Last summer Meredith Corp, publisher of Better Homes and Gardens and Ladies' Home Journal, was in dire straights. Before we knew of the great magazine downturn, Meredith was doing frantic damage-control after letting go dozens of employees over the summer, as well as the folding of Country Homes in January of '08.

That's why Meredith's extensive turnaround has earned the corporation Publisher of the Year award from Advertising Age.

Some of the initiatives that Meredith has put into motion this year: The Gamma Women Marketing Program, which produced a report to look "for ways to use its network of high-powered female readers as a marketing tool; the launch of a WE network cross-promotion; and starting video on demand partnership with online group Interactivation.

In between all these expansions, Meredith has also managed to promote their employees: Tom Harty went from overseeing house magazines to consumer magazine president, Andy Sareyan became chief brand officer of the company's National Media Group, and Martin F. Reidy as president of Meredith Integrated Marketing. With all the company going forward with these upwardly mobile projects and promotions, it has managed to stay ahead of its competitors even as magazine titles have continued to fold monthly.

Says Ad Age in their press release:

Advertising Age credits Meredith not only for its successful rebranding efforts, but also for having “the facts to back up its new story.” Also highlighted is the transformation of company’s marketing services group, including the creation of Meredith 360°; the realignment of the corporate sales group; refashioned incentives to reward sales people; and diversified staff with hires from outside the magazine business. Advertising Age also commended Meredith for its series of acquisitions and investments under the Meredith Integrated Marketing (MIM) umbrella as well as its brand licensing agreements, highlighted by the Better Homes and Gardens line of home products at Walmart.

Related: Meredith Repositions Marketing Approach, Debuts New Logo, Publisher Meredith Gets New Consumer Mag President