Meredith Corp. announced today that it will cut 60 current and 60 unfilled positions and reposition its book operations. It also announced that it will acquire Big Communications Inc., a leading health-care marketing communications firm, which will expand Meredith’s integrated marketing department.

The company is taking further steps to refocus its book operations on titles with the Better Homes and Gardens imprint and certain other licensed brands after advertising revenues have weakened and softer retail sales have affected performance in this division. The company has taken steps in the past year to reposition its book operations, including exiting products such as children’s books and non-core authored titles.

Adjusting certain book royalties, art and editorial, inventory accounts and severance for eliminated positions in the books department and elsewhere in the company will lead to a $16 million after-tax special charge in Meredith’s fiscal fourth quarter, which ends June 30.

Big Communications, which develops custom health-care communications for more than 20 of the world’s leading pharmaceutical, biotechnology and managed-care companies, gives Meredith another entry point in the health category, an area the company has targeted for expansion. Established in 1994, Big Communications has more than 100 employees and will remain based in suburban Detroit. It has received numerous honors for its work and performance, including being named on Inc. magazine’s list of the 500 Fastest Growing Privately Held Companies in the U.S.

Terms of the agreement were not disclosed. The acquisition will be accretive to earnings and will not have a material effect on Meredith’s financial performance in fiscal 2008 or 2009.

Given the underperformance of its book division, Meredith expects its fiscal 2008 earnings to be at the lower end of the $3.15 to $3.20 per share range it announced on April 23. That projection excludes the impact of the special charge, which Meredith estimates will be about 33 cents per share.