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Meredith Withdraws 2020 Guidance; Cuts Executive Salaries

Meredith Corp. (MDP) said that it has withdrawn its fiscal year 2020 guidance, due to the uncertainty stemming from the COVID-19 crisis.

The company noted that its board has also voted to pause common stock dividend. The Board remains committed to paying a dividend over the longer-term and would seek to resume dividend policy when advertising market conditions improve.

The company is implementing a series of operational cost-control measures, including reductions in Board of Directors fees and officer, executive and exempt employee salaries; and even tighter control over production costs and variable expenses.

The company is making significant reductions in capital expenditures and working with customers and suppliers to optimize working capital.

In Monday pre-market trade, MDP is trading at $13.00, down $1.08 or 7.67 percent.

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