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1.  Basis of Presentation

The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements. The Company's use of special-purpose entities is limited to Meredith Funding Corporation, whose activities are fully consolidated in Meredith's condensed consolidated financial statements.

The condensed consolidated financial statements as of March 31, 2007, and for the three and nine months ended March 31, 2007 and 2006, are unaudited but, in management's opinion, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of interim periods. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year.

These consolidated financial statements, including the related notes, are condensed and presented in accordance with accounting principles generally accepted in the United States of America (GAAP). These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements, which are included in Meredith's Annual Report on Form 10-K for the year ended June 30, 2006, filed with the United States Securities and Exchange Commission (SEC).

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 157, Fair Value Measurements (SFAS No. 157). SFAS No. 157 defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. SFAS No. 157 emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and states that a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. SFAS No. 157 will become effective for the Company at the beginning of fiscal 2009. Meredith is currently evaluating the impact, if any, that SFAS No. 157 will have on its consolidated financial statements.

In September 2006, the FASB issued SFAS No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements No. 87, 88, 106 and 132(R) (SFAS No. 158). SFAS No. 158 requires employers that sponsor defined benefit postretirement plans to recognize the overfunded or underfunded status of defined benefit postretirement plans, including pension plans, in their balance sheets and to recognize changes in funded status through comprehensive income in the year in which the changes occur. This requirement of SFAS No. 158 will be adopted by Meredith on June 30, 2007. SFAS No. 158 also requires that employers measure plan assets and obligations as of the date of their year-end financial statements. This requirement is effective for Meredith's fiscal year ending June 30, 2009. Meredith is currently evaluating the impact that SFAS No. 158 will have on its consolidated financial statements.

In September 2006, the SEC issued Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements (SAB 108), which provides interpretive guidance on how the effects of the carryover or reversal of prior year misstatements should be considered in quantifying a current year misstatement. It establishes an approach that requires quantification of financial statement misstatements based on the effects of the misstatements on each of the company's financial statements and the related financial statement disclosures. SAB 108 will be adopted by Meredith on June 30, 2007. Management does not believe adoption of SAB 108 will have a material impact on the Company's consolidated financial statements.

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In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities-Including an Amendment of FASB Statement No. 115 (SFAS No. 159). SFAS No. 159 permits entities to choose to measure many financial instruments and certain other items at fair value. SFAS No. 159 is effective for the Company at the beginning of fiscal 2009. The Company is currently evaluating the impact of adopting SFAS No. 159 on its consolidated financial statements.

In November 2006, the Company acquired ReadyMade, a multimedia brand targeting adults in their 20s and 30s. The ReadyMade brand includes a do-it-yourself lifestyle magazine, a web site, a branded book, branded products such as project plans and kits, and custom marketing operations.

In January 2007, Meredith acquired Genex, an interactive marketing services firm that specializes in online customer relationship marketing, and New Media Strategies, an interactive word-of-mouth and viral marketing company.

As a result of these purchases, the assets and liabilities, consisting primarily of accounts receivable, identifiable intangible assets, accounts payable, and other accrued expenses are now reflected in the consolidated balance sheet. The consolidated financial statements reflect the preliminary allocations of the purchase prices to the assets acquired and liabilities assumed, based on their respective fair values. The excess of the aggregate purchase prices over the fair values of the net assets acquired was recognized as goodwill. The goodwill amounts for the acquisitions are initially recorded based upon preliminary estimated purchase price allocations and are subject to change. The impact of these acquisitions was not material to the Company's results of operations; therefore, pro forma financial information has not been provided.

In August 2006, Meredith entered into an asset purchase agreement for the sale of KFXO, our low-power FOX affiliate serving the Bend, OR market. The sale of KFXO is not expected to have a material effect on the Company's financial condition or results of operations. In addition, the resulting gain is not expected to be material. Management expects this sale to close in calendar year 2007 upon the approval of the Federal Communications Commission (FCC).

During the third quarter of fiscal 2007, the Company signed a letter of intent for the sale of WFLI, our CW affiliate serving the Chattanooga, TN market. A non-cash impairment charge of $2.8 million was recorded in the third quarter of fiscal 2007 to reduce goodwill and FCC licenses of WFLI to their fair value less cost to sell based on the pending sale of the station (see Note 4). Management expects this sale to close in calendar year 2007.

In March 2007, management committed to and announced a restructuring plan that includes the discontinuation of the print operations of Child magazine and the elimination of certain positions throughout the organization. In connection with this plan, the Company recorded a pre-tax restructuring charge in the third quarter of fiscal 2007 of $9.9 million including the write-down of various assets of Child magazine of $6.2 million, personnel costs of $3.4 million, and other accruals of $0.3 million. Most of the asset write-down charge relates to the write-off of deferred subscription acquisition costs. Personnel costs represent expenses for severance, bonuses earned, and outplacement charges related to the involuntary termination of employees. The restructuring impacted approximately 60 employees. The majority of personnel costs are expected to be paid out over the next 12 months. These charges were recorded in the special items line in the condensed consolidated statement of earnings.

In the fourth quarter of fiscal 2007, the Company will be vacating certain leased space as part of the restructuring plan. The Company is currently determining the related charge and expects a charge of approximately $2.0 million to $4.0 million to be recorded in the fourth quarter of fiscal 2007.

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Major components of inventories are summarized below. Of net inventory values shown, approximately 33 percent are under the LIFO method at March 31, 2007, and 38 percent at June 30, 2006.

Intangible assets consist of the following:

Amortization expense was $10.3 million for the nine months ended March 31, 2007. Annual amortization expense for intangible assets is expected to be as follows:  $13.8 million in fiscal 2007, $13.8 million in fiscal 2008, $8.3 million in fiscal 2009, $8.1 million in fiscal 2010, and $8.0 million in fiscal 2011.

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Changes in the carrying amounts of goodwill during the first nine months of fiscal 2007 and 2006 are as follows:

Included in additions to goodwill is $4.2 million of contingent consideration to be paid in connection with the April 2006 acquisition of O'Grady Meyers, Inc. See Note 7 for further discussion of contingent payments related to acquisitions.

In March 2007, a non-cash impairment charge of $2.8 million was recorded to reduce goodwill and FCC licenses of the broadcast station in Chattanooga to their fair value less cost to sell based on the planned sale of the station. Because the fair value was less than the carrying value of the assets, the Company recorded an impairment charge to reduce the carrying value of the assets to fair value. This impairment charge was recorded in the special items line in the condensed consolidated statement of earnings.

5.  Long-term Debt

Long-term debt consists of the following:

In connection with the asset-backed commercial paper facility, Meredith entered into a revolving agreement to sell all of its rights, title, and interest in the majority of its accounts receivable related to advertising, book, and miscellaneous revenues to Meredith Funding Corporation, a special purpose entity established to purchase accounts receivable from Meredith. At March 31, 2007, $226.5 million of outstanding accounts receivable net of reserves was subject to the agreement. Meredith Funding Corporation in turn sells receivable interests to an asset-backed commercial paper conduit administered by a major national bank. In consideration of the sale, Meredith receives cash and a subordinated note, bearing interest at the prime rate, 8.25 percent at March 31, 2007, from Meredith Funding Corporation. The agreement is structured as a true sale under which the creditors of Meredith Funding Corporation will be entitled to be satisfied out of the assets of Meredith Funding Corporation prior to any value being returned to Meredith or its creditors. The accounts of Meredith Funding Corporation are fully consolidated in Meredith's condensed consolidated financial statements. The asset-backed commercial paper facility renews annually until April 2, 2011, the facility termination date.

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In the second quarter of fiscal 2007, the Company entered into two interest rate swap agreements to hedge variable interest rate risk on $100 million of the Company's variable interest rate revolving credit facility. The swaps became effective as of December 29, 2006, and expire on December 31, 2009. Under the swaps the Company will, on a quarterly basis, pay fixed rates of interest (average 4.69 percent) and receive variable rates of interest based on the three-month LIBOR rate (average of 5.35 percent at March 31, 2007) on $100 million notional amount of indebtedness. The swaps are designated as cash flow hedges. The Company evaluates the effectiveness of the hedging relationships on an ongoing basis by recalculating changes in fair value of the derivatives and related hedged items independently (the long-haul method). Unrealized gains or losses on cash flow hedges are recorded in comprehensive income to the extent the cash flow hedges are effective. No material ineffectiveness existed at March 31, 2007. The fair value of the interest rate swap agreements is the estimated amount that the Company would pay or receive to terminate the swap agreements. At March 31, 2007, the swaps had a fair value to the Company of $0.4 million. The Company is exposed to credit-related losses in the event of nonperformance by counterparties to the swap agreements. Management does not expect any counterparties to fail to meet their obligations given the strong creditworthiness of the counterparties to the agreements.

6.  Pension and Postretirement Benefit Plans

The following table presents the components of net periodic benefit cost:

7.  Income Taxes

Our effective tax rate was 23.4 percent in the third quarter and 33.7 for the first nine months of fiscal 2007 as compared to 39.0 percent in the prior-year periods due to the recognition in the third quarter of fiscal 2007 of an income tax benefit of $9.4 million related to the reversal of previously recorded taxes resulting from the resolution of a tax contingency related to a loss on the sale of stock in Craftways, a business sold in fiscal 2003. Recognition of the benefit was deferred until tax-related contingencies were resolved.

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For acquisitions made during fiscal 2007 and 2006, the sellers are entitled to annual contingent payments should the acquired operations achieve certain financial targets agreed to in the respective acquisition agreements. As of March 31, 2007, the Company estimates that aggregate contingent payments will range from approximately $24.9 million to $81.1 million; however, the sellers may receive a total of up to an additional $171.2 million over the next four years in future contingent payments as additional consideration. The additional purchase consideration, if any, will be recorded as additional goodwill on our consolidated balance sheet when the contingency is resolved. For the nine months ended March 31, 2007, the Company recognized additional consideration of $4.2 million, which increased goodwill.

Comprehensive income is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company's comprehensive income includes changes in the fair value of interest rate swap agreements in addition to net earnings. Total comprehensive income for the three months ended March 31, 2007 and 2006, was $45.0 million and $40.6 million, respectively. Total comprehensive income for the nine months ended March 31, 2007 and 2006, was $111.1 million and $96.2 million, respectively.

The following table presents the calculations of earnings per share:

For the three months ended March 31, antidilutive options excluded from the above calculations totaled 77,000 in 2007 (with a weighted average exercise price of $53.06) and 608,000 in 2006 (with a weighted average exercise price of $49.42). For the nine months ended March 31, antidilutive options excluded from the above calculations totaled 524,000 in 2007 (with a weighted average exercise price of $47.59) and 1,295,000 in 2006 (with a weighted average exercise price of $49.75).

In the nine months ended March 31, 2007 and 2006, options were exercised to purchase 706,000 shares and 1,283,000 shares, respectively.

Meredith is a diversified media company focused primarily on the home and family marketplace. On the basis of products and services, the Company has established two reportable segments:  publishing and broadcasting. The publishing segment includes magazine and book publishing, integrated marketing, interactive media, database-related activities, brand licensing, and other related operations. The broadcasting segment consists primarily of the operations of network-affiliated television stations. There are no material intersegment transactions. There have been no changes in the basis of segmentation since June 30, 2006.

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There are two principal financial measures reported to the chief executive officer for use in assessing segment performance and allocating resources. Those measures are operating profit and EBITDA. Operating profit for segment reporting is revenues less operating costs and excludes special items and unallocated corporate expenses. Segment operating costs include allocations of certain centrally incurred costs such as employee benefits, occupancy, information systems, accounting services, internal legal staff, and human resources administration. These costs are allocated based on number of employees, actual usage, or other appropriate methods. Unallocated corporate expenses are corporate overhead expenses not attributable to the operating groups. In accordance with SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information, EBITDA is not presented below.

The following table presents financial information by segment:

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Meredith Corporation (Meredith or the Company) is one of the nation's leading media and marketing companies, one of the leading magazine publishers serving women, and a broadcaster with television stations in top markets such as Atlanta, Phoenix, and Portland. Each month we reach more than 85 million American consumers through our magazines, books, custom publications, web sites, and television stations.

Meredith operates two business segments. Publishing consists of magazine and book publishing, integrated marketing, interactive media, database-related activities, brand licensing, and other related operations. Broadcasting consists of 14 network-affiliated television stations and one radio station. Both segments operate primarily in the United States and compete against similar media and other types of media on both a local and national basis. Publishing accounted for 78 percent of the Company's $1.2 billion in revenues in the first nine months of fiscal 2007 while broadcasting revenues accounted for 22 percent.

Advertising revenues made up 50 percent of publishing's fiscal 2007 first nine months revenues. These revenues were generated from the sale of advertising space in the Company's magazines and on its web sites to clients interested in promoting their brands, products, and services to consumers. Circulation revenues accounted for 28 percent of publishing's fiscal 2007 first nine months revenues. Circulation revenues result from the sale of magazines to consumers through subscriptions and by single copy sales on newsstands, primarily at major retailers and grocery/drug stores. The remaining 22 percent of publishing revenues came from a variety of activities that included the sale of books and integrated marketing services as well as brand licensing and other related activities. Publishing's major expense categories are production and delivery of publications and promotional mailings and employee compensation costs.

Broadcasting derives almost all of its revenues-99 percent in the first nine months of fiscal 2007-from the sale of advertising. The remainder comes from television retransmission fees, television production services, and other services. Political advertising revenues are cyclical in that they are significantly greater during biennial election campaigns (which take place in odd-numbered fiscal years) than at other times. Broadcasting's major expense categories are employee compensation and programming costs.

• Revenues increased 3 percent from the prior-year first nine months. Record political advertising revenues at our television stations countered declines in publishing's circulation revenues.

• Broadcasting revenues and operating profit increased 15 percent and 33 percent, respectively, as compared with the same nine-month period in the prior year. Publishing revenues increased 1 percent as compared to the first nine months of the prior year while operating profits were flat for this same period.

• In January 2007, Meredith acquired Genex, an interactive marketing services firm that specializes in online customer relationship marketing, and New Media Strategies, an interactive word-of-mouth and viral marketing company.

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• In March 2007, Management committed to a restructuring plan that includes the discontinuation of the print operations of Child magazine and the elimination of certain positions throughout the organization. In connection with this plan, the Company recorded a restructuring charge in the third quarter of fiscal 2007 of $9.9 million including the write-down of various assets of Child magazine of $6.2 million, severance and benefit costs of $3.4 million, and other accruals of $0.3 million.

• A non-cash impairment charge of $2.8 million was recorded in March 2007 to reduce goodwill and other identifiable assets of our broadcast station in Chattanooga, TN, to their fair value less cost to sell based on the pending sale of the station.

• An income tax benefit of $9.4 million was recognized in the third quarter of fiscal 2007 related to the reversal of previously recorded taxes resulting from the resolution of a tax contingency related to a loss on the sale of stock in Craftways, a business sold in fiscal 2003. Recognition of the benefit was deferred until tax-related contingencies were resolved.

• Diluted earnings per share for the third quarter increased 15 percent to $0.92 from prior-year third quarter earnings of $0.80.

• We spent $48.4 million to repurchase approximately 940,000 shares of our common stock in the nine-month period.

Our analysis of broadcasting segment results includes references to earnings before interest, taxes, depreciation, and amortization (EBITDA). EBITDA and EBITDA margin are non-GAAP measures. We use EBITDA along with operating profit and other GAAP measures to evaluate the financial performance of our broadcasting segment. EBITDA is a common measure of performance in the broadcasting industry and is used by investors and financial analysts; however, its calculation may vary among companies. Broadcasting segment EBITDA is not used as a measure of liquidity, nor is it necessarily indicative of funds available for our discretionary use.

We believe the non-GAAP measures used in Management's Discussion and Analysis of Financial Condition and Results of Operations contribute to an understanding of our financial performance and provide an additional analytic tool to understand our results from core operations and to reveal underlying trends. These measures should not, however, be considered in isolation or as a substitute for measures of performance prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

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The following sections provide an analysis of the results of operations for the Publishing and Broadcasting segments and an analysis of the consolidated results of operations for the quarter and nine months ended March 31, 2007, compared with the respective prior-year periods. This commentary should be read in conjunction with the interim condensed consolidated financial statements presented elsewhere in this report and with the Company's Annual Report on Form 10-K for the year ended June 30, 2006.

On July 1, 2005, Meredith completed its acquisition of Parents (including its related special interest publications, Baby and Expecting), Family Circle, Fitness, Child, and Ser Padres from Gruner + Jahr Printing and Publishing Co. These titles are collectively referred to as the G+J Consumer Titles.

PUBLISHING
Publishing operating results were as follows:

Revenues
Increases in advertising revenues of 7 percent and 2 percent and in other publishing revenues of 4 and 7 percent for the third quarter and first nine months of fiscal 2007, respectively, more than offset 2 percent and 7 percent declines in circulation revenues for the third quarter and first nine months of fiscal 2007, respectively.

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Magazine advertising revenues increased 6 percent in the third quarter and 1 percent in the first nine months of fiscal 2007. Total advertising pages were up in the mid-single digits on a percentage basis for the third quarter and were up in the low-single digits for the first nine months of fiscal 2007. There continues to be considerable variability in advertising performance among the titles. Continued strong gains in Special Interest Publications were more than offset by ongoing weakness in our parenthood titles (Parents, American Baby, and Child). In addition, combined ad pages and combined ad revenues for our women's service titles (Better Homes and Gardens, Ladies' Home Journal, and Family Circle) were up in the high-single digits on a percentage basis for the third quarter and were up in the low to mid-single digits for the first nine months of fiscal 2007. Ad pages for More were up in the low teens for both the quarter and the nine-month period while ad revenues were up about 25 percent for both the third quarter and the nine months. For our Hispanic titles (Siempre Mujer and Ser Padres), ad pages and revenues were up strongly for the third quarter and first nine months of fiscal 2007. For the nine-month period, Fitness ad pages and revenues were flat to down slightly; however, there was one less issue in the first nine months of fiscal 2007 as compared to the prior-year period. Advertising pages and revenues for our home decorating titles (Country Home and Traditional Home) declined in the low to mid teens on a percentage basis for the quarter and were down in the mid-single digits for the nine-month period. Combined advertising pages and revenues at the remaining three titles (Midwest Living, Successful Farming, and Wood) were down in the mid to high-single digits for both the three-month and nine-month periods. Among core advertising categories, pharmaceutical, food and beverage, and direct response showed strength while demand was weaker for the cosmetics and media and entertainment categories. While they contribute a small percentage to total publishing advertising revenues, online advertising revenues in our interactive media operations increased over 50 percent in the third quarter and 40 percent in the first nine months of fiscal 2007 due to continued increased market demand.

Magazine circulation revenues decreased 2 percent in the third quarter and 7 percent in the first nine months of fiscal 2007, reflecting declines in subscription revenues. Newsstand revenues were flat for the third quarter and were down in the mid-single digits for the nine-month period. Similar to the first six months of fiscal 2007, a decrease in subscription revenues was anticipated due to a series of previously announced strategic initiatives taken to improve long-term subscription contribution including the Company selling fewer subscriptions to Family Circle and Child due to the reductions in their rate bases and the Company's ongoing initiative to move the G+J Consumer Titles to our direct-to-publisher circulation model. The decrease in newsstand revenues for the nine-month period was primarily due to the lowering of the newsstand price of Family Circle in the third quarter of the prior year and to one less issue of Fitness in the nine-month period as compared to the prior year.

Other publishing revenues increased 4 percent from the prior-year third quarter and were up 7 percent in the nine-month period primarily reflecting growth due to acquisitions in our integrated marketing operations and increased revenues from other magazine revenue sources such as magazine custom projects. These increases were partially offset by decreases in revenues at Meredith Book. For the three and nine months ended March 31, 2007, integrated marketing revenues increased 20 percent and 18 percent, respectively, primarily due to the revenues from the on-line marketing companies acquired in the last twelve months. Book revenues declined slightly more than 20 percent in the quarter and were down 7 percent in the first nine months of fiscal 2007 primarily due to one-third fewer new book releases in the third quarter as compared to the prior year.

Operating Expenses
Third quarter publishing operating costs increased 3 percent from the fiscal 2006 quarter and were flat for the nine-month period as compared with the prior year. Increases in employee compensation costs affected both the third quarter and the nine-month period. Employee compensation costs were up as a result of higher staff levels primarily to support the increased sales and marketing activity and the growth in the interactive business, additional headcount due to the integrated marketing acquisitions, higher compensation levels due to annual merit increases and higher performance-based incentive expense. Also affecting the nine-month period was the bad debt expense recorded in the second quarter of fiscal 2007 associated with the bankruptcy filing of a book distributor. Partially offsetting the cost increases for the nine-month period were lower paper costs. Paper prices were down in the low-to-mid single digits on a percentage basis in the third quarter and nine months compared to the prior-year periods. While postal rates did not contribute significantly to fluctuations in current year publishing operating expenses, looking forward, postage cost are expected to rise due to the United States Postal Service (USPS) enacting postal rate increases. The rate increase for periodicals, which account for approximate 75 percent of Meredith's postage costs, will take effect on July 15, 2007, and will increase Meredith's postage costs by approximately 9 percent. The rate increase for Meredith's other mail items - direct mail, replies, and bills - will take effect on May 14, 2007, and will increase Meredith's postage costs by approximately 16 percent. In total, the rate increases are expected to add approximately $1.1 million per month to Meredith's postage costs. While the direct mail increase has been announced, it is under reconsideration by the USPS governing body and may be reduced within the next few months.

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Operating Profit
Publishing operating profit increased 5 percent in the quarter and was flat for the nine-month period compared with the respective prior-year periods. The primary factors affecting both the third quarter and the nine-month period were higher advertising revenues and strong profit growth in our interactive media operations. Magazine circulation contribution was also higher for the third quarter but lagged behind the prior year for the nine-month period. For both the third quarter and the nine months, these improvements were partially offset by lower book operating profits.

BROADCASTING
Broadcasting operating results were as follows:

Revenues
Broadcasting revenues increased 5 percent in the third quarter and 15 percent in the first nine months of fiscal 2007 compared with the respective prior-year periods. Net political advertising revenues related to the November 2006 elections totaled $33.0 million in the nine-month period compared with less than $1.0 million in net political advertising revenues in first nine months of the prior year. The fluctuations in political advertising revenues at our stations, and in the broadcasting industry, generally follow the biennial cycle of election campaigns. Political advertising displaces a certain amount of non-political advertising; therefore, the revenues are not entirely incremental. Non-political advertising revenues increased 8 percent in the third quarter and 3 percent for the nine-month period. Third quarter local non-political advertising revenues increased in the high-single digits on a percentage basis while national non-political advertising revenues increased in the mid-single digits as compared to the same quarter in the prior year. Improved news ratings at several of our stations lead to increases in local non-political revenues. The growth in national non-political revenues was fueled in part by the Super Bowl, which was aired on our six CBS stations in the current year. For the nine-month period, local non-political advertising revenues increased in the mid-single digits; national non-political advertising revenues declined in the low-single digits. While a small percentage of total broadcasting advertising revenues, online advertising increased more than 60 percent as compared to the prior-year third quarter and doubled as compared to the prior-year nine-month period due primarily to redesigned station web sites and additional dedicated online advertising sales personnel.

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Operating Expenses
Broadcasting operating expenses increased 6 percent in the quarter and 9 percent in the first nine months of fiscal 2007 compared with the respective prior-year periods. These increases primarily reflected higher incentive accruals and other employee compensation costs as well as increased repairs and maintenance and legal expenses. In addition, Meredith Broadcasting also incurred increased expenses related to news expansions, online enhancements, and video initiatives. While broadcast program rights amortization was higher in the third quarter of fiscal 2007, it was lower for the first nine months of 2007 as compared to the prior year.

Operating Profit
Broadcasting operating profit increased 1 percent in the third quarter and 33 percent in the first nine months of fiscal 2007 as compared to the same periods in fiscal 2006 primarily due to the strength of political advertising revenues.

Supplemental Disclosure of Broadcasting EBITDA
Meredith's broadcasting EBITDA is defined as broadcasting segment operating profit plus depreciation and amortization expense. EBITDA is not a GAAP financial measure and should not be considered in isolation or as a substitute for GAAP financial measures. See the discussion of management's rationale for the use of EBITDA in the preceding Executive Overview section. The following table provides reconciliations between broadcasting segment operating profit and broadcasting EBITDA. The EBITDA margin is defined as segment EBITDA divided by segment revenues.