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Meredith Announces Strong Local Media Growth

Meredith Corporation reported its fiscal 2011 third quarter earnings today, announcing that its Local Media Group saw a 5% gain in non-political advertising revenues on top of a 16% gain compared to the same period a year ago.

Meredith chairman and CEO Stephen Lacy said that the local media division, which includes 12 stations across the country, posted “solid growth” in the quarter.

Looking forward to the next quarter, Lacy pointed out that on March 28th, Meredith’s Atlanta CBS-affiliate (WGCL) began managing the day-to-day operations of Turner Broadcasting’s Peachtree TV (WPCH).  “This strategic partnership with Turner provides Meredith with access to a larger share of the growing Atlanta advertising marketplace because of Peachtree’s younger viewership; a strong lineup of sports programming; and increased inventory in both access and prime-time dayparts,” Lacy said.  “Additionally, it raises our overall profile in Atlanta, the No. 8 television market in the country.”

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