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Meredith revenue up more than 30 percent in fiscal ’18

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Meredith Corp. today reported its fiscal fourth-quarter and full-year financial results. Total revenues from continuing operations grew 77 percent in the fourth quarter to $788 million, compared with the prior year’s quarter. Excluding special items, fourth-quarter earnings from continuing operations were $31 million, compared with $49 million in the year-ago period. Total company revenues from continuing operations for the fiscal year grew more than 30 percent to over $2.2 billion, and total advertising revenues grew 20 percent to $1.1 billion. Meredith’s Local Media Group delivered $16 million in political advertising revenues in fiscal 2018, a record for a nonpolitical year. Meredith said in its earnings release that it anticipates a very strong political advertising season in fiscal 2019, potentially eclipsing the record $63 million generated in fiscal 2017. The company’s digital business generated record traffic and financial performance with its larger footprint, generating a record $350 million of high margin revenues in fiscal 2018.