Meredith Corp.’s fiscal Q3 2009 earnings dropped almost 50% and the company’s revenue fell by $54 million, the publisher and broadcaster reported today. Its earnings this quarter of $25 million, or $.56 per share, were far lower than earnings of $45 million, or $.97 per share, during the same period last year, but were within investor expectations.

The company’s publishing division, which houses Better Homes and Gardens, Parents, Ladies’ Home Journal, Family Circle and more, reported profits of $48 million, a 25 percent decrease from its Q3 2008 profitability. At the same time, the Interactive division reported a 25 percent increase in pageviews to 170 million monthly, and a 7 percent increase in online advertising revenues.

The broadcasting division did not fare as well. Profit this quarter was $1.3 million, compared to $19 million in the prior year period. Advertising revenues fell 31 percent. To cut costs, the company has announced it will streamline and centralize some of its television operations, including master control, traffic and research, across its stations.