other comprehensive loss(66.2)(82.4)
Total shareholders' equity609.9 388.2 
Total liabilities and shareholders' equity$5,766.3 $5,510.1 
See accompanying Notes to Condensed Consolidated Financial Statements.
1


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Earnings
(Unaudited)

Three MonthsSix Months
Periods ended December 31,2020201920202019
(In millions except per share data)
Revenues
Advertising related$525.1 $427.3 $883.6 $806.9 
Consumer related358.0 348.9 676.7 672.0 
Other18.4 34.3 34.7 56.8 
Total revenues901.5 810.5 1,595.0 1,535.7 
Operating expenses
Production, distribution, and editorial266.5 280.1 507.6 553.8 
Selling, general, and administrative332.6 338.4 643.8 669.2 
Acquisition, disposition, and restructuring related activities4.2 (0.5)18.3 13.6 
Depreciation and amortization49.8 58.6 98.8 117.1 
Impairment of long-lived assets   5.2 
Total operating expenses653.1 676.6 1,268.5 1,358.9 
Income from operations248.4 133.9 326.5 176.8 
Non-operating income (expense), net0.2 (7.2)5.8 1.4 
Interest expense, net(43.1)(36.9)(86.6)(75.8)
Earnings from continuing operations before income taxes205.5 89.8 245.7 102.4 
Income tax expense(57.0)(27.7)(54.9)(28.2)
Earnings from continuing operations148.5 62.1 190.8 74.2 
Loss from discontinued operations, net of income taxes (24.3) (30.3)
Net earnings$148.5 $37.8 $190.8 $43.9 
Diluted earnings attributable to common shareholders$140.6 $19.0 $181.2 $4.2 
Basic earnings (loss) per share attributable to common shareholders
Continuing operations$3.04 $0.93 $3.93 $0.75 
Discontinued operations (0.54) (0.66)
Basic earnings per common share$3.04 $0.39 $3.93 $0.09 
Basic average common shares outstanding46.2 45.7 46.1 45.7 
Diluted earnings (loss) per share attributable to common shareholders
Continuing operations$3.04 $0.91 $3.92 $0.75 
Discontinued operations (0.51) (0.66)
Diluted earnings per common share$3.04 $0.40 $3.92 $0.09 
Diluted average common shares outstanding46.3 47.3 46.2 45.7 
See accompanying Notes to Condensed Consolidated Financial Statements.
2


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

Three MonthsSix Months
Periods ended December 31,2020201920202019
(In millions)
Net earnings$148.5 $37.8 $190.8 $43.9 
Other comprehensive income (loss)
Pension and other postretirement benefit plans activity, net of income taxes(1.6)0.4 (2.6)0.9 
Foreign currency translation adjustment10.7 9.2 18.8 4.3 
Total other comprehensive income9.1 9.6 16.2 5.2 
Comprehensive income$157.6 $47.4 $207.0 $49.1 

See accompanying Notes to Condensed Consolidated Financial Statements.

3


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)

(In millions except per share data)
Common
Stock - $1
par value
Class B
Stock - $1
par value
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance at June 30, 2020$40.3 $5.1 $227.6 $197.6 $(82.4)$388.2 
Net earnings— — — 42.3 — 42.3 
Other comprehensive income, net of income taxes— — — — 7.1 7.1 
Shares issued under incentive plans, net of forfeitures0.1 — 0.3 — — 0.4 
Purchases of Company stock— — (0.4)— — (0.4)
Share-based compensation— — 8.8 — — 8.8 
Cumulative effect adjustment for adoption of Accounting Standards Update 2016-13
— — — 2.1 — 2.1 
Balance at September 30, 202040.4 5.1 236.3 242.0 (75.3)448.5 
Net earnings— — — 148.5 — 148.5 
Other comprehensive income, net of income taxes— — — — 9.1 9.1 
Shares issued under incentive plans, net of forfeitures0.2 — 0.3 — — 0.5 
Purchases of Company stock(0.1)— (0.4)— — (0.5)
Share-based compensation— — 3.8 — — 3.8 
Balance at December 31, 2020$40.5 $5.1 $240.0 $390.5 $(66.2)$609.9 

See accompanying Notes to Condensed Consolidated Financial Statements.

4


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity (Continued)
(Unaudited)

(In millions except per share data)
Common
Stock - $1
par value
Class B
Stock - $1
par value
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance at June 30, 2019$40.1 $5.1 $216.7 $759.0 $(46.3)$974.6 
Net earnings— — — 6.1 — 6.1 
Other comprehensive loss, net of income taxes— — — — (4.4)(4.4)
Stock issued under various incentive plans, net of forfeitures0.1 — 0.4 — — 0.5 
Purchases of Company stock(0.1)— (1.7)— — (1.8)
Share-based compensation— — 7.5 — — 7.5 
Dividends paid
Common stock ($0.575 dividend per share)
— — — (24.3)— (24.3)
Class B stock ($0.575 dividend per share)
— — — (2.9)— (2.9)
Series A preferred stock ($22.19 dividend per share)
— — — (14.4)— (14.4)
Accretion of Series A preferred stock(4.5)(4.5)
Cumulative effect adjustment for adoption of Accounting Standards Update 2016-02
— — — (7.8)— (7.8)
Balance at September 30, 201940.1 5.1 222.9 711.2 (50.7)928.6 
Net earnings— — — 37.8 — 37.8 
Other comprehensive income, net of income taxes— — — — 9.6 9.6 
Stock issued under various incentive plans, net of forfeitures0.1 — 0.5 — — 0.6 
Purchases of Company stock— — (2.4)— — (2.4)
Share-based compensation— — 2.2 — — 2.2 
Dividends paid
Common stock ($0.575 dividend per share)
— — — (24.5)— (24.5)
Class B stock ($0.575 dividend per share)
— — — (3.0)— (3.0)
Series A preferred stock ($21.72 dividend per share)
— — — (14.1)— (14.1)
Accretion of Series A preferred stock— — — (4.5)— (4.5)
Balance at December 31, 2019$40.2 $5.1 $223.2 $702.9 $(41.1)$930.3 

See accompanying Notes to Condensed Consolidated Financial Statements.
5


Meredith Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)

Six months ended December 31,20202019
(In millions)
Cash flows from operating activities
Net earnings $190.8 $43.9 
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation37.6 39.4 
Amortization61.2 77.7 
Non-cash lease expense17.7 19.6 
Share-based compensation12.6 9.7 
Deferred income taxes3.1 6.1 
Amortization of original issue discount and debt issuance costs6.3 3.3 
Amortization of broadcast rights8.4 9.6 
Gain on sale of assets, net
(2.9)(9.4)
Write-down of impaired assets 21.2 
Fair value adjustments to contingent consideration0.3 0.3 
Changes in assets and liabilities, net of acquisitions(73.3)(149.3)
Net cash provided by operating activities261.8 72.1 
Cash flows from investing activities
Acquisitions of and investments in businesses and assets, net of cash acquired (23.0)
Net proceeds from disposition of assets, net of cash sold5.2 33.8 
Additions to property, plant, and equipment(17.9)(34.5)
Other0.7  
Net cash used in investing activities(12.0)(23.7)
Cash flows from financing activities
Proceeds from issuance of long-term debt 280.0 
Repayments of long-term debt(2.0)(260.0)
Dividends paid (83.2)
Purchases of Company stock(0.9)(4.2)
Proceeds from common stock issued0.9 1.1 
Payment of acquisition-related contingent consideration(1.0) 
Financing lease payments(0.7)(0.7)
Net cash used in financing activities(3.7)(67.0)
Effect of exchange rate changes on cash and cash equivalents0.6 (0.1)
Change in cash in assets held-for-sale (5.1)
Net increase (decrease) in cash and cash equivalents246.7 (23.8)
Cash and cash equivalents at beginning of period132.4 45.0 
Cash and cash equivalents at end of period$379.1 $21.2 

See accompanying Notes to Condensed Consolidated Financial Statements.
6


Meredith Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)

1. Summary of Significant Accounting Policies

Basis of Presentation—The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly-owned and majority-owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements.

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (U.S. GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements, which are included in Meredith's Annual Report on Form 10-K for the year ended June 30, 2020, filed with the SEC.

The condensed consolidated financial statements as of December 31, 2020, and for the three and six months ended December 31, 2020 and 2019, are unaudited but, in management's opinion, include all adjustments necessary for a fair presentation of the results of interim periods. All such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet as of June 30, 2020, was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year. Interim results may vary significantly as the economic impact of the COVID-19 pandemic continues to evolve. The extent to which the evolving COVID-19 pandemic impacts the Company's condensed consolidated financial statements will depend on a number of factors, including the magnitude and duration of the pandemic. There remains risk that COVID-19 could have material adverse impacts on future revenue growth as well as overall profitability.

The financial position and operating results of the Company's foreign operations are consolidated using primarily the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Translation gains or losses on assets and liabilities are included as a component of accumulated other comprehensive loss.

Adopted Accounting Pronouncements

ASU 2016-13—In June 2016, the Financial Accounting Standards Board (FASB) issued a standard that replaces the current incurred loss methodology for recognizing credit losses with a current expected credit loss methodology. Under this standard, the establishment of an allowance for credit losses reflects all relevant information about past events, current conditions, and reasonable supportable forecasts rather than delaying the recognition of the full amount of a credit loss until the loss is probable of occurring. The new standard changes the impairment model for most financial assets and certain other instruments, including trade receivables. The Company implemented the new standard on July 1, 2020, on a modified retrospective basis. The adoption of this standard resulted in a decrease in the allowance for doubtful accounts of $2.8 million and an increase in deferred tax liabilities of $0.7 million, with a corresponding increase to retained earnings of $2.1 million. This standard did not have a material impact on the Company's condensed consolidated financial statements and related disclosures upon adoption.

ASU 2018-13—In August 2018, the FASB issued an accounting standards update which changes the fair value measurement disclosure requirements. The update removes, modifies, and adds certain additional disclosures. The Company adopted this pronouncement in the first quarter of fiscal 2021. The adoption required additional disclosure on the Company's Level 3 measurements as defined in Note 9. There were no other impacts to the Company's condensed consolidated financial statements.

7


ASU 2019-02—In March 2019, the FASB issued an accounting standards update which aligns the accounting for production costs of episodic television series with the accounting for production costs of films. In addition, the update modifies certain aspects of the capitalization, impairment, presentation, and disclosure requirements in the accounting standards for entities in the film and broadcast entertainment industries. The update was prospectively adopted in the first quarter of fiscal 2021. Due to existing Company policies and the nature of its episodic television series, the update had no impact on the Company's condensed consolidated financial statements.

ASU 2020-09—In October 2020, the FASB issued an accounting standards update to formally codify the new disclosure requirements of an SEC final rule issued in March 2020 related to certain registered securities under SEC Regulation S-X, Rule 3-10 (Rule 3-10). The most pertinent portions of the final rule applicable to the Company include: (i) replacing the previous requirement under Rule 3-10 to provide condensed consolidated financial information in the registrant's financial statements with a requirement to provide alternative financial disclosures (which include summarized financial information of the parent and any issuers and guarantors, as well as other qualitative disclosures) in either the registrant's Management Discussion & Analysis section or its financial statements; and, (ii) reducing the periods for which summarized financial information is required to the most recent annual period and year-to-date interim period. The final rule was effective for filings on or after January 4, 2021. The Company elected to early-adopt the provisions of the final rule during the third quarter of fiscal 2020 and elected to provide the summarized financial information in Item II, Management's Discussion and Analysis of Financial Condition and Results of Operations.

ASU 2020-10—In October 2020, the FASB issued an accounting standards update containing codification improvements. These improvements include providing a consistent location for disclosure guidance and providing clarification to other certain guidance sections. The Company early adopted this guidance retrospectively as of July 1, 2020. The early adoption of this guidance did not materially impact the Company’s condensed consolidated financial statements.


2. Inventories

Major components of inventories are summarized below.

(In millions)December 31, 2020June 30, 2020
Raw materials$16.6 $21.0 
Work in process14.6 10.6 
Finished goods2.6 2.6 
Inventories$33.8 $34.2 


8


3. Discontinued Operations and Dispositions

Shortly after the Company’s acquisition of Time Inc. in fiscal 2018, it announced the planned sale of certain brands and investments. Several of these brands and investments were held during fiscal 2020, and all sales were completed by the end of the third quarter of fiscal 2020. The second step of the two-step transaction to sell the Sports Illustrated brand and the sale of Viant were completed in October 2019. Based on the selling price of Sports Illustrated, an impairment of goodwill for the Sports Illustrated brand of $4.2 million was recorded in the first quarter of fiscal 2020. FanSided was sold in January 2020 and the investment in Xumo was sold in February 2020. Based on the selling price of FanSided, an impairment of goodwill for the Fansided brand of $11.8 million was recorded in the second quarter of fiscal 2020. The revenues and expenses of these businesses were included in the loss from discontinued operations, net of income taxes line on the Condensed Consolidated Statements of Earnings for the periods prior to their sales. All discontinued operations related to the national media segment.

In October 2019, Meredith sold the Money brand to an unrelated third party for $24.9 million, which resulted in a gain on sale of $8.3 million. This gain was recorded in the acquisition, disposition, and restructuring related activities line on the Condensed Consolidated Statements of Earnings.

Amounts applicable to discontinued operations on the Condensed Consolidated Statements of Earnings were as follows:

Periods ended December 31, 2019Three MonthsSix Months
(In millions except per share data)
Revenues$25.3 $110.8 
Costs and expenses(20.9)(107.6)
Impairment of goodwill(11.8)(16.0)
Interest expense(0.8)(2.0)
Gain on disposal3.0 3.0 
Loss before income taxes(5.2)(11.8)
Income tax expense(19.1)(18.5)
Loss from discontinued operations, net of income taxes$(24.3)$(30.3)
Loss per share from discontinued operations
Basic$(0.54)$(0.66)
Diluted(0.51)(0.66)

The Company did not allocate interest to discontinued operations unless the interest was directly attributable to the discontinued operations or was interest on debt that was required to be repaid as a result of the disposal transaction. Interest expense included in discontinued operations reflected an estimate of interest expense related to the debt that was repaid with the proceeds from the sales of the businesses.

The discontinued operations did not have depreciation, amortization, or significant non-cash investing items for the six months ended December 31, 2019. Share-based compensation expense related to discontinued operations was a benefit of $0.1 million for the six months ended December 31, 2019, due to the forfeiture of stock compensation upon sale, and is included in the calculation of net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.

9


Meredith continued to provide accounting, finance, human resources, information technology, and certain support services for a short period of time under Transition Services Agreements (TSAs) with certain buyers. In addition, Meredith continues to provide consumer marketing, information technology, subscription fulfillment, paper purchasing, printing, and other services under Outsourcing Agreements (OAs) with certain buyers. The remaining OAs have terms up to approximately three years, subject to renewal. Income of $0.8 million and $3.0 million for the three months ended, and $1.5 million and $6.0 million for the six months ended December 31, 2020 and 2019, respectively, earned from performing services under the OAs was recorded in the other revenue line on the Condensed Consolidated Statements of Earnings. Income of less than $0.1 million and $7.1 million for the three months ended, and $0.1 million and $9.0 million for the six months ended December 31, 2020 and 2019, respectively, earned from performing services under the TSAs was recorded as a reduction to the selling, general, and administrative expense line on the Condensed Consolidated Statements of Earnings.


4. Intangible Assets and Goodwill

Intangible assets consisted of the following:
December 31, 2020June 30, 2020
(In millions)Gross
Amount
Accumulated
Amortization
Net
Amount
Gross
Amount
Accumulated
Amortization
Net
Amount
Intangible assets
   subject to amortization
National media
Advertiser relationships$211.0 $(205.2)$5.8 $211.0 $(170.0)$41.0 
Publisher relationships132.8 (53.2)79.6 132.8 (43.9)88.9 
Partner relationships98.2 (46.8)51.4 98.2 (38.7)59.5 
Customer relationships8.0 (3.1)4.9 71.3 (65.6)5.7 
Other23.9 (16.3)7.6 26.3 (16.9)9.4 
Local media
Network affiliation agreements229.3 (164.7)64.6 229.3 (161.5)67.8 
Advertiser relationships12.5 (12.2)0.3 12.5 (10.1)2.4 
Retransmission agreements10.6 (6.5)4.1 27.9 (23.1)4.8 
Other0.7 (0.6)0.1 1.7 (1.6)0.1 
Total$727.0 $(508.6)218.4 $811.0 $(531.4)279.6 
Intangible assets not
   subject to amortization
National media
Trademarks706.7 706.7 
Internet domain names8.3 8.3 
Local media
FCC licenses652.9 652.9 
Total1,367.9 1,367.9 
Intangible assets, net$1,586.3 $1,647.5 

Amortization expense was $61.2 million and $77.7 million for the six months ended December 31, 2020 and 2019, respectively. Annual amortization expense for intangible assets is expected to be as follows: $90.5 million in fiscal 2021, $44.7 million in fiscal 2022, $42.2 million in fiscal 2023, $34.1 million in fiscal 2024, and $16.7 million in fiscal 2025.

During the first quarter of fiscal 2020, the Company recorded an impairment charge of $5.2 million on a national media trademark. Management determined this trademark was fully impaired as part of management's commitment
10


to performance improvement plans, including the closure of the Family Circle brand. The impairment charge was recorded in the impairment of long-lived assets line on the Condensed Consolidated Statements of Earnings.

Changes in the carrying amount of goodwill were as follows:

Six months ended December 31,20202019
(In millions)GoodwillAccumulated Impairment LossNet Carrying AmountGoodwillAccumulated Impairment LossNet Carrying Amount
National media
Balance at beginning of period$1,855.4 $(252.7)$1,602.7 $1,862.8 $— $1,862.8 
Acquisitions —