UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 19, 1996
Meredith Corporation
(Exact name of registrant as specified in its charter)
Iowa 1-5128 42-0410230
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1716 Locust Street, Des Moines, Iowa 50309-3023
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code 515 - 284-3000
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Item 5. Other Events.
On April 19, 1996, the Company, through its cable venture with New Heritage
Associates, announced an agreement to sell the venture's interest in several
suburban Minneapolis/St. Paul cable television systems to Continental
Cablevision, Inc. Meredith/New Heritage Partnership currently has a majority--
and Continental a minority--ownership interest in the systems.
The total value of the systems has been placed at $262.5 million. Meredith/New
Heritage Partnership will receive approximately $125 million in cash from the
sale. Continental will also assume approximately $90 million in Meredith/New
Heritage debt. The Company will record a gain from the sale.
Pending approval from local franchise authorities, Federal Communications
Commission and antitrust review, and satisfaction of other customary
conditions, the sale is expected to close in the second half of calendar 1996.
"This sale will complete our strategy of divesting our cable holdings, helping
Meredith continue its growth in the core businesses of magazine publishing and
over-the-air television broadcasting, along with book publishing, real estate
franchising and brand licensing," said Meredith Chairman and CEO Jack D. Rehm.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MEREDITH CORPORATION
Registrant
(Larry D. Hartsook)
Larry D. Hartsook
Vice President - Finance
(Principal Financial and
Accounting Officer)
Date: April 24, 1996
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