|                                                  |
|--------------------------------------------------|
|                                             |
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549                           |
| FORM 10-K                                        |
| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)    |
| OF THE SECURITIES EXCHANGE ACT OF 1934           |

|                                              |                               |
|----------------------------------------------|-------------------------------|
| For the fiscal year ended June 30, 2010 | Commission file number 1-5128 |

|                                                                         |                                      |
|-------------------------------------------------------------------------|--------------------------------------|
| MEREDITH CORPORATION                                                    |
| (Exact name of registrant as specified in its charter)                  |
|                                                                    |                                 |
| Iowa                                                                    | 42-0410230                           |
| (State or other jurisdiction of incorporation or organization)          | (I.R.S. Employer Identification No.) |
|                                                                    |                                 |
| 1716 Locust Street, Des Moines, Iowa                                    | 50309-3023                           |
| (Address of principal executive offices)                                | (ZIP Code)                           |
|                                                                    |                                 |
| Registrant's telephone number, including area code: (515) 284-3000 |

|                                                             |                            |        |                                           |        |
|-------------------------------------------------------------|----------------------------|--------|-------------------------------------------|--------|
| Securities registered pursuant to Section 12(b) of the Act: |
|                                                        | Title of each class        |   | Name of each exchange on which registered |   |
|                                                        | Common Stock, par value $1 |   | New York Stock Exchange                   |   |

|                                                             |        |        |                |        |        |        |  |  |
|-------------------------------------------------------------|--------|--------|----------------|--------|--------|--------|--|--|
| Securities registered pursuant to Section 12(g) of the Act: |
|                                                        |   |   | Title of class |   |   |   |
| Class B Common Stock, par value $1                          |

|                                                   |            |        |
|---------------------------------------------------|------------|--------|
| Shares of stock outstanding at July 31, 2010 |
| Common shares                                     | 36,338,132 |   |
| Class B shares                                    | 9,086,411  |   |
| Total common and Class B shares                   | 45,424,543 |   |

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|                                                                                                                                                                                                                       |                            |                                                            |        |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|------------------------------------------------------------|--------|--------|
| DOCUMENT INCORPORATED BY REFERENCE                                                                                                                                                                                    |
| Certain portions of the Registrant's Proxy Statement for the Annual Meeting of Shareholders to be held on November 3, 2010, are incorporated by reference in Part III to the extent described therein. |
|                                                                                                                                                                                                                  |                       |                                                       |   |   |
|                                                                                                                                                                                                                  |                       | TABLE OF CONTENTS                                          |   |   |
|                                                                                                                                                                                                                  |                       |                                                       | Page   |   |
|                                                                                                                                                                                                                  |                       | Part I                                                     |   |   |
|                                                                                                                                                                                                                  | Item 1.                    | Business                                                   | 1      |   |
|                                                                                                                                                                                                                  |                       | Description of Business                                    |   |   |
|                                                                                                                                                                                                                  |                       |      National Media               | 2      |   |
|                                                                                                                                                                                                                  |                       |      Local Media                  | 6      |   |
|                                                                                                                                                                                                                  |                       | Executive Officers of the Company                          | 9      |   |
|                                                                                                                                                                                                                  |                       | Employees                                                  | 10     |   |
|                                                                                                                                                                                                                  |                       | Other                                                      | 10     |   |
|                                                                                                                                                                                                                  |                       | Available Information                                      | 10     |   |
|                                                                                                                                                                                                                  |                       | Forward Looking Statements                                 | 10     |   |
|                                                                                                                                                                                                                  | Item 1A.                   | Risk Factors                                               | 11     |   |
|                                                                                                                                                                                                                  | Item 1B.                   | Unresolved Staff Comments                                  | 12     |   |
|                                                                                                                                                                                                                  | Item 2.                    | Properties                                                 | 13     |   |
|                                                                                                                                                                                                                  | Item 3.                    | Legal Proceedings                                          | 13     |   |
|                                                                                                                                                                                                                  |                       |                                                       |   |   |
|                                                                                                                                                                                                                  |                       | Part II                                                    |   |   |
|                                                                                                                                                                                                                  | Item 5.                    | Market for Registrant's Common Equity, Related Shareholder |   |   |
|      Matters, and Issuer Purchases of Equity Securities                                                                                                                                      | 14                         |                                                       |
|                                                                                                                                                                                                                  | Item 6.                    | Selected Financial Data                                    | 16     |   |
|                                                                                                                                                                                                                  | Item 7.                    | Management's Discussion and Analysis of Financial          |   |   |
|      Condition and Results of Operations                                                                                                                                                     | 16                         |                                                       |
|                                                                                                                                                                                                                  | Item 7A.                   | Quantitative and Qualitative Disclosures About Market Risk | 40     |   |
|                                                                                                                                                                                                                  | Item 8.                    | Financial Statements and Supplementary Data                | 41     |   |
|                                                                                                                                                                                                                  | Item 9.                    | Changes in and Disagreements with Accountants on           |   |   |
|      Accounting and Financial Disclosure                                                                                                                                                     | 85                         |                                                       |
|                                                                                                                                                                                                                  | Item 9A.                   | Controls and Procedures                                    | 85     |   |
|                                                                                                                                                                                                                  | Item 9B.                   | Other Information                                          | 86     |   |
|                                                                                                                                                                                                                  |                       |                                                       |   |   |
|                                                                                                                                                                                                                  |                       | Part III                                                   |   |   |
|                                                                                                                                                                                                                  | Item 10.                   | Directors, Executive Officers, and Corporate Governance    | 86     |   |
|                                                                                                                                                                                                                  | Item 11.                   | Executive Compensation                                     | 87     |   |
|                                                                                                                                                                                                                  | Item 12.                   | Security Ownership of Certain Beneficial Owners and        |   |   |
|      Management and Related Stockholder Matters                                                                                                                                              | 87                         |                                                       |
|                                                                                                                                                                                                                  | Item 13.                   | Certain Relationships and Related Transactions and         |   |   |
|      Director Independence                                                                                                                                                                   | 87                         |                                                       |
|                                                                                                                                                                                                                  | Item 14.                   | Principal Accounting Fees and Services                     | 88     |   |
|                                                                                                                                                                                                                  |                       |                                                       |   |   |
|                                                                                                                                                                                                                  |                       | Part IV                                                    |   |   |
|                                                                                                                                                                                                                  | Item 15.                   | Exhibits and Financial Statement Schedules                 | 88     |   |
|                                                                                                                                                                                                                  |                       |                                                       |   |
|                                                                                                                                                                                                                  | Signatures                 | 92                                                         |   |
|                                                                                                                                                                                                                  | Index to Attached Exhibits | E-1                                                        |   |
|                                                                                                                                                                                                                  |                       |                                                       |   |
|                                                                                                                                                                                                                  |                       |                                                       |   |   |
| Meredith Corporation and its consolidated subsidiaries are referred to in this Annual Report on Form 10-K (Form 10-K) as Meredith, the Company, we, our, and us.                                            |

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|        |                    |        |
|--------|--------------------|--------|
|   |  PART I  |   |

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|                          |                             |                   |                         |        |        |
|--------------------------|-----------------------------|-------------------|-------------------------|--------|--------|
| Title                    | Description                 | Frequencyper Year | Year-end Rate Base | (1)    |
|                     |                        |              |                    |   |
| Better Homes and Gardens | Shelter and women's service | 12                | 7,600,000               |   |   |
| Family Circle            | Women's service             | 15                | 3,800,000               |   |   |
| Ladies' Home Journal     | Women's service             | 11                | 3,800,000               |   |   |
| Parents                  | Parenthood                  | 12                | 2,200,000               |   |   |
| American Baby            | Parenthood                  | 12                | 2,000,000               |   |   |
| Fitness                  | Women's lifestyle           | 10                | 1,500,000               |   |   |
| More                     | Women's lifestyle (age 40+) | 10                | 1,300,000               |   |   |
| Midwest Living           | Travel and lifestyle        | 6                 | 950,000                 |   |   |
| Traditional Home         | Home decorating             | 8                 | 950,000                 |   |   |
| Ser Padres               | Hispanic parenthood         | 8                 | 700,000                 |   |   |
| Wood                     | Woodworking                 | 7                 | 500,000                 |   |   |
| Siempre Mujer            | Hispanic women's lifestyle  | 6                 | 450,000                 |   |   |
| Successful Farming       | Farming business            | 12                | 420,000                 |   |   |
| ReadyMade                | Do-it-yourself lifestyle    | 6                 | 325,000                 |   |   |

|     |                                                                                                                                                                                                                                                     |  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|
| (1) | Rate base is the circulation guaranteed to advertisers. Actual circulation generally exceeds rate base and for most of the Company's titles is tracked by the Audit Bureau of Circulations, which issues periodic statements for audited magazines. |

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|                      |                     |                    |               |                              |                           |
|----------------------|---------------------|--------------------|---------------|------------------------------|---------------------------|
|  Station,Market | DMANationalRank (1) | NetworkAffiliation |  Channel | ExpirationDate of FCCLicense | Average AudienceShare (2) |
|                 |                |               |          |                         |                      |
| WGCL-TV              | 8                   | CBS                | 46            | 4-1-2005 (3)                 | 5.2 %                |
| Atlanta, GA          |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |
| KPHO-TV              | 12                  | CBS                | 5             | 10-1-2006 (3)                | 6.7 %                |
| Phoenix, AZ          |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |
| KPTV                 | 22                  | FOX                | 12            | 2-1-2007 (3)                 | 5.9 %                |
| Portland, OR         |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |
| KPDX-TV              | 22                  | MyNetworkTV        | 49            | 2-1-2007 (3)                 | 2.2 %                |
| Portland, OR         |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |
| WSMV-TV              | 29                  | NBC                | 4             | 8-1-2005 (3)                 | 12.1 %               |
| Nashville, TN        |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |
| WFSB-TV              | 30                  | CBS                | 3             | 4-1-2007 (3)                 | 12.1 %               |
| Hartford, CT         |                |               |          |                         |                      |
| New Haven, CT        |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |
| KCTV                 | 32                  | CBS                | 5             | 2-1-2006 (3)                 | 11.1 %               |
| Kansas City, MO      |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |
| KSMO-TV              | 32                  | MyNetworkTV        | 62            | 2-1-2006 (3)                 | 2.1 %                |
| Kansas City, MO      |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |
| WHNS-TV              | 36                  | FOX                | 21            | 12-1-2004 (3)                | 5.1 %                |
| Greenville, SC       |                |               |          |                         |                      |
| Spartanburg, SC      |                |               |          |                         |                      |
| Asheville, NC        |                |               |          |                         |                      |
| Anderson, SC         |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |
| KVVU-TV              | 42                  | FOX                | 5             | 10-1-2006 (3)                | 4.1 %                |
| Las Vegas, NV        |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |
| WNEM-TV              | 68                  | CBS                | 5             | 10-1-2005 (3)                | 15.4 %               |
| Flint, MI            |                |               |          |                         |                      |
| Saginaw, MI          |                |               |          |                         |                      |
| Bay City, MI         |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |
| WSHM-LP              | 111                 | CBS                | 3             | 4-1-2007 (3)                 | 7.0 %                |
| Springfield, MA      |                |               |          |                         |                      |
| Holyoke, MA          |                |               |          |                         |                      |
|                 |                |               |          |                         |                      |

|        |                                                                                                                                                                                                                                                                                       |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)    | Designated Market Area (DMA) is a registered trademark of, and is defined by, Nielsen Media Research. The national rank is from the 2009-2010 DMA ranking.                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                  |
| (2)    | Average audience share represents the estimated percentage of households using television tuned to the station in the DMA. The percentages shown reflect the average total day shares (9:00 a.m. to midnight) for the November 2009, February 2010, and May 2010 measurement periods. |
|   |                                                                                                                                                                                                                                                                                  |
| (3)    | Renewal application pending. Under FCC rules, a license is automatically extended pending FCC processing and granting of the renewal application. We have no reason to believe that these licenses will not be renewed by the FCC.                                               |
|   |                                                                                                                                                                                                                                                                                  |

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|                                                                                                                                              |        |        |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                                                         |   |   |
| The preceding risk factors should not be construed as a complete list of factors thatmay affect our future operations and financial results. |
|                                                                                                                                         |   |   |

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|        |                     |        |
|--------|---------------------|--------|
|   |  PART II  |   |

|                |            |        |        |        |           |        |        |        |   |       |        |
|----------------|------------|--------|--------|--------|-----------|--------|--------|--------|---|-------|--------|
|           | High  |   | Low    |   | Dividends |
| Fiscal 2010    |       |   |   |   |      |
| First Quarter  | $          | 33.17  |   |   | $         | 23.61  |   |   | $ | 0.225 |   |
| Second Quarter | 32.43      |   |   | 25.83  |      |   | 0.225  |   |
| Third Quarter  | 35.08      |   |   | 29.00  |      |   | 0.230  |   |
| Fourth Quarter | 38.08      |   |   | 31.02  |      |   | 0.230  |   |
|           |       |   |   |   |      |
|           |       |   |   |   |      |
|           | High       |   | Low    |   | Dividends |
| Fiscal 2009    |       |   |   |   |      |
| First Quarter  | $          | 31.31  |   |   | $         | 23.02  |   |   | $ | 0.215 |   |
| Second Quarter | 28.30      |   |   | 12.06  |      |   | 0.215  |   |
| Third Quarter  | 19.49      |   |   | 10.60  |      |   | 0.225  |   |
| Fourth Quarter | 30.10      |   |   | 16.40  |      |   | 0.225  |   |

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|                                    |                                        |                               |                                                                            |                                                                          |        |        |           |
|------------------------------------|----------------------------------------|-------------------------------|----------------------------------------------------------------------------|--------------------------------------------------------------------------|--------|--------|-----------|
| Period                             | (a)Total number of sharespurchased (1) | (b)Average pricepaidper share | (c)Total number of shares purchased as part of publicly announced programs | (d)Maximum number of shares that may yet be purchased under the programs |
| April 1 toApril 30, 2010 | 13,921                                 |                          | $35.59                                                                     |                                                                     | 13,921 |   | 1,324,063 |
| May 1 toMay 31, 2010     | 12,284                                 |                          | 35.37                                                                      |                                                                     | 12,284 |   | 1,311,779 |
| June 1 toJune 30, 2010   | 3,550                                  |                          | 32.73                                                                      |                                                                     | 3,550  |   | 1,308,229 |
| Total                              | 29,755                                 |                          | 35.16                                                                      |                                                                     | 29,755 |   | 1,308,229 |

|    |   |                                                                                                           |
|----|---|-----------------------------------------------------------------------------------------------------------|
| (1 | ) |  Total number of shares purchased includes the purchase of 28 shares of Class B stock in April 2010. |

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|                                       |        |
|---------------------------------------|--------|
|                                  | Page   |
|                                  |   |
| Executive Overview                    | 16     |
|                                  |   |
| Results of Operations                 | 20     |
|                                  |   |
| Liquidity and Capital Resources       | 31     |
|                                  |   |
| Critical Accounting Policies          | 35     |
|                                  |   |
| Accounting and Reporting Developments | 38     |

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|                                            |         |         |        |                      |                      |        |         |        |                      |         |                      |        |         |        |        |         |        |
|--------------------------------------------|---------|---------|--------|----------------------|----------------------|--------|---------|--------|----------------------|---------|----------------------|--------|---------|--------|--------|---------|--------|
| Years ended June 30,                  | 2010    |    | Change |                 | 2009                 |   | Change  |   | 2008                 |
| (In millions except per share data)        |    |    |   |                 |                 |   |    |   |                 |
| Total revenues                             | $       | 1,387.7 |   |                 | (1                   | )%     |    | $      | 1,408.8              |    |                 | (9     | )%      |   | $      | 1,552.4 |   |
| Costs and expenses                         | 1,164.4 |    |   | (4                   | )%                   |   | 1,206.8 |   |                 | (4      | )%                   |   | 1,263.6 |   |
| Depreciation and amortization              | 40.9    |    |   | (4                   | )%                   |   | 42.6    |   |                 | (13     | )%                   |   | 49.2    |   |
| Impairment charge                          | — |    |   | (100                 | )%                   |   | 294.5   |   |                 | — |                 |   | — |   |
| Total operating expenses                   | 1,205.3 |    |   | (22                  | )%                   |   | 1,543.9 |   |                 | 18      | %                    |   | 1,312.8 |   |
| Income (loss) from operations              | $       | 182.4   |   |                 |    NM |   | $       | (135.1 | )                    |    |    NM |   | $       | 239.6  |   |
| Earnings (loss) from continuing operations | $       | 104.0   |   |                 |    NM |   | $       | (102.5 | )                    |    |    NM |   | $       | 133.0  |   |
| Net earnings (loss)                        | 104.0   |    |   |    NM |                 | (107.1 | )       |   |    NM |    | 134.7                |   |
| Diluted earnings (loss) per share          |    |    |   |                 |                 |   |    |   |                 |
| from continuing operations                 | 2.28    |    |   |    NM |                 | (2.28  | )       |   |    NM |    | 2.79                 |   |
| Diluted earnings (loss) per share          | 2.28    |    |   |    NM |                 | (2.38  | )       |   |    NM |    | 2.83                 |   |
| NM - not meaningful                        |    |    |   |                 |                 |   |    |   |                 |

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|                                                    |                           |           |                  |          |                  |         |          |        |   |           |        |
|----------------------------------------------------|---------------------------|-----------|------------------|----------|------------------|---------|----------|--------|---|-----------|--------|
| Twelve Months ended June 30, 2009             | ExcludingImpairmentCharge |      | ImpairmentCharge |     | As Reported |
| (In thousands except per share data)               |                      |      |             |     |             |
| Total operating expenses                           | $                         | 1,249,396 |             |     | $                | 294,529 |     |   | $ | 1,543,925 |   |
| Income (loss) from operations                      | 159,401                   |      |             | (294,529 | )                |    | (135,128 | )      |
| Income taxes                                       | (56,658                   | )         |             | 109,400  |             |    | 52,742   |   |
| Earnings (loss) from continuing operations         | 82,622                    |      |             | (185,129 | )                |    | (102,507 | )      |
| Net earnings (loss)                                | 78,045                    |      |             | (185,129 | )                |    | (107,084 | )      |
| Diluted earnings (loss) from continuing operations | 1.83                      |      |             | 4.11     |             |    | (2.28    | )      |
| Diluted earnings (loss) per share                  | 1.73                      |      |             | 4.11     |             |    | (2.38    | )      |
| Local media operating profit (loss)                | 36,755                    |      |             | (294,529 | )                |    | (257,774 | )      |

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|                           |        |         |        |        |        |        |        |        |         |        |        |        |          |        |   |         |        |
|---------------------------|--------|---------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|----------|--------|---|---------|--------|
| Years ended June 30, | 2010   |    | Change |   | 2009   |   | Change |   | 2008    |
| (In millions)             |   |    |   |   |   |   |   |   |    |
| Revenues                  | $      | 1,105.3 |   |   | (3     | )%     |   | $      | 1,134.2 |   |   | (8     | )%       |   | $ | 1,233.8 |   |
| Operating expenses        | (937.9 | )       |   | (5     | )%     |   | (983.2 | )      |    | (6     | )%     |   | (1,045.5 | )      |
| Operating profit          | $      | 167.4   |   |   | 11     | %      |   | $      | 151.0   |   |   | (20    | )%       |   | $ | 188.3   |   |

|                                           |        |         |        |        |        |        |        |        |         |        |        |        |       |        |   |         |        |
|-------------------------------------------|--------|---------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|-------|--------|---|---------|--------|
| Years ended June 30,                 | 2010   |    | Change |   | 2009   |   | Change |   | 2008    |
| (In millions)                             |   |    |   |   |   |   |   |   |    |
| Revenues                                  |   |    |   |   |   |   |   |   |    |
|      Advertising | $      | 526.4   |   |   | (1     | )%     |   | $      | 530.1   |   |   | (15    | )%    |   | $ | 620.2   |   |
|      Circulation | 282.5  |    |   | 1      | %      |   | 280.8  |   |    | (7     | )%     |   | 300.6 |   |
|      Other       | 296.4  |    |   | (8     | )%     |   | 323.3  |   |    | 3      | %      |   | 313.0 |   |
| Total revenues                            | $      | 1,105.3 |   |   | (3     | )%     |   | $      | 1,134.2 |   |   | (8     | )%    |   | $ | 1,233.8 |   |

|                           |       |        |        |         |      |        |        |        |        |     |    |        |       |        |
|---------------------------|-------|--------|--------|---------|------|--------|--------|--------|--------|-----|----|--------|-------|--------|
| Years ended June 30, | 2010  |   | Change |    | 2009 |   | Change |   | 2008   |
| Better Homes and Gardens  | 1,780 |   |   | 10      | %    |   | 1,618  |   |   | (15 | )% |   | 1,898 |   |
| Family Circle             | 1,766 |   |   | 7       | %    |   | 1,645  |   |   | (1  | )% |   | 1,670 |   |
| Parents                   | 1,368 |   |   | (3      | )%   |   | 1,413  |   |   | (10 | )% |   | 1,567 |   |
| Ladies' Home Journal      | 1,161 |   |   | (5      | )%   |   | 1,217  |   |   | (12 | )% |   | 1,391 |   |
| More                      | 889   |   |   | (1      | )%   |   | 895    |   |   | (18 | )% |   | 1,089 |   |
| Fitness                   | 856   |   |   | 12      | %    |   | 762    |   |   | 3   | %  |   | 737   |   |
| Traditional Home          | 640   |   |   | 5       | %    |   | 610    |   |   | (20 | )% |   | 762   |   |
| American Baby             | 486   |   |   | (11     | )%   |   | 544    |   |   | (18 | )% |   | 660   |   |
| Midwest Living            | 526   |   |   | — | %    |   | 524    |   |   | (28 | )% |   | 726   |   |

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|                                                    |         |        |        |        |                      |        |        |        |        |         |                            |        |         |        |        |       |        |
|----------------------------------------------------|---------|--------|--------|--------|----------------------|--------|--------|--------|--------|---------|----------------------------|--------|---------|--------|--------|-------|--------|
| Years ended June 30,                          | 2010    |   | Change |   | 2009                 |   | Change |   | 2008   |
| (In millions)                                      |    |   |   |   |                 |   |   |   |   |
| Revenues                                           | $       | 282.4  |   |   | 3                    | %      |   | $      | 274.5  |    |                       | (14    | )%      |   | $      | 318.6 |   |
| Costs and expenses                                 | (229.5  | )      |   | (3     | )%                   |   | (237.8 | )      |   | (1      | )%                         |   | (240.7  | )      |
| Impairment of goodwill and other intangible assets | — |   |   | (100   | )%                   |   | (294.5 | )      |   | — |                       |   | — |   |
| Operating profit (loss)                            | $       | 52.9   |   |   |    NM |   | $      | (257.8 | )      |    |     NM |   | $       | 77.9   |   |
| NM - not meaningful                                |    |   |   |   |                 |   |   |   |   |

|                           |        |        |        |        |        |        |        |        |        |        |        |        |     |        |   |       |        |
|---------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|-----|--------|---|-------|--------|
| Years ended June 30, | 2010   |   | Change |   | 2009   |   | Change |   | 2008   |
| (In millions)             |   |   |   |   |   |   |   |   |   |
| Revenues                  |   |   |   |   |   |   |   |   |   |
| Non-political advertising | $      | 245.5  |   |   | 5      | %      |   | $      | 233.5  |   |   | (23    | )%  |   | $ | 304.9 |   |
| Political advertising     | 9.3    |   |   | (61    | )%     |   | 23.5   |   |   | 335    | %      |   | 5.4 |   |
| Other                     | 27.6   |   |   | 58     | %      |   | 17.5   |   |   | 111    | %      |   | 8.3 |   |
| Total revenues            | $      | 282.4  |   |   | 3      | %      |   | $      | 274.5  |   |   | (14    | )%  |   | $ | 318.6 |   |

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|                                                    |         |        |        |                      |                      |        |        |        |                |         |                |        |         |        |        |       |        |
|----------------------------------------------------|---------|--------|--------|----------------------|----------------------|--------|--------|--------|----------------|---------|----------------|--------|---------|--------|--------|-------|--------|
| Years ended June 30,                          | 2010    |   | Change |                 | 2009       |   | Change |   | 2008           |
| (In millions)                                      |    |   |   |                 |                 |   |   |   |           |
| Revenues                                           | $       | 282.4  |   |                 | 3                    | %      |   | $      | 274.5          |    |           | (14    | )%      |   | $      | 318.6 |   |
| Operating profit (loss)                            | $       | 52.9   |   |                 |    NM |   | $      | (257.8 | )              |    |   NM |   | $       | 77.9   |   |
| Depreciation and amortization                      | 24.4    |   |   | (3                   | )%                   |   | 25.2   |   |           | (5      | )%             |   | 26.6    |   |
| EBITDA                                             | 77.3    |   |   |    NM |                 | (232.6 | )      |   |   NM |    | 104.5          |   |
| Impairment of goodwill and other intangible assets | — |   |   | (100                 | )%                   |   | 294.5  |   |           | — |           |   | — |   |
| Adjusted EBITDA                                    | $       | 77.3   |   |                 | 25                   | %      |   | $      | 61.9           |    |           | (41    | )%      |   | $      | 104.5 |   |
| EBITDA margin                                      | 27.4    | %      |   |                 |                 | (84.7  | )%     |   |           |    | 32.8           | %      |
| Adjusted EBITDA margin                             | 27.4    | %      |   |                 |                 | 22.6   | %      |   |           |    | 32.8           | %      |
| NM - not meaningful                                |    |   |   |                 |                 |   |   |   |           |

|                                |        |        |        |        |        |        |        |        |        |        |        |   |   |        |   |      |        |
|--------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---|---|--------|---|------|--------|
| Years ended June 30,      | 2010   |   | Change |   | 2009   |   | Change |   | 2008   |
| (In millions)                  |   |   |   |   |   |   |   |   |   |
| Unallocated corporate expenses | $      | 37.9   |   |   | 34     | %      |   | $      | 28.4   |   |   | 7 | % |   | $ | 26.5 |   |

----

|                                                    |         |         |        |        |        |        |        |        |         |         |        |        |         |        |   |         |        |
|----------------------------------------------------|---------|---------|--------|--------|--------|--------|--------|--------|---------|---------|--------|--------|---------|--------|---|---------|--------|
| Years ended June 30,                          | 2010    |    | Change |   | 2009   |   | Change |   | 2008    |
| (In millions)                                      |    |    |   |   |   |   |   |   |    |
| Production, distribution, and editorial            | $       | 574.8   |   |   | (11    | )%     |   | $      | 646.6   |    |   | (4     | )%      |   | $ | 673.6   |   |
| Selling, general, and administrative               | 589.6   |    |   | 5      | %      |   | 560.2  |   |    | (5      | )%     |   | 590.0   |   |
| Depreciation and amortization                      | 40.9    |    |   | (4     | )%     |   | 42.6   |   |    | (13     | )%     |   | 49.2    |   |
| Impairment of goodwill and other intangible assets | — |    |   | (100   | )%     |   | 294.5  |   |    | — |   |   | — |   |
| Operating expenses                                 | $       | 1,205.3 |   |   | (22    | )%     |   | $      | 1,543.9 |    |   | 18     | %       |   | $ | 1,312.8 |   |

----

----

|                                                       |         |        |        |        |        |      |        |
|-------------------------------------------------------|---------|--------|--------|--------|--------|------|--------|
| Years ended June 30,                             | 2009    |   | 2008   |
| (In millions except per share data)                   |    |   |   |
| Revenues                                              | $       | 16.8   |   |   | $      | 35.4 |   |
| Costs and expenses                                    | (24.2   | )      |   | (32.2  | )      |
| Loss on disposal                                      | — |   |   | (0.4   | )      |
| Earnings (loss) before income taxes                   | (7.5    | )      |   | 2.8    |   |
| Income taxes                                          | 2.9     |   |   | (1.1   | )      |
| Income (loss) from discontinued operations            | $       | (4.6   | )      |   | $      | 1.7  |   |
| Income (loss) from discontinued operations per share: |    |   |   |
| Basic                                                 | $       | (0.10  | )      |   | $      | 0.04 |   |
| Diluted                                               | (0.10   | )      |   | 0.04   |   |

----

|                                           |           |        |           |        |           |        |        |        |   |       |        |
|-------------------------------------------|-----------|--------|-----------|--------|-----------|--------|--------|--------|---|-------|--------|
| Years ended June 30,                 | 2010      |   | 2009      |   | 2008      |
| (In millions)                             |      |   |      |   |      |
| Cash flows from operating activities      | $         | 191.7  |      |   | $         | 180.9  |   |   | $ | 256.0 |   |
| Cash flows from investing activities      | (52.2     | )      |      | (29.0  | )         |   | (95.4  | )      |
| Cash flows from financing activities      | (118.8    | )      |      | (161.6 | )         |   | (162.2 | )      |
| Net cash flows                            | $         | 20.7   |      |   | $         | (9.7   | )      |   | $ | (1.6  | )      |
| Cash and cash equivalents                 | $         | 48.6   |      |   | $         | 27.9   |   |   | $ | 37.6  |   |
| Long-term debt (including current portion | 300.0     |   |      | 380.0  |      |   | 485.0  |   |
| Shareholders' equity                      | 688.3     |   |      | 609.4  |      |   | 787.9  |   |
| Debt to total capitalization              | 30 % |   | 38 % |   | 38 % |

----

----

|                                                                                                                      |                               |                             |  |
|----------------------------------------------------------------------------------------------------------------------|-------------------------------|-----------------------------|--|
|                                                                                                                 | Required atJune 30, 2010 | Actual atJune 30, 2010 |
| Ratio of debt to trailing 12 month EBITDA1                                                                           | Less than 3.75                | 1.3                         |
| Ratio of EBITDA1 to interest expense                                                                            | Greater than 2.75             | 13.0                        |
| 1. EBITDA is earnings before interest, taxes, depreciation, and amortization as defined in the debt agreements. |                          |

----

|                                    |             |        |                        |        |          |        |          |        |              |         |        |        |         |        |        |        |   |         |        |
|------------------------------------|-------------|--------|------------------------|--------|----------|--------|----------|--------|--------------|---------|--------|--------|---------|--------|--------|--------|---|---------|--------|
|                               |        |   | Payments Due by Period |
|  Contractual obligations      |  Total |   | Less than1 Year        |   | 1-3Years |   | 4-5Years |   | After 5Years |
| (In millions)                      |        |   |                   |   |     |   |     |   |         |
| Long-term debt                     | $           | 300.0  |                   |   | $        | 50.0   |     |   | $            | 175.0   |   |   | $       | 75.0   |   |   | $ | — |   |
| Debt interest 1                    | 27.2        |   |                   | 10.0   |     |   | 12.8     |   |         | 4.4     |   |   | — |   |
| Broadcast rights 2                 | 38.5        |   |                   | 19.6   |     |   | 17.2     |   |         | 1.7     |   |   | — |   |
| Contingent consideration 3         | 34.4        |   |                   | 20.9   |     |   | 13.5     |   |         | — |   |   | — |   |
| Operating leases                   | 65.7        |   |                   | 19.4   |     |   | 15.9     |   |         | 8.3     |   |   | 22.0    |   |
| Purchase obligations and other 4   | 86.9        |   |                   | 25.9   |     |   | 30.0     |   |         | 23.5    |   |   | 7.6     |   |
| Total contractual cash obligations | $           | 552.7  |                   |   | $        | 145.8  |     |   | $            | 264.4   |   |   | $       | 112.9  |   |   | $ | 29.6    |   |

|    |                                                                                                                                                                                                                                                                     |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1. | Debt interest represents semi-annual interest payments due on fixed-rate notes outstanding at June 30, 2010.                                                                                                                                                   |
| 2. | Broadcast rights include $19.6 million owed for broadcast rights that are not currently available for airing and are therefore not included in the Consolidated Balance Sheet at June 30, 2010.                                                                |
| 3. | These amounts include contingent acquisition payments. While it is not certain if and /or when these payments will be made, we have included the payments in the table based on our best estimates of the amounts and dates when the contingencies may be resolved. |
| 4. | Purchase obligations and other includes expected postretirement benefit payments.                                                                                                                                                                                   |

----

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|                                                                                                             |        |
|-------------------------------------------------------------------------------------------------------------|--------|
| Index to Consolidated Financial Statements, Financial Statement Schedule,and Other Financial Information    |
|                                                                                                        |   |
|                                                                                                        | Page   |
| Report of Independent Registered Public Accounting Firm                                                     | 42     |
|                                                                                                        |   |
| Report of Management                                                                                        | 45     |
|                                                                                                        |   |
| Financial Statements                                                                                        |   |
| Consolidated Balance Sheets as of June 30, 2010 and 2009                                          | 46     |
| Consolidated Statements of Earnings (Loss) for the Years Ended June 30, 2010, 2009, and 2008 | 48     |
| Consolidated Statements of Shareholders' Equity for the Years Ended June 30, 2010, 2009, and 2008 | 49     |
| Consolidated Statements of Cash Flows for the Years Ended June 30, 2010, 2009, and 2008      | 50     |
| Notes to Consolidated Financial Statements                                                             | 53     |
|                                                                                                        |   |
| Eleven-Year Financial History with Selected Financial Data                                                  | 82     |
|                                                                                                        |   |
| Financial Statement Schedule                                                                                |   |
| Schedule II-Valuation and Qualifying Accounts                                                               | 85     |

----

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|                                                             |               |                  |        |                  |        |           |        |  |
|-------------------------------------------------------------|---------------|------------------|--------|------------------|--------|-----------|--------|--|
| Assets                                                      | June 30, | 2010   |   | 2009   |
| (In thousands)                                              |          |             |   |
| Current assets                                              |          |             |   |
| Cash and cash equivalents                                   | $             | 48,574           |   |             | $      | 27,910    |   |
| Accounts receivable                                         |          |             |   |
| (net of allowances of $10,980 in 2010 and $13,810 in 2009)  | 223,630       |             |   | 192,367          |   |
| Inventories                                                 | 26,807        |             |   | 28,151           |   |
| Current portion of subscription acquisition costs           | 57,917        |             |   | 60,017           |   |
| Current portion of broadcast rights                         | 5,423         |             |   | 8,297            |   |
| Other current assets                                        | 19,076        |             |   | 23,398           |   |
| Total current assets                                        | 381,427       |             |   | 340,140          |   |
| Property, plant, and equipment                              |          |             |   |
| Land                                                        | 19,594        |             |   | 19,500           |   |
| Buildings and improvements                                  | 127,043       |             |   | 125,779          |   |
| Machinery and equipment                                     | 286,860       |             |   | 276,376          |   |
| Leasehold improvements                                      | 14,409        |             |   | 14,208           |   |
| Construction in progress                                    | 3,060         |             |   | 9,041            |   |
| Total property, plant, and equipment                        | 450,966       |             |   | 444,904          |   |
| Less accumulated depreciation                               | (263,964      | )                |   | (253,597         | )      |
| Net property, plant, and equipment                          | 187,002       |             |   | 191,307          |   |
| Subscription acquisition costs                              | 55,228        |             |   | 63,444           |   |
| Broadcast rights                                            | 2,977         |             |   | 4,545            |   |
| Other assets                                                | 59,138        |             |   | 45,907           |   |
| Intangible assets, net                                      | 552,210       |             |   | 561,581          |   |
| Goodwill                                                    | 489,334       |             |   | 462,379          |   |
| Total assets                                                | $             | 1,727,316        |   |             | $      | 1,669,303 |   |
|                                                        |          |             |   |
| See accompanying Notes to Consolidated Financial Statements |          |             |   |

----

|                                                                                                                                                                        |               |                  |        |                  |        |           |        |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|------------------|--------|------------------|--------|-----------|--------|--|
| Liabilities and Shareholders' Equity                                                                                                                                   | June 30, | 2010   |   | 2009   |
| (In thousands except per share data)                                                                                                                                   |          |             |   |
| Current liabilities                                                                                                                                                    |          |             |   |
| Current portion of long-term debt                                                                                                                                 | $             | 50,000           |   |             | $      | —   |   |
| Current portion of long-term broadcast rights payable                                                                                                             | 9,892         |             |   | 10,560           |   |
| Accounts payable                                                                                                                                                       | 109,897       |             |   | 86,381           |   |
| Accrued expenses                                                                                                                                                       |          |             |   |
| Compensation and benefits                                                                                                                                              | 54,203        |             |   | 42,667           |   |
| Distribution expenses                                                                                                                                                  | 14,193        |             |   | 12,224           |   |
| Other taxes and expenses                                                                                                                                               | 40,829        |             |   | 26,653           |   |
| Total accrued expenses                                                                                                                                                 | 109,225       |             |   | 81,544           |   |
| Current portion of unearned subscription revenues                                                                                                                      | 159,292       |             |   | 170,731          |   |
| Total current liabilities                                                                                                                                              | 438,306       |             |   | 349,216          |   |
| Long-term debt                                                                                                                                                         | 250,000       |             |   | 380,000          |   |
| Long-term broadcast rights payable                                                                                                                                     | 8,961         |             |   | 11,851           |   |
| Unearned subscription revenues                                                                                                                                         | 130,699       |             |   | 148,393          |   |
| Deferred income taxes                                                                                                                                                  | 114,240       |             |   | 64,322           |   |
| Other noncurrent liabilities                                                                                                                                           | 96,765        |             |   | 106,138          |   |
| Total liabilities                                                                                                                                                      | 1,038,971     |             |   | 1,059,920        |   |
| Shareholders' equity                                                                                                                                                   |          |             |   |
| Series preferred stock, par value $1 per share                                                                                                                         |          |             |   |
| Authorized 5,000 shares; none issued                                                                                                                                   | —       |             |   | —          |   |
| Common stock, par value $1 per share                                                                                                                                   |          |             |   |
| Authorized 80,000 shares; issued and outstanding 36,329 shares in 2010 (excluding 31,568 treasury shares) and 35,934 shares in 2009 (excluding 35,086 treasury shares) | 36,329        |             |   | 35,934           |   |
| Class B stock, par value $1 per share, convertible to common stock                                                                                                |          |             |   |
| Authorized 15,000 shares; issued and outstanding 9,086 shares in 2010 and 9,133 shares in 2009                                                                         | 9,086         |             |   | 9,133            |   |
| Additional paid-in capital                                                                                                                                             | 66,311        |             |   | 53,938           |   |
| Retained earnings                                                                                                                                                      | 604,624       |             |   | 542,006          |   |
| Accumulated other comprehensive loss                                                                                                                                   | (28,005       | )                |   | (31,628          | )      |
| Total shareholders' equity                                                                                                                                             | 688,345       |             |   | 609,383          |   |
| Total liabilities and shareholders' equity                                                                                                                             | $             | 1,727,316        |   |             | $      | 1,669,303 |   |
|                                                                                                                                                                   |          |             |   |
| See accompanying Notes to Consolidated Financial Statements                                                                                                            |          |             |   |

----

|                                                                |                  |         |                  |           |                  |          |           |        |   |         |        |
|----------------------------------------------------------------|------------------|---------|------------------|-----------|------------------|----------|-----------|--------|---|---------|--------|
| Years ended June 30,                                      | 2010   |    | 2009   |      | 2008   |
| (In thousands except per share data)                           |             |    |             |      |             |
| Revenues                                                       |             |    |             |      |             |
| Advertising                                                    | $                | 781,236 |             |      | $                | 787,207  |      |   | $ | 930,598 |   |
| Circulation                                                    | 282,480          |    |             | 280,809   |             |     | 300,570   |   |
| All other                                                      | 324,014          |    |             | 340,781   |             |     | 321,275   |   |
| Total revenues                                                 | 1,387,730        |    |             | 1,408,797 |             |     | 1,552,443 |   |
| Operating expenses                                             |             |    |             |      |             |
| Production, distribution, and editorial                        | 574,784          |    |             | 646,595   |             |     | 673,607   |   |
| Selling, general, and administrative                           | 589,664          |    |             | 560,219   |             |     | 590,031   |   |
| Depreciation and amortization                                  | 40,898           |    |             | 42,582    |             |     | 49,153    |   |
| Impairment of goodwill and other intangible assets             | —          |    |             | 294,529   |             |     | —   |   |
| Total operating expenses                                       | 1,205,346        |    |             | 1,543,925 |             |     | 1,312,791 |   |
| Income (loss) from operations                                  | 182,384          |    |             | (135,128  | )                |     | 239,652   |   |
| Interest income                                                | 51               |    |             | 656       |             |     | 1,090     |   |
| Interest expense                                               | (18,584          | )       |             | (20,777   | )                |     | (22,390   | )      |
| Earnings (loss) from continuing operations before income taxes | 163,851          |    |             | (155,249  | )                |     | 218,352   |   |
| Income taxes                                                   | 59,888           |    |             | (52,742   | )                |     | 85,378    |   |
| Earnings (loss) from continuing operations                     | 103,963          |    |             | (102,507  | )                |     | 132,974   |   |
| Income (loss) from discontinued operations, net of taxes       | —          |    |             | (4,577    | )                |     | 1,698     |   |
| Net earnings (loss)                                            | $                | 103,963 |             |      | $                | (107,084 | )         |   | $ | 134,672 |   |
|                                                           |             |    |             |      |             |
| Basic earnings (loss) per share                                |             |    |             |      |             |
| Earnings (loss) from continuing operations                | $                | 2.30    |             |      | $                | (2.28    | )         |   | $ | 2.83    |   |
| Discontinued operations                                        | —          |    |             | (0.10     | )                |     | 0.04      |   |
| Basic earnings (loss) per share                                | $                | 2.30    |             |      | $                | (2.38    | )         |   | $ | 2.87    |   |
| Basic average shares outstanding                               | 45,289           |    |             | 45,042    |             |     | 46,928    |   |
|                                                           |             |    |             |      |             |
| Diluted earnings (loss) per share                              |             |    |             |      |             |
| Earnings (loss) from continuing operations                     | $                | 2.28    |             |      | $                | (2.28    | )         |   | $ | 2.79    |   |
| Discontinued operations                                        | —          |    |             | (0.10     | )                |     | 0.04      |   |
| Diluted earnings (loss) per share                              | $                | 2.28    |             |      | $                | (2.38    | )         |   | $ | 2.83    |   |
| Diluted average shares outstanding                             | 45,544           |    |             | 45,042    |             |     | 47,585    |   |
|                                                           |             |    |             |      |             |
| Dividends paid per share                                       | $                | 0.91    |             |      | $                | 0.88     |      |   | $ | 0.80    |   |
|                                                           |             |    |             |      |             |
| See accompanying Notes to Consolidated Financial Statements    |             |    |             |      |             |

----

|                                                             |                            |        |                                  |         |                          |        |                  |        |                                                  |          |             |          |        |         |        |        |          |         |        |        |   |         |        |
|-------------------------------------------------------------|----------------------------|--------|----------------------------------|---------|--------------------------|--------|------------------|--------|--------------------------------------------------|----------|-------------|----------|--------|---------|--------|--------|----------|---------|--------|--------|---|---------|--------|
| (In thousands except per share data)                        | CommonStock - $1 par value |   | Class BStock - $1 par value |    | AdditionalPaid-inCapital |   | RetainedEarnings |   | AccumulatedOtherComprehensive Income (Loss) |     |  Total |
| Balance at June 30, 2007                               | $                          | 38,970 |                             |    | $                        | 9,262  |             |   | $                                                | 54,842   |        |     | $      | 727,628 |   |   | $        | 2,499   |   |   | $ | 833,201 |   |
| Net earnings                                                | —                    |   |                             | — |                     |   | —          |   |                                             | 134,672  |        |     |   | — |   |   | 134,672  |    |
| Other comprehensive loss, net                          | —                    |   |                             | — |                     |   | —          |   |                                             | —  |        |     |   | (14,018 | )      |   | (14,018  | )       |
| Total comprehensive income                                  |                       |   |                             |    |                     |   |             |   |                                             |     |        | 120,654  |   |
| Share-based incentive plan transactions                     | 469                        |   |                             | — |                     |   | 13,796           |   |                                             | —  |        |     |   | — |   |   | 14,265   |    |
| Purchases of Company stock                                  | (3,204                     | )      |                             | (21     | )                        |   | (23,401          | )      |                                             | (123,751 | )           |     |   | — |   |   | (150,377 | )       |
| Share-based compensation                                    | —                    |   |                             | — |                     |   | 7,885            |   |                                             | —  |        |     |   | — |   |   | 7,885    |    |
| Conversion of Class B to common stock                  | 60                         |   |                             | (60     | )                        |   | —          |   |                                             | —  |        |     |   | — |   |   | —  |    |
| Dividends paid, 80 cents per share                          |                       |   |                             |    |                     |   |             |   |                                             |     |        |     |
| Common stock                                                | —                    |   |                             | — |                     |   | —          |   |                                             | (29,963  | )           |     |   | — |   |   | (29,963  | )       |
| Class B stock                                          | —                    |   |                             | — |                     |   | —          |   |                                             | (7,381   | )           |     |   | — |   |   | (7,381   | )       |
| Tax benefit from incentive plans                            | —                    |   |                             | — |                     |   | (429             | )      |                                             | —  |        |     |   | — |   |   | (429     | )       |
| Balance at June 30, 2008                               | 36,295                     |   |                             | 9,181   |                     |   | 52,693           |   |                                             | 701,205  |        |     |   | (11,519 | )      |   | 787,855  |    |
| Net loss                                                    | —                    |   |                             | — |                     |   | —          |   |                                             | (107,084 | )           |     |   | — |   |   | (107,084 | )       |
| Other comprehensive loss, net                          | —                    |   |                             | — |                     |   | —          |   |                                             | —  |        |     |   | (20,109 | )      |   | (20,109  | )       |
| Total comprehensive loss                                    |                       |   |                             |    |                     |   |             |   |                                             |     |        | (127,193 | )      |
| Share-based incentive plan transactions                     | 472                        |   |                             | — |                     |   | 3,806            |   |                                             | —  |        |     |   | — |   |   | 4,278    |    |
| Purchases of Company stock                                  | (879                       | )      |                             | (2      | )                        |   | (12,287          | )      |                                             | (8,633   | )           |     |   | — |   |   | (21,801  | )       |
| Share-based compensation                                    | —                    |   |                             | — |                     |   | 10,220           |   |                                             | —  |        |     |   | — |   |   | 10,220   |    |
| Conversion of Class B to common stock                  | 46                         |   |                             | (46     | )                        |   | —          |   |                                             | —  |        |     |   | — |   |   | —  |    |
| Dividends paid, 88 cents per share                          |                       |   |                             |    |                     |   |             |   |                                             |     |        |     |
| Common stock                                                | —                    |   |                             | — |                     |   | —          |   |                                             | (31,675  | )           |     |   | — |   |   | (31,675  | )       |
| Class B stock                                          | —                    |   |                             | — |                     |   | —          |   |                                             | (8,055   | )           |     |   | — |   |   | (8,055   | )       |
| Tax benefit from incentive plans                            | —                    |   |                             | — |                     |   | (494             | )      |                                             | —  |        |     |   | — |   |   | (494     | )       |
| Adoption of ETIF 06-10, net of taxes                        | —                    |   |                             | — |                     |   | —          |   |                                             | (2,637   | )           |     |   | — |   |   | (2,637   | )       |
| Adoption of SFAS 158, net of tax                            | —                    |   |                             | — |                     |   | —          |   |                                             | (1,115   | )           |     |   | — |   |   | (1,115   | )       |
| Balance at June 30, 2009                               | 35,934                     |   |                             | 9,133   |                     |   | 53,938           |   |                                             | 542,006  |        |     |   | (31,628 | )      |   | 609,383  |    |
| Net earnings                                                | —                    |   |                             | — |                     |   | —          |   |                                             | 103,963  |        |     |   | — |   |   | 103,963  |    |
| Other comprehensive income, net                        | —                    |   |                             | — |                     |   | —          |   |                                             | —  |        |     |   | 3,623   |   |   | 3,623    |    |
| Total comprehensive income                                  |                       |   |                             |    |                     |   |             |   |                                             |     |        | 107,586  |   |
| Share-based incentive plan transactions                     | 536                        |   |                             | — |                     |   | 9,037            |   |                                             | —  |        |     |   | — |   |   | 9,573    |    |
| Purchases of Company stock                                  | (187                       | )      |                             | (1      | )                        |   | (6,086           | )      |                                             | —  |        |     |   | — |   |   | (6,274   | )       |
| Share-based compensation                                    | —                    |   |                             | — |                     |   | 10,836           |   |                                             | —  |        |     |   | — |   |   | 10,836   |    |
| Conversion of Class B to common stock                  | 46                         |   |                             | (46     | )                        |   | —          |   |                                             | —  |        |     |   | — |   |   | —  |    |
| Dividends paid, 91cents per share                           |                       |   |                             |    |                     |   |             |   |                                             |     |        |     |
| Common stock                                                | —                    |   |                             | — |                     |   | —          |   |                                             | (33,056  | )           |     |   | — |   |   | (33,056  | )       |
| Class B stock                                          | —                    |   |                             | — |                     |   | —          |   |                                             | (8,289   | )           |     |   | — |   |   | (8,289   | )       |
| Tax benefit from incentive plans                            | —                    |   |                             | — |                     |   | (1,414           | )      |                                             | —  |        |     |   | — |   |   | (1,414   | )       |
| Balance at June 30, 2010                               | $                          | 36,329 |                             |    | $                        | 9,086  |             |   | $                                                | 66,311   |        |     | $      | 604,624 |   |   | $        | (28,005 | )      |   | $ | 688,345 |   |
|                                                        |                       |   |                             |    |                     |   |             |   |                                             |     |        |     |
| See accompanying Notes to Consolidated Financial Statements |

----

|                                                                                                            |            |         |            |          |            |          |          |        |   |         |        |
|------------------------------------------------------------------------------------------------------------|------------|---------|------------|----------|------------|----------|----------|--------|---|---------|--------|
| Years ended June 30,                                                                                  | 2010  |    | 2009  |     | 2008  |
| (In thousands)                                                                                             |       |    |       |     |       |
| Cash flows from operating activities                                                                       |       |    |       |     |       |
| Net earnings (loss)                                                                                        | $          | 103,963 |       |     | $          | (107,084 | )        |   | $ | 134,672 |   |
| Adjustments to reconcile net earnings (loss) to net cash provided   by operating activities |       |    |       |     |       |
| Depreciation                                                                                               | 31,527     |    |       | 32,941   |       |     | 35,370   |   |
| Amortization                                                                                               | 9,371      |    |       | 9,648    |       |     | 14,192   |   |
| Share-based compensation                                                                                   | 10,836     |    |       | 10,220   |       |     | 7,885    |   |
| Deferred income taxes                                                                                      | 42,413     |    |       | (53,333  | )          |     | 20,527   |   |
| Amortization of broadcast rights                                                                           | 22,561     |    |       | 25,121   |       |     | 26,511   |   |
| Payments for broadcast rights                                                                              | (21,676    | )       |       | (25,275  | )          |     | (26,672  | )      |
| Net gain from dispositions of assets, net of taxes                                                         | (2,908     | )       |       | (1,205   | )          |     | (2,340   | )      |
| Provision for write-down of impaired assets                                                                | 5,466      |    |       | 300,131  |       |     | 9,666    |   |
| Excess tax benefits from share-based payments                                                              | (606       | )       |       | (906     | )          |     | (1,475   | )      |
| Changes in assets and liabilities, net of acquisitions/dispositions                                        |       |    |       |     |       |
| Accounts receivable                                                                                        | (31,263    | )       |       | 38,778   |       |     | 38,128   |   |
| Inventories                                                                                                | (103       | )       |       | 15,305   |       |     | 3,185    |   |
| Other current assets                                                                                       | 4,322      |    |       | (5,851   | )          |     | (36      | )      |
| Subscription acquisition costs                                                                             | 8,514      |    |       | (7,537   | )          |     | 15,965   |   |
| Other assets                                                                                               | 962        |    |       | (2,742   | )          |     | (87      | )      |
| Accounts payable                                                                                           | 17,683     |    |       | (4,408   | )          |     | (2,836   | )      |
| Accrued expenses and other liabilities                                                                     | 32,748     |    |       | (31,287  | )          |     | (11,261  | )      |
| Unearned subscription revenues                                                                             | (29,133    | )       |       | (14,009  | )          |     | (26,185  | )      |
| Other noncurrent liabilities                                                                               | (13,026    | )       |       | 2,413    |       |     | 20,755   |   |
| Net cash provided by operating activities                                                                  | 191,651    |    |       | 180,920  |       |     | 255,964  |   |
| Cash flows from investing activities                                                                       |       |    |       |     |       |
| Acquisitions of businesses                                                                                 | (27,505    | )       |       | (6,218   | )          |     | (73,645  | )      |
| Additions to property, plant, and equipment                                                                | (24,721    | )       |       | (23,475  | )          |     | (29,620  | )      |
| Proceeds from dispositions of assets                                                                       | —    |    |       | 636      |       |     | 7,855    |   |
| Net cash used in investing activities                                                                      | (52,226    | )       |       | (29,057  | )          |     | (95,410  | )      |
| Cash flows from financing activities                                                                       |       |    |       |     |       |
| Proceeds from issuance of long-term debt                                                                   | 160,000    |    |       | 145,000  |       |     | 335,000  |   |
| Repayments of long-term debt                                                                               | (240,000   | )       |       | (250,000 | )          |     | (325,000 | )      |
| Purchases of Company stock                                                                                 | (6,274     | )       |       | (21,801  | )          |     | (150,377 | )      |
| Proceeds from common stock issued                                                                          | 9,573      |    |       | 4,278    |       |     | 14,265   |   |
| Dividends paid                                                                                             | (41,345    | )       |       | (39,730  | )          |     | (37,344  | )      |
| Excess tax benefits from share-based payments                                                              | 606        |    |       | 906      |       |     | 1,475    |   |
| Other                                                                                                      | (1,321     | )       |       | (250     | )          |     | (149     | )      |
| Net cash used in financing activities                                                                      | (118,761   | )       |       | (161,597 | )          |     | (162,130 | )      |
| Net increase (decrease) in cash and cash equivalents                                                       | 20,664     |    |       | (9,734   | )          |     | (1,576   | )      |
| Cash and cash equivalents at beginning of year                                                             | 27,910     |    |       | 37,644   |       |     | 39,220   |   |
| Cash and cash equivalents at end of year                                                                   | $          | 48,574  |       |     | $          | 27,910   |     |   | $ | 37,644  |   |
|                                                                                                       |       |    |       |     |       |
| See accompanying Notes to Consolidated Financial Statements                                                |       |    |       |     |       |

----

|                                                             |            |        |        |        |            |        |        |        |   |        |        |
|-------------------------------------------------------------|------------|--------|--------|--------|------------|--------|--------|--------|---|--------|--------|
| Years ended June 30,                                   | 2010  |   | 2009   |   | 2008  |
| (In thousands)                                              |       |   |   |   |       |
| Supplemental disclosures of cash flow information           |       |   |   |   |       |
| Cash paid                                                   |       |   |   |   |       |
| Interest                                                    | $          | 15,629 |   |   | $          | 20,350 |   |   | $ | 22,407 |   |
| Income taxes                                                | 16,832     |   |   | 13,097 |       |   | 56,463 |   |
| Non-cash transactions                                       |       |   |   |   |       |
| Broadcast rights financed by contracts payable              | 18,118     |   |   | 19,359 |       |   | 24,500 |   |
| Fair value of equipment received in Nextel exchange         | 2,908      |   |   | 2,621  |       |   | 1,875  |   |
|                                                        |       |   |   |   |       |
| See accompanying Notes to Consolidated Financial Statements |       |   |   |   |       |

----

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|                                      |         |        |         |        |       |        |
|--------------------------------------|---------|--------|---------|--------|-------|--------|
| Twelve Months Ended June 30,    | 2010    | 2009   |
| (In thousands)                       |    |   |
| Balance at beginning of year         | $       | 9,894  |    | $      | 1,876 |   |
| Severance accrual                    | 3,922   |   | 15,063  |   |
| Other accruals                       | — |   | 182     |   |
| Cash payments                        | (5,608  | )      | (7,227  | )      |
| Reversal of excess accrual and other | (2,670  | )      | — |   |
| Balance at end of year               | $       | 5,538  |    | $      | 9,894 |   |

|                                                      |                  |        |                  |         |        |        |        |
|------------------------------------------------------|------------------|--------|------------------|---------|--------|--------|--------|
| Years ended June 30,                            | 2009   |   | 2008   |
| (In thousands except per share data)                 |             |   |             |
| Revenues                                             | $                | 16,828 |             |    | $      | 35,336 |   |
| Costs and expenses                                   | (24,330          | )      |             | (32,203 | )      |
| Loss on disposal                                     | —          |   |             | (351    | )      |
| Earnings (loss) before income taxes                  | (7,502           | )      |             | 2,782   |   |
| Income taxes                                         | 2,925            |   |             | (1,084  | )      |
| Income (loss) from discontinued operations           | $                | (4,577 | )                |    | $      | 1,698  |   |
| Income (loss) per share from discontinued operations |             |   |             |
| Basic                                                | $                | (0.10  | )                |    | $      | 0.04   |   |
| Diluted                                              | (0.10            | )      |             | 0.04    |   |

----

|                                 |            |        |            |        |        |        |        |
|---------------------------------|------------|--------|------------|--------|--------|--------|--------|
| June 30,                   | 2010  |   | 2009  |
| (In thousands)                  |       |   |       |
| Raw materials                   | $          | 16,773 |       |   | $      | 18,322 |   |
| Work in process                 | 10,652     |   |       | 15,554 |   |
| Finished goods                  | 3,148      |   |       | 2,604  |   |
|                            | 30,573     |   |       | 36,480 |   |
| Reserve for LIFO cost valuation | (3,766     | )      |       | (8,329 | )      |
| Inventories                     | $          | 26,807 |       |   | $      | 28,151 |   |

|                                                                |              |         |                          |          |            |          |         |              |         |                          |         |            |         |         |         |        |         |          |      |        |         |        |     |        |
|----------------------------------------------------------------|--------------|---------|--------------------------|----------|------------|----------|---------|--------------|---------|--------------------------|---------|------------|---------|---------|---------|--------|---------|----------|------|--------|---------|--------|-----|--------|
| June 30,                                                  | 2010         |    |                     | 2009     |
| (In thousands)                                                 | Gross Amount |    | Accumulated Amortization |     | Net Amount |     |    | Gross Amount |    | Accumulated Amortization |    | Net Amount |
| Intangible assets   subject to amortization     |         |    |                     |     |       |     |    |         |    |                     |    |       |
| National media group                                           |         |    |                     |     |       |     |    |         |    |                     |    |       |
| Noncompete agreements                                          | $            | 480     |                     |     | $          | (338     | )       |         | $       | 142                      |    |       |    | $       | 480     |   |    | $        | (224 | )      |    | $      | 256 |   |
| Advertiser relationships                                       | 18,400       |    |                     | (13,143  | )          |     | 5,257   |         |    |                     | 18,400  |       |    | (10,515 | )       |   | 7,885   |     |
| Customer lists                                                 | 9,230        |    |                     | (3,570   | )          |     | 5,660   |         |    |                     | 9,230   |       |    | (2,252  | )       |   | 6,978   |     |
| Other                                                          | 3,544        |    |                     | (2,596   | )          |     | 948     |         |    |                     | 3,544   |       |    | (2,177  | )       |   | 1,367   |     |
| Local media group                                              |         |    |                     |     |       |     |    |         |    |                     |    |       |
| Network affiliation agreements                            | 218,559      |    |                     | (102,859 | )          |     | 115,700 |         |    |                     | 218,559 |       |    | (97,967 | )       |   | 120,592 |     |
| Total                                                          | $            | 250,213 |                     |     | $          | (122,506 | )       |         | 127,707 |                     |    |       | $       | 250,213 |    |   | $       | (113,135 | )    |   | 137,078 |   |
| Intangible assets not   subject to amortization |         |    |                     |     |       |     |    |         |    |                     |    |       |
| National media group                                           |         |    |                     |     |       |     |    |         |    |                     |    |       |
| Internet domain names                                          |         |    |                     |     | 996        |     |    |         |    |                     |    |       | 996     |    |
| Trademarks                                                     |         |    |                     |     | 124,431    |     |    |         |    |                     |    |       | 124,431 |    |
| Local media group                                              |         |    |                     |     |       |     |    |         |    |                     |    |       |
| FCC licenses                                                   |         |    |                     |     | 299,076    |     |    |         |    |                     |    |       | 299,076 |    |
| Total                                                          |         |    |                     |     | 424,503    |     |    |         |    |                     |    |       | 424,503 |    |
| Intangibles assets, net                                        |         |    |                     |     | $          | 552,210  |    |         |    |                     |    |       |    | $       | 561,581 |   |

----

|                               |                |         |             |         |        |         |         |        |   |         |        |
|-------------------------------|----------------|---------|-------------|---------|--------|---------|---------|--------|---|---------|--------|
| (In thousands)                | National Media |    | Local Media |    | Total  |
| Balance at June 30, 2008 | $              | 449,734 |        |    | $      | 82,598  |    |   | $ | 532,332 |   |
| Acquisitions                  | 13,813         |    |        | — |   |    | 13,813  |   |
| Impairment                    | —        |    |        | (82,598 | )      |    | (82,598 | )      |
| Adjustments                   | (1,168         | )       |        | — |   |    | (1,168  | )      |
| Balance at June 30, 2009 | 462,379        |    |        | — |   |    | 462,379 |   |
| Acquisitions                  | 26,955         |    |        | — |   |    | 26,955  |   |
| Balance at June 30, 2010 | $              | 489,334 |        |    | $      | — |    |   | $ | 489,334 |   |

|                                                                       |            |         |            |         |        |         |        |
|-----------------------------------------------------------------------|------------|---------|------------|---------|--------|---------|--------|
| June 30,                                                         | 2010  |    | 2009  |
| (In thousands)                                                        |       |    |       |
| Variable-rate credit facilities                                       |       |    |       |
| Asset-backed commercial paper facility of $100 million, due 3/29/2011 | $          | 75,000  |       |    | $      | 80,000  |   |
| Revolving credit facility of $150 million, due 6/16/2013              | 50,000     |    |       | 125,000 |   |
|                                                                  |       |    |       |
| Private placement notes                                               |       |    |       |
| 4.70% senior notes, due 7/1/2010                                      | —    |    |       | 75,000  |   |
| 4.70% senior notes, due 6/16/2011                                     | 50,000     |    |       | 50,000  |   |
| 5.04% senior notes, due 6/16/2012                                     | 50,000     |    |       | 50,000  |   |
| 6.70% senior notes, due 7/13/2013                                     | 50,000     |    |       | — |   |
| 7.19% senior notes, due 7/13/2014                                     | 25,000     |    |       | — |   |
| Total long-term debt                                                  | 300,000    |    |       | 380,000 |   |
| Current portion of long-term debt                                     | (50,000    | )       |       | — |   |
| Long-term debt                                                        | $          | 250,000 |       |    | $      | 380,000 |   |

----

|                           |         |         |        |
|---------------------------|---------|---------|--------|
| Years ended June 30, |    |
| (In thousands)            |    |
| 2011                      | $       | 50,000  |   |
| 2012                      | 50,000  |    |
| 2013                      | 125,000 |    |
| 2014                      | 50,000  |    |
| 2015                      | 25,000  |    |
| Total long-term debt      | $       | 300,000 |   |

|                                                                                                                      |                               |                             |  |
|----------------------------------------------------------------------------------------------------------------------|-------------------------------|-----------------------------|--|
|                                                                                                                 | Required atJune 30, 2010 | Actual atJune 30, 2010 |
| Ratio of debt to trailing 12 month EBITDA1                                                                           | Less than 3.75                | 1.3                         |
| Ratio of EBITDA1 to interest expense                                                                            | Greater than 2.75             | 13.0                        |
| 1. EBITDA is earnings before interest, taxes, depreciation, and amortization as defined in the debt agreements. |

----

|                           |            |        |            |         |            |         |        |        |   |        |        |
|---------------------------|------------|--------|------------|---------|------------|---------|--------|--------|---|--------|--------|
| Years ended June 30, | 2010  |   | 2009  |    | 2008  |
| (In thousands)            |       |   |       |    |       |
| Currently payable         |       |   |       |    |       |
| Federal                   | $          | 13,395 |       |    | $          | 3,862   |   |   | $ | 55,204 |   |
| State                     | 4,435      |   |       | (1,844  | )          |    | 9,647  |   |
|                      | 17,830     |   |       | 2,018   |       |    | 64,851 |   |
| Deferred                  |       |   |       |    |       |
| Federal                   | 40,446     |   |       | (45,407 | )          |    | 17,288 |   |
| State                     | 1,612      |   |       | (9,353  | )          |    | 3,239  |   |
|                      | 42,058     |   |       | (54,760 | )          |    | 20,527 |   |
| Income taxes              | $          | 59,888 |       |    | $          | (52,742 | )      |   | $ | 85,378 |   |

|                                                       |                        |        |                        |         |                        |        |         |        |
|-------------------------------------------------------|------------------------|--------|------------------------|---------|------------------------|--------|---------|--------|
| Years ended June 30,                             | 2010    |   | 2009    |    | 2008    |
| U.S. statutory tax rate                               | 35.0                   | %      |                   | 35.0    | %                      |   | 35.0    | %      |
| State income taxes, less federal income tax benefits  | 3.8                    |   |                   | 4.6     |                   |   | 3.4     |   |
| Adjustment to deferred tax assets and liabilities for |                   |   |                   |    |                   |
| enacted changes in tax laws and rates                 | (2.2                   | )      |                   | — |                   |   | — |   |
| Impairment charge (federal impact)                    | —                |   |                   | (3.2    | )                      |   | — |   |
| Other                                                 | —                |   |                   | (2.4    | )                      |   | 0.7     |   |
| Effective income tax rate                             | 36.6                   | %      |                   | 34.0    | %                      |   | 39.1    | %      |

----

|                                                               |            |         |            |         |        |        |        |
|---------------------------------------------------------------|------------|---------|------------|---------|--------|--------|--------|
| June 30,                                                 | 2010  |    | 2009  |
| (In thousands)                                                |       |    |       |
| Deferred tax assets                                           |       |    |       |
| Accounts receivable allowances and return reserves            | $          | 17,444  |       |    | $      | 13,770 |   |
| Compensation and benefits                                     | 39,499     |    |       | 41,123  |   |
| Indirect benefit of uncertain state and foreign tax positions | 10,668     |    |       | 12,148  |   |
| All other assets                                              | 3,827      |    |       | 5,859   |   |
| Total deferred tax assets                                     | 71,438     |    |       | 72,900  |   |
| Valuation allowance                                           | (839       | )       |       | (625    | )      |
| Net deferred tax assets                                       | 70,599     |    |       | 72,275  |   |
| Deferred tax liabilities                                      |       |    |       |
| Subscription acquisition costs                                | 43,824     |    |       | 30,225  |   |
| Accumulated depreciation and amortization                     | 115,646    |    |       | 84,810  |   |
| Gains from dispositions                                       | 21,813     |    |       | 21,607  |   |
| All other liabilities                                         | 7,680      |    |       | 9,267   |   |
| Total deferred tax liabilities                                | 188,963    |    |       | 145,909 |   |
| Net deferred tax liability                                    | $          | 118,364 |       |    | $      | 73,634 |   |

|                                             |         |        |        |
|---------------------------------------------|---------|--------|--------|
| (In thousands)                              |    |
| Balance at June 30, 2008               | $       | 52,823 |   |
| Increases in tax positions for prior years  | 5,455   |   |
| Decreases in tax positions for prior years  | (4,498  | )      |
| Increases in tax positions for current year | 5,791   |   |
| Settlements                                 | (165    | )      |
| Lapse in statute of limitations             | (6,257  | )      |
| Balance at June 30, 2009               | 53,149  |   |
| Increases in tax positions for prior years  | 1,781   |   |
| Decreases in tax positions for prior years  | (1,859  | )      |
| Increases in tax positions for current year | 5,491   |   |
| Settlements                                 | (1,025  | )      |
| Lapse in statute of limitations             | (15,178 | )      |
| Balance at June 30, 2010               | $       | 42,359 |   |

----

----

|                                              |         |                |        |         |        |         |        |         |        |        |         |        |        |   |         |        |
|----------------------------------------------|---------|----------------|--------|---------|--------|---------|--------|---------|--------|--------|---------|--------|--------|---|---------|--------|
|                                         | Pension | Postretirement |
| June 30,                                | 2010    |           | 2009   |    |   | 2010    |   | 2009    |
| (In thousands)                               |    |           |   |    |   |    |   |    |
| Change in benefit obligation                 |    |           |   |    |   |    |   |    |
| Benefit obligation, beginning of year        | $       | 104,009        |   |    | $      | 99,340  |   |    |   | $      | 14,819  |   |   | $ | 15,886  |   |
| Effect of eliminating early measurement date | — |           |   | 1,969   |   |    |   | — |   |   | (2      | )      |
| Service cost                                 | 8,568   |           |   | 8,632   |   |    |   | 422     |   |   | 461     |   |
| Interest cost                                | 5,777   |           |   | 5,721   |   |    |   | 907     |   |   | 980     |   |
| Participant contributions                    | — |           |   | — |   |    |   | 839     |   |   | 811     |   |
| Plan amendments                              | — |           |   | 82      |   |    |   | — |   |   | — |   |
| Actuarial loss (gain)                        | 6,543   |           |   | (741    | )      |    |   | 1,325   |   |   | (929    | )      |
| Benefits paid (including lump sums)          | (7,948  | )              |   | (10,994 | )      |    |   | (2,378  | )      |   | (2,388  | )      |
| Benefit obligation, end of year              | $       | 116,949        |   |    | $      | 104,009 |   |    |   | $      | 15,934  |   |   | $ | 14,819  |   |
|                                         |    |           |   |    |   |    |   |    |
| Change in plan assets                        |    |           |   |    |   |    |   |    |
| Fair value of plan assets, beginning of year | $       | 95,401         |   |    | $      | 121,007 |   |    |   | $      | — |   |   | $ | — |   |
| Effect of eliminating early measurement date | — |           |   | 714     |   |    |   | — |   |   | — |   |
| Actual return on plan assets                 | 15,475  |           |   | (26,181 | )      |    |   | — |   |   | — |   |
| Employer contributions                       | 10,648  |           |   | 10,855  |   |    |   | 1,539   |   |   | 1,577   |   |
| Participant contributions                    | — |           |   | — |   |    |   | 839     |   |   | 811     |   |
| Benefits paid (including lump sums)          | (7,948  | )              |   | (10,994 | )      |    |   | (2,378  | )      |   | (2,388  | )      |
| Fair value of plan assets, end of year       | $       | 113,576        |   |    | $      | 95,401  |   |    |   | $      | — |   |   | $ | — |   |
|                                         |    |           |   |    |   |    |   |    |
| Under funded status, end of year             | $       | (3,373         | )      |    | $      | (8,608  | )      |    |   | $      | (15,934 | )      |   | $ | (14,819 | )      |

|                                                |                  |                         |                                               |                                           |        |        |        |        |         |        |        |   |         |        |
|------------------------------------------------|------------------|-------------------------|-----------------------------------------------|-------------------------------------------|--------|--------|--------|--------|---------|--------|--------|---|---------|--------|
| June 30, 2010                                  | Total Fair Value | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) |
| (In thousands)                                 |             |                    |                                          |                                      |   |   |
| Investments in registered investment companies | $                | 112,942                 |                                          | $                                         | 68,217 |   |   | $      | 44,725  |   |   | $ | — |   |
| Pooled separate accounts                       | 634              |                    | —                                       |                                      |   | 634    |   |   | — |   |
| Total assets at fair value                     | $                | 113,576                 |                                          | $                                         | 68,217 |   |   | $      | 45,359  |   |   | $ | — |   |

----

|                                            |         |                |        |         |        |        |        |         |        |        |         |        |        |   |         |        |
|--------------------------------------------|---------|----------------|--------|---------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---|---------|--------|
|                                       | Pension | Postretirement |
| June 30,                              | 2010    |           | 2009   |    |   | 2010   |   | 2009    |
| (In thousands)                             |    |           |   |    |   |   |   |    |
| Other assets                               |    |           |   |    |   |   |   |    |
| Prepaid benefit cost                  | $       | 12,515         |   |    | $      | 3,834  |   |    |   | $      | — |   |   | $ | — |   |
| Accrued expenses-compensation and benefits |    |           |   |    |   |   |   |    |
| Accrued benefit liability                  | (1,026  | )              |   | (1,156  | )      |   |   | (1,160  | )      |   | (1,255  | )      |
| Other noncurrent liabilities               |    |           |   |    |   |   |   |    |
| Accrued benefit liability                  | (14,862 | )              |   | (11,286 | )      |   |   | (14,774 | )      |   | (13,564 | )      |
| Net amount recognized, end of year         | $       | (3,373         | )      |    | $      | (8,608 | )      |    |   | $      | (15,934 | )      |   | $ | (14,819 | )      |

|                              |        |        |        |        |        |        |        |
|------------------------------|--------|--------|--------|--------|--------|--------|--------|
| June 30,                | 2010   |   | 2009   |
| (In thousands)               |   |   |   |
| Projected benefit obligation | $      | 15,961 |   |   | $      | 12,503 |   |
| Fair value of plan assets    | 74     |   |   | 62     |   |

|                                |        |        |        |        |        |        |        |
|--------------------------------|--------|--------|--------|--------|--------|--------|--------|
| June 30,                  | 2010   |   | 2009   |
| (In thousands)                 |   |   |   |
| Accumulated benefit obligation | $      | 12,605 |   |   | $      | 10,130 |   |
| Fair value of plan assets      | 74     |   |   | 62     |   |

|                                          |         |                |        |        |        |        |         |        |        |        |         |        |        |         |        |        |         |        |        |        |        |   |     |        |        |
|------------------------------------------|---------|----------------|--------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|---|-----|--------|--------|
|                                     | Pension | Postretirement |
| Years ended June 30,                | 2010    |           | 2009   |   | 2008   |   |    | 2010   |   | 2009   |    | 2008   |   |
| (In thousands)                           |    |           |   |   |   |   |    |   |   |   |    |   |   |
| Components of net periodic benefit costs |    |           |   |   |   |   |    |   |   |   |    |   |   |
| Service cost                             | $       | 8,568          |   |   | $      | 8,632  |    |   | $      | 7,715  |    |   |   | $       | 422    |   |    | $      | 461    |   |   | $ | 463 |   |   |
| Interest cost                            | 5,777   |           |   | 5,721  |   |   | 4,962   |   |   |   | 907     |   |   | 980     |   |   | 945     |   |   |
| Expected return on plan assets           | (8,152  | )              |   | (9,324 | )      |   | (9,855  | )      |   |   | — |   |   | — |   |   | — |   |   |
| Prior service cost amortization          | 853     |           |   | 839    |   |   | 592     |   |   |   | (736    | )      |   | (736    | )      |   | (736    | )      |   |
| Actuarial loss amortization              | 4,926   |           |   | 533    |   |   | 177     |   |   |   | — |   |   | — |   |   | 22      |   |   |
| Settlement charge                        | (94     | )              |   | 93     |   |   | — |   |   |   | — |   |   | — |   |   | — |   |   |
| Net periodic benefit costs               | $       | 11,878         |   |   | $      | 6,494  |    |   | $      | 3,591  |    |   |   | $       | 593    |   |    | $      | 705    |   |   | $ | 694 |   |   |

----

|                                                         |         |                      |             |        |        |        |        |        |   |        |        |
|---------------------------------------------------------|---------|----------------------|-------------|--------|--------|--------|--------|--------|---|--------|--------|
| June 30, 2010                                      | Pension |  Postretirement | Total  |
| (In thousands)                                          |    |                 |        |   |   |
| Unrecognized net actuarial losses, net of taxes         | $       | 28,163               |        |   | $      | 962    |   |   | $ | 29,125 |   |
| Unrecognized prior service credit (costs), net of taxes | 785     |                 |        | (2,209 | )      |   | (1,424 | )      |
| Total                                                   | $       | 28,948               |        |   | $      | (1,247 | )      |   | $ | 27,701 |   |

|                                                  |         |                |        |        |        |        |        |             |      |        |      |   |
|--------------------------------------------------|---------|----------------|--------|--------|--------|--------|--------|-------------|------|--------|------|---|
|                                             | Pension | Postretirement |
| June 30,                                    | 2010    |           | 2009   |   |   | 2010   |   | 2009        |
| Weighted average assumptions                     |    |           |   |   |   |   |   |        |
| Discount rate                                    | 4.50    | %              |   | 5.75   | %      |   |   | 5.00        | %    |   | 6.20 | % |
| Rate of compensation increase - year one         | 4.50    | %              |   | 0.00   | %      |   |   | 4.50        | %    |   | 0.00 | % |
| Rate of compensation increase - subsequent years | 4.50    | %              |   | 4.50   | %      |   |   | 4.50        | %    |   | 4.50 | % |
| Rate of increase in health care cost levels      |    |           |   |   |   |   |   |        |
| Initial level                                    | NA      |           | NA     |   |   | 9.00   | %      |        | 7.50 | %      |
| Ultimate level                                   | NA      |           | NA     |   |   | 5.00   | %      |        | 5.00 | %      |
| Years to ultimate level                          | NA      |           | NA     |   |   | 8 yrs  |   | 5 yrs  |
|  NA-Not applicable                          |    |           |   |   |   |   |   |        |

|                                                  |         |                |        |        |        |        |        |        |        |        |        |        |        |        |    |        |      |   |
|--------------------------------------------------|---------|----------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|----|--------|------|---|
|                                             | Pension | Postretirement |
| Years ended June 30,                        | 2010    |           | 2009   |   | 2008   |   |   | 2010   |   | 2009   |   | 2008   |
| Weighted average assumptions                     |    |           |   |   |   |   |   |   |   |   |   |   |
| Discount rate                                    | 5.75    | %              |   | 5.80   | %      |   | 5.70   | %      |   |   | 6.20   | %      |   | 6.25   | %  |   | 5.80 | % |
| Expected return on plan assets                   | 8.25    | %              |   | 8.25   | %      |   | 8.25   | %      |   |   | NA     |   | NA     |   | NA |
| Rate of compensation increase - year one         | 0.00    | %              |   | 4.50   | %      |   | 4.50   | %      |   |   | 0.00   | %      |   | 4.50   | %  |   | 4.50 | % |
| Rate of compensation increase - subsequent years | 4.50    | %              |   | 4.50   | %      |   | 4.50   | %      |   |   | 4.50   | %      |   | 4.50   | %  |   | 4.50 | % |
| Rate of increase in health care cost levels      |    |           |   |   |   |   |   |   |   |   |   |   |
| Initial level                                    | NA      |           | NA     |   | NA     |   |   | 7.50   | %      |   | 8.00   | %      |   | 8.00   | %  |
| Ultimate level                                   | NA      |           | NA     |   | NA     |   |   | 5.00   | %      |   | 5.00   | %      |   | 5.00   | %  |
| Years to ultimate level                          | NA      |           | NA     |   | NA     |   |   | 5 yrs  |   | 6 yrs  |   | 3 yrs  |
| NA-Not applicable                                |    |           |   |   |   |   |   |   |   |   |   |   |

----

|                                                                      |                             |        |                             |        |   |     |   |
|----------------------------------------------------------------------|-----------------------------|--------|-----------------------------|--------|---|-----|---|
|                                                                 | OnePercentagePoint Increase |   | OnePercentagePoint Decrease |
| (In thousands)                                                       |                        |   |                        |
| Effect on service and interest cost components for fiscal 2010       | $                           | 45     |                        |   | $ | (38 | ) |
| Effect on postretirement benefit obligation as of June 30, 2010 | 676                         |   |                        | (568   | ) |

|                                 |                 |        |                 |        |        |        |        |   |        |     |   |
|---------------------------------|-----------------|--------|-----------------|--------|--------|--------|--------|---|--------|-----|---|
|                            | 2010 Allocation |   | 2009 Allocation |
| June 30,                   | Target          |   | Actual          |   | Target |   | Actual |
| Domestic equity securities      | 45              | %      |            | 42     | %      |   | 45     | % |   | 45  | % |
| Fixed income investments        | 30              | %      |            | 34     | %      |   | 30     | % |   | 31  | % |
| International equity securities | 15              | %      |            | 14     | %      |   | 15     | % |   | 14  | % |
| Global equity securities        | 10              | %      |            | 10     | %      |   | 10     | % |   | 10  | % |
| Fair value of plan assets       | 100             | %      |            | 100    | %      |   | 100    | % |   | 100 | % |

----

|                            |                 |        |                        |        |        |       |        |
|----------------------------|-----------------|--------|------------------------|--------|--------|-------|--------|
| Years ending June 30, | PensionBenefits |   | PostretirementBenefits |
| (In thousands)             |            |   |                   |
| 2011                       | $               | 17,585 |                   |   | $      | 1,160 |   |
| 2012                       | 11,879          |   |                   | 1,139  |   |
| 2013                       | 11,375          |   |                   | 1,141  |   |
| 2014                       | 13,343          |   |                   | 1,163  |   |
| 2015                       | 12,783          |   |                   | 1,103  |   |
| 2016-2020                  | 68,311          |   |                   | 6,240  |   |

|                                                      |                  |         |            |         |                  |          |        |        |   |         |        |
|------------------------------------------------------|------------------|---------|------------|---------|------------------|----------|--------|--------|---|---------|--------|
| Years ended June 30,                            | 2010   |    | 2009  |    | 2008   |
| (In thousands except per share data)                 |             |    |       |    |             |
| Earnings (loss) from continuing operations           | $                | 103,963 |       |    | $                | (102,507 | )      |   | $ | 132,974 |   |
| Basic average shares outstanding                     | 45,289           |    |       | 45,042  |             |     | 46,928 |   |
| Dilutive effect of stock options and equivalents     | 255              |    |       | — |             |     | 657    |   |
| Diluted average shares outstanding                   | 45,544           |    |       | 45,042  |             |     | 47,585 |   |
| Earnings (loss) per share from continuing operations |             |    |       |    |             |
| Basic                                                | $                | 2.30    |       |    | $                | (2.28    | )      |   | $ | 2.83    |   |
| Diluted                                              | 2.28             |    |       | (2.28   | )                |     | 2.79   |   |

----

|                           |            |        |            |        |        |        |        |        |   |         |        |
|---------------------------|------------|--------|------------|--------|--------|--------|--------|--------|---|---------|--------|
| Years ended June 30, | 2010  |   | 2009  |   | 2008   |
| (In thousands)            |       |   |       |   |   |
| Number of shares          | 188        |   |       | 882    |   |   | 3,225  |   |
| Cost at market value      | $          | 6,274  |       |   | $      | 21,801 |   |   | $ | 150,377 |   |

|                              |       |        |        |        |        |        |        |        |   |      |        |
|------------------------------|-------|--------|--------|--------|--------|--------|--------|--------|---|------|--------|
| Years ended June 30,    | 2010  |   | 2009   |   | 2008   |
| Shares issued (in thousands) | 123   |   |   | 174    |   |   | 108    |   |
| Average fair value           | $     | 4.90   |   |   | $      | 3.23   |   |   | $ | 6.80 |   |
| Average purchase price       | 24.73 |   |   | 16.33  |   |   | 34.50  |   |
| Average market price         | 31.47 |   |   | 21.64  |   |   | 40.59  |   |

----

|                                                     |        |        |                                       |        |                         |        |        |        |        |  |
|-----------------------------------------------------|--------|--------|---------------------------------------|--------|-------------------------|--------|--------|--------|--------|--|
| Restricted Stock                                    | Shares |   | Weighted Average Grant DateFair Value |   | AggregateIntrinsicValue |
| (Shares and Aggregate Intrinsic Value in thousands) |   |   |                                  |   |                    |
| Nonvested at June 30, 2009                     | 143    |   |                                  | $      | 43.81                   |   |   |   |
| Granted                                             | 187    |   |                                  | 28.58  |                    |   |   |
| Vested                                              | (32    | )      |                                  | 29.08  |                    |   |   |
| Forfeited                                           | (9     | )      |                                  | 30.59  |                    |   |   |
| Nonvested at June 30, 2010                     | 289    |   |                                  | 34.81  |                    |   | $      | 8,996  |   |

|                               |        |        |                                      |       |        |        |
|-------------------------------|--------|--------|--------------------------------------|-------|--------|--------|
| Stock Equivalent Units        | Units  |   | Weighted AverageIssue DateFair Value |
| (Units in thousands)          |   |   |                                 |
| Balance at June 30, 2009 | 132    |   |                                 | $     | 36.67  |   |
| Additions                     | 11     |   |                                 | 33.20 |   |
| Converted to common stock     | (17    | )      |                                 | 30.36 |   |
| Balance at June 30, 2010 | 126    |   |                                 | 37.24 |   |

----

|                                                     |         |        |                                       |         |                         |        |        |        |        |  |
|-----------------------------------------------------|---------|--------|---------------------------------------|---------|-------------------------|--------|--------|--------|--------|--|
| Performance-based Restricted Stock                  | Shares  |   | Weighted Average Grant DateFair Value |    | AggregateIntrinsicValue |
| (Shares and Aggregate Intrinsic Value in thousands) |    |   |                                  |    |                    |
| Nonvested at June 30, 2009                     | 172     |   |                                  | $       | 28.60                   |   |   |   |
| Granted                                             | — |   |                                  | — |                    |   |   |
| Forfeited                                           | (7      | )      |                                  | 29.23   |                    |   |   |
| Nonvested at June 30, 2010                     | 165     |   |                                  | 28.55   |                    |   | $      | 5,126  |   |

|                                                    |        |        |                                      |        |                         |        |        |        |        |  |
|----------------------------------------------------|--------|--------|--------------------------------------|--------|-------------------------|--------|--------|--------|--------|--|
| Restricted Stock Units                             | Units  |   | Weighted AverageGrant DateFair Value |   | AggregateIntrinsicValue |
| (Units and Aggregate Intrinsic Value in thousands) |   |   |                                 |   |                    |
| Nonvested at July 1, 2009                     | 61     |   |                                 | $      | 53.65                   |   |   |   |
| Forfeited                                          | (60    | )      |                                 | 53.77  |                    |   |   |
| Nonvested at June 30, 2010                    | 1      |   |                                 | 47.14  |                    |   | $      | 31     |   |
| Nonvested units expected to vest                   | 1      |   |                                 | 47.14  |                    |   | 31     |   |

----

|                                                      |         |        |                              |        |                                         |        |                         |        |        |        |        |  |
|------------------------------------------------------|---------|--------|------------------------------|--------|-----------------------------------------|--------|-------------------------|--------|--------|--------|--------|--|
| Stock Options                                        | Options |   | WeightedAverageExercisePrice |   | WeightedAverageRemainingContractualTerm |   | AggregateIntrinsicValue |
| (Options and Aggregate Intrinsic Value in thousands) |    |   |                         |   |                                    |   |                    |
| Outstanding July 1, 2009                        | 5,166   |   |                         | $      | 41.19                                   |   |                    |   |   |   |
| Granted                                              | 1,271   |   |                         | 28.56  |                                    |   |                    |   |   |
| Exercised                                            | (202    | )      |                         | 28.29  |                                    |   |                    |   |   |
| Forfeited                                            | (339    | )      |                         | 36.41  |                                    |   |                    |   |   |
| Outstanding June 30, 2010                       | 5,896   |   |                         | 39.19  |                                    |   | 5.71 years              |   | $      | 6,906  |   |
| Exercisable June 30, 2010                       | 3,337   |   |                         | 44.52  |                                    |   | 3.61 years              |   | 883    |   |

|                                         |           |        |           |        |           |        |       |   |
|-----------------------------------------|-----------|--------|-----------|--------|-----------|--------|-------|---|
| Years ended June 30,               | 2010      |   | 2009      |   | 2008      |
| Risk-free interest rate                 | 3.0-3.3 % |   | 2.2-3.5 % |   | 4.0-4.7 % |
| Expected dividend yield                 | 3.09      | %      |      | 2.39   | %         |   | 1.24  | % |
| Expected option life                    | 6-8 yrs   |   | 6-8 yrs   |   | 6-8 yrs   |
| Expected stock price volatility         | 25-26 %   |   | 17-18 %   |   | 17-19 %   |
| Weighted average stock price volatility | 25.96     | %      |      | 17.06  | %         |   | 17.24 | % |

----

|                            |        |        |        |
|----------------------------|--------|--------|--------|
| Years ending June 30, |   |
| (In thousands)             |   |
| 2011                       | $      | 19,421 |   |
| 2012                       | 10,199 |   |
| 2013                       | 5,716  |   |
| 2014                       | 4,387  |   |
| 2015                       | 3,945  |   |
| Later years                | 22,005 |   |
| Total minimum rentals      | $      | 65,673 |   |

|                            |                     |        |                   |         |        |        |        |
|----------------------------|---------------------|--------|-------------------|---------|--------|--------|--------|
| Years ending June 30, | RecordedCommitments |   | UnavailableRights |
| (In thousands)             |                |   |              |
| 2011                       | $                   | 9,892  |              |    | $      | 9,683  |   |
| 2012                       | 4,655               |   |              | 6,433   |   |
| 2013                       | 3,558               |   |              | 2,562   |   |
| 2014                       | 748                 |   |              | 883     |   |
| 2015                       | —             |   |              | 80      |   |
| Later years                | —             |   |              | — |   |
| Total amounts payable      | $                   | 18,853 |              |    | $      | 19,641 |   |

----

|                                  |                                                   |         |                   |        |                                            |         |         |        |   |         |        |
|----------------------------------|---------------------------------------------------|---------|-------------------|--------|--------------------------------------------|---------|---------|--------|---|---------|--------|
|                             | MinimumPension/PostRetirementLiabilityAdjustments |    | InterestRateSwaps |   | AccumulatedOtherComprehensiveIncome (Loss) |
| (In thousands)                   |                                              |    |              |   |                                       |
| Balance at June 30, 2007    | $                                                 | 1,670   |              |   | $                                          | 829     |    |   | $ | 2,499   |   |
| Current-year adjustments, pretax | (19,545                                           | )       |              | (3,467 | )                                          |    | (23,012 | )      |
| Tax expense                      | 7,643                                             |    |              | 1,351  |                                       |    | 8,994   |   |
| Other comprehensive loss         | (11,902                                           | )       |              | (2,116 | )                                          |    | (14,018 | )      |
| Balance at June 30, 2008    | (10,232                                           | )       |              | (1,287 | )                                          |    | (11,519 | )      |
| Current-year adjustments, pretax | (33,020                                           | )       |              | 54     |                                       |    | (32,966 | )      |
| Tax expense                      | 12,878                                            |    |              | (21    | )                                          |    | 12,857  |   |
| Other comprehensive loss         | (20,142                                           | )       |              | 33     |                                       |    | (20,109 | )      |
| Balance at June 30, 2009    | (30,374                                           | )       |              | (1,254 | )                                          |    | (31,628 | )      |
| Current-year adjustments, pretax | 3,884                                             |    |              | 2,055  |                                       |    | 5,939   |   |
| Tax expense                      | (1,515                                            | )       |              | (801   | )                                          |    | (2,316  | )      |
| Other comprehensive income       | 2,369                                             |    |              | 1,254  |                                       |    | 3,623   |   |
| Balance at June 30, 2010    | $                                                 | (28,005 | )                 |   | $                                          | — |    |   | $ | (28,005 | )      |

----

----

|                                     |            |           |                  |          |                  |           |         |        |   |           |        |
|-------------------------------------|------------|-----------|------------------|----------|------------------|-----------|---------|--------|---|-----------|--------|
| Years ended June 30,           | 2010  |      | 2009   |     | 2008   |
| (In thousands)                      |       |      |             |     |             |
| Revenues                            |       |      |             |     |             |
| National media                      | $          | 1,105,368 |             |     | $                | 1,134,261 |    |   | $ | 1,233,838 |   |
| Local media                         | 282,362    |      |             | 274,536  |             |      | 318,605 |   |
| Total revenues                      | $          | 1,387,730 |             |     | $                | 1,408,797 |    |   | $ | 1,552,443 |   |
|                                |       |      |             |     |             |
| Operating profit                    |       |      |             |     |             |
| National media                      | $          | 167,423   |             |     | $                | 151,017   |    |   | $ | 188,341   |   |
| Local media                         | 52,910     |      |             | (257,774 | )                |      | 77,860  |   |
| Unallocated corporate               | (37,949    | )         |             | (28,371  | )                |      | (26,549 | )      |
| Income (loss) from operations       | $          | 182,384   |             |     | $                | (135,128  | )       |   | $ | 239,652   |   |
|                                |       |      |             |     |             |
| Depreciation and amortization       |       |      |             |     |             |
| National media                      | $          | 14,406    |             |     | $                | 15,433    |    |   | $ | 20,373    |   |
| Local media                         | 24,417     |      |             | 25,180   |             |      | 26,655  |   |
| Unallocated corporate               | 2,075      |      |             | 1,969    |             |      | 2,125   |   |
| Total depreciation and amortization | $          | 40,898    |             |     | $                | 42,582    |    |   | $ | 49,153    |   |
|                                |       |      |             |     |             |
| Assets                              |       |      |             |     |             |
| National media                      | $          | 992,574   |             |     | $                | 964,615   |    |   | $ | 988,370   |   |
| Local media                         | 609,218    |      |             | 603,659  |             |      | 926,785 |   |
| Unallocated corporate               | 125,524    |      |             | 101,029  |             |      | 144,465 |   |
| Total assets                        | $          | 1,727,316 |             |     | $                | 1,669,303 |    |   | $ | 2,059,620 |   |
|                                |       |      |             |     |             |
| Capital expenditures                |       |      |             |     |             |
| National media                      | $          | 2,277     |             |     | $                | 3,860     |    |   | $ | 8,260     |   |
| Local media                         | 18,807     |      |             | 14,731   |             |      | 16,605  |   |
| Unallocated corporate               | 3,637      |      |             | 4,884    |             |      | 4,755   |   |
| Total capital expenditures          | $          | 24,721    |             |     | $                | 23,475    |    |   | $ | 29,620    |   |

----

|                                      |              |         |                     |         |                          |         |                     |        |                         |         |        |        |         |         |        |        |   |           |        |
|--------------------------------------|--------------|---------|---------------------|---------|--------------------------|---------|---------------------|--------|-------------------------|---------|--------|--------|---------|---------|--------|--------|---|-----------|--------|
| Year ended June 30, 2010        | FirstQuarter |    | Second Quarter |    | Third  Quarter |    | Fourth Quarter |   | Total    |
| (In thousands except per share data) |         |    |                |    |                     |    |                |   |                    |
| Revenues                             |         |    |                |    |                     |    |                |   |                    |
| National media                       | $            | 271,604 |                |    | $                        | 261,175 |                |   | $                       | 284,585 |   |   | $       | 288,004 |   |   | $ | 1,105,368 |   |
| Local media                          | 60,811       |    |                | 75,680  |                     |    | 68,758              |   |                    | 77,113  |   |   | 282,362 |    |
| Total revenues                       | $            | 332,415 |                |    | $                        | 336,855 |                |   | $                       | 353,343 |   |   | $       | 365,117 |   |   | $ | 1,387,730 |   |
| Operating profit                     |         |    |                |    |                     |    |                |   |                    |
| National media                       | $            | 38,593  |                |    | $                        | 31,774  |                |   | $                       | 50,865  |   |   | $       | 46,191  |   |   | $ | 167,423   |   |
| Local media                          | 2,400        |    |                | 17,063  |                     |    | 12,828              |   |                    | 20,619  |   |   | 52,910  |    |
| Unallocated corporate                | (9,411       | )       |                | (11,627 | )                        |    | (7,224              | )      |                    | (9,687  | )      |   | (37,949 | )       |
| Income from operations               | $            | 31,582  |                |    | $                        | 37,210  |                |   | $                       | 56,469  |   |   | $       | 57,123  |   |   | $ | 182,384   |   |
|                                 |         |    |                |    |                     |    |                |   |                    |
| Earnings from continuing operations  | $            | 18,341  |                |    | $                        | 18,954  |                |   | $                       | 33,299  |   |   | $       | 33,369  |   |   | $ | 103,963   |   |
| Discontinued operations              | —      |    |                | — |                     |    | —             |   |                    | — |   |   | — |    |
| Net earnings                         | $            | 18,341  |                |    | $                        | 18,954  |                |   | $                       | 33,299  |   |   | $       | 33,369  |   |   | $ | 103,963   |   |
|                                 |         |    |                |    |                     |    |                |   |                    |
| Basic earnings per share             |         |    |                |    |                     |    |                |   |                    |
| Earnings from continuing operations  | $            | 0.41    |                |    | $                        | 0.42    |                |   | $                       | 0.73    |   |   | $       | 0.74    |   |   | $ | 2.30      |   |
| Net earnings                         | 0.41         |    |                | 0.42    |                     |    | 0.73                |   |                    | 0.74    |   |   | 2.30    |    |
|                                 |         |    |                |    |                     |    |                |   |                    |
| Diluted earnings per share           |         |    |                |    |                     |    |                |   |                    |
| Earnings from continuing operations  | 0.40         |    |                | 0.42    |                     |    | 0.73                |   |                    | 0.73    |   |   | 2.28    |    |
| Net earnings                         | 0.40         |    |                | 0.42    |                     |    | 0.73                |   |                    | 0.73    |   |   | 2.28    |    |
|                                 |         |    |                |    |                     |    |                |   |                    |
| Dividends per share                  | 0.225        |    | 0.225               |    | 0.230                    |    | 0.230               |   | 0.910                   |

----

|                                            |              |         |                     |        |                          |         |                     |        |                         |          |        |        |          |          |        |        |   |           |        |
|--------------------------------------------|--------------|---------|---------------------|--------|--------------------------|---------|---------------------|--------|-------------------------|----------|--------|--------|----------|----------|--------|--------|---|-----------|--------|
| Year ended June 30, 2009              | FirstQuarter |    | Second Quarter |   | Third  Quarter |    | Fourth Quarter |   | Total    |
| (In thousands except per share data)       |         |    |                |   |                     |    |                |   |                    |
| Revenues                                   |         |    |                |   |                     |    |                |   |                    |
| National media                             | $            | 293,667 |                |   | $                        | 276,908 |                |   | $                       | 280,320  |   |   | $        | 283,366  |   |   | $ | 1,134,261 |   |
| Local media                                | 70,403       |    |                | 84,376 |                     |    | 57,274              |   |                    | 62,483   |   |   | 274,536  |     |
| Total revenues                             | $            | 364,070 |                |   | $                        | 361,284 |                |   | $                       | 337,594  |   |   | $        | 345,849  |   |   | $ | 1,408,797 |   |
| Operating profit (loss)                    |         |    |                |   |                     |    |                |   |                    |
| National media                             | $            | 33,890  |                |   | $                        | 23,208  |                |   | $                       | 47,971   |   |   | $        | 45,948   |   |   | $ | 151,017   |   |
| Local media                                | 10,696       |    |                | 22,329 |                     |    | 1,348               |   |                    | (292,147 | )      |   | (257,774 | )        |
| Unallocated corporate                      | (6,435       | )       |                | (9,587 | )                        |    | (5,959              | )      |                    | (6,390   | )      |   | (28,371  | )        |
| Income (loss) from operations              | $            | 38,151  |                |   | $                        | 35,950  |                |   | $                       | 43,360   |   |   | $        | (252,589 | )      |   | $ | (135,128  | )      |
|                                       |         |    |                |   |                     |    |                |   |                    |
| Earnings (loss) from continuing operations | $            | 19,068  |                |   | $                        | 17,403  |                |   | $                       | 24,874   |   |   | $        | (163,852 | )      |   | $ | (102,507  | )      |
| Discontinued operations                    | (431         | )       |                | (4,860 | )                        |    | 554                 |   |                    | 160      |   |   | (4,577   | )        |
| Net earnings (loss)                        | $            | 18,637  |                |   | $                        | 12,543  |                |   | $                       | 25,428   |   |   | $        | (163,692 | )      |   | $ | (107,084  | )      |
|                                       |         |    |                |   |                     |    |                |   |                    |
| Basic earnings (loss) per share            |         |    |                |   |                     |    |                |   |                    |
| Earnings (loss) from continuing operations | $            | 0.42    |                |   | $                        | 0.39    |                |   | $                       | 0.55     |   |   | $        | (3.64    | )      |   | $ | (2.28     | )      |
| Net earnings (loss)                        | 0.41         |    |                | 0.28   |                     |    | 0.56                |   |                    | (3.64    | )      |   | (2.38    | )        |
|                                       |         |    |                |   |                     |    |                |   |                    |
| Diluted earnings (loss) per share          |         |    |                |   |                     |    |                |   |                    |
| Earnings (loss) from continuing operations | 0.42         |    |                | 0.39   |                     |    | 0.55                |   |                    | (3.64    | )      |   | (2.28    | )        |
| Net earnings (loss)                        | 0.41         |    |                | 0.28   |                     |    | 0.56                |   |                    | (3.64    | )      |   | (2.38    | )        |
|                                       |         |    |                |   |                     |    |                |   |                    |
| Dividends per share                        | 0.215        |    |                | 0.215  |                     |    | 0.225               |   |                    | 0.225    |   |   | 0.880    |     |

----

|                                                              |        |            |           |            |             |            |             |            |             |            |             |            |             |           |           |        |           |        |           |        |        |   |           |        |
|--------------------------------------------------------------|--------|------------|-----------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|-----------|-----------|--------|-----------|--------|-----------|--------|--------|---|-----------|--------|
| Years ended June 30,                                    |   | 2010  |      | 2009  |        | 2008  |        | 2007  |        | 2006  |        | 2005  |
| (In thousands except per share data)                         |   |       |      |       |        |       |        |       |        |       |        |       |
| Results of operations                                        |   |       |      |       |        |       |        |       |        |       |        |       |
| Revenues                                                     |   | $          | 1,387,730 |       |        | $          | 1,408,797   |       |        | $          | 1,552,443   |       |        | $         | 1,579,723 |   |      | $      | 1,521,201 |   |   | $ | 1,177,346 |   |
| Costs and expenses                                           |   | 1,164,448  |      |       | 1,206,814   |       |        | 1,263,638  |        |       | 1,251,082   |       |        | 1,215,211 |      |   | 921,894   |   |
| Depreciation and amortization                                |   | 40,898     |      |       | 42,582      |       |        | 49,153     |        |       | 45,015      |       |        | 45,124    |      |   | 34,976    |   |
| Nonrecurring items                                           |   | —    |      |       | 294,529     |       |        | —    |        |       | —     |       |        | —   |      |   | —   |   |
| Income (loss) from operations                                |   | 182,384    |      |       | (135,128    | )          |        | 239,652    |        |       | 283,626     |       |        | 260,866   |      |   | 220,476   |   |
| Net interest expense                                         |   | (18,533    | )         |       | (20,121     | )          |        | (21,300    | )           |       | (25,596     | )          |        | (29,227   | )         |   | (19,002   | )      |
| Nonoperating income (expense)                                |   | —    |      |       | —     |       |        | —    |        |       | —     |       |        | —   |      |   | —   |   |
| Income taxes                                                 |   | 59,888     |      |       | (52,742     | )          |        | 85,378     |        |       | 92,020      |       |        | 90,339    |      |   | 77,948    |   |
| Earnings (loss) from continuing operations                   |   | 103,963    |      |       | (102,507    | )          |        | 132,974    |        |       | 166,010     |       |        | 141,300   |      |   | 123,526   |   |
| Discontinued operations                                      |   | —    |      |       | (4,577      | )          |        | 1,698      |        |       | (3,664      | )          |        | 3,492     |      |   | 4,623     |   |
| Cumulative effect of change in                               |   |       |      |       |        |       |        |       |        |       |        |       |
| accounting principle                                         |   | —    |      |       | —     |       |        | —    |        |       | —     |       |        | —   |      |   | 893       |   |
| Net earnings (loss)                                          |   | $          | 103,963   |       |        | $          | (107,084    | )          |        | $          | 134,672     |       |        | $         | 162,346   |   |      | $      | 144,792   |   |   | $ | 129,042   |   |
| Basic per share information                                  |   |       |      |       |        |       |        |       |        |       |        |       |
| Earnings (loss) from continuing operations                   |   | $          | 2.30      |       |        | $          | (2.28       | )          |        | $          | 2.83        |       |        | $         | 3.46      |   |      | $      | 2.87      |   |   | $ | 2.48      |   |
| Discontinued operations                                      |   | —    |      |       | (0.10       | )          |        | 0.04       |        |       | (0.08       | )          |        | 0.07      |      |   | 0.09      |   |
| Cumulative effect of change in                               |   |       |      |       |        |       |        |       |        |       |        |       |
| accounting principle                                         |   | —    |      |       | —     |       |        | —    |        |       | —     |       |        | —   |      |   | 0.02      |   |
| Net earnings (loss)                                          |   | $          | 2.30      |       |        | $          | (2.38       | )          |        | $          | 2.87        |       |        | $         | 3.38      |   |      | $      | 2.94      |   |   | $ | 2.59      |   |
| Diluted per share information                                |   |       |      |       |        |       |        |       |        |       |        |       |
| Earnings (loss) from continuing operations                   |   | $          | 2.28      |       |        | $          | (2.28       | )          |        | $          | 2.79        |       |        | $         | 3.38      |   |      | $      | 2.79      |   |   | $ | 2.41      |   |
| Discontinued operations                                      |   | —    |      |       | (0.10       | )          |        | 0.04       |        |       | (0.07       | )          |        | 0.07      |      |   | 0.09      |   |
| Cumulative effect of change in                               |   |       |      |       |        |       |        |       |        |       |        |       |
| accounting principle                                         |   | —    |      |       | —     |       |        | —    |        |       | —     |       |        | —   |      |   | 0.02      |   |
| Net earnings (loss)                                          |   | $          | 2.28      |       |        | $          | (2.38       | )          |        | $          | 2.83        |       |        | $         | 3.31      |   |      | $      | 2.86      |   |   | $ | 2.52      |   |
| Average diluted shares outstanding                           |   | 45,544     |      |       | 45,042      |       |        | 47,585     |        |       | 49,108      |       |        | 50,610    |      |   | 51,220    |   |
| Other per share information                                  |   |       |      |       |        |       |        |       |        |       |        |       |
| Dividends                                                    |   | $          | 0.91      |       |        | $          | 0.88        |       |        | $          | 0.80        |       |        | $         | 0.69      |   |      | $      | 0.60      |   |   | $ | 0.52      |   |
| Stock price-high                                             |   | 38.08      |      |       | 31.31  |       | 62.50  |       | 63.41  |       | 56.83       |       | 55.51  |
| Stock price-low                                              |   | 23.61      |      |       | 10.60  |       | 28.01  |       | 45.04  |       | 46.50       |       | 44.51  |
| Financial position at June 30,                          |   |       |      |       |        |       |        |       |        |       |        |       |
| Current assets                                               |   | $          | 381,427   |       |        | $          | 340,140     |       |        | $          | 403,090     |       |        | $         | 452,640   |   |      | $      | 431,520   |   |   | $ | 304,495   |   |
| Working capital                                              |   | (56,879    | )         |       | (9,076      | )          |        | (40,047    | )           |       | (34,389     | )          |        | (32,426   | )         |   | (134,585  | )      |
| Total assets                                                 |   | 1,727,316  |      |       | 1,669,303   |       |        | 2,059,620  |        |       | 2,089,951   |       |        | 2,040,675 |      |   | 1,491,308 |   |
| Long-term obligations (including                             |   |       |      |       |        |       |        |       |        |       |        |       |
| current portion)                                             |   | 318,853    |      |       | 402,411     |       |        | 513,327    |        |       | 505,653     |       |        | 601,499   |      |   | 285,884   |   |
| Shareholders' equity                                         |   | 688,345    |      |       | 609,383     |       |        | 787,855    |        |       | 833,201     |       |        | 698,104   |      |   | 651,827   |   |
| Number of employees at June 30,                         |   | 3,115      |      |       | 3,276  |       | 3,572  |       | 3,166  |       | 3,161  |       | 2,706  |
| Comparable basis reporting1                                  |   |       |      |       |        |       |        |       |        |       |        |       |
| Earnings (loss) from continuing operations                   |   | $          | 103,963   |       |        | $          | (102,507    | )          |        | $          | 132,974     |       |        | $         | 166,010   |   |      | $      | 141,300   |   |   | $ | 123,526   |   |
| Adjustment for goodwill and other intangible assets add back |   |       |      |       |        |       |        |       |        |       |        |       |
| assets amortization add back, net of taxes                   |   | —    |      |       | —     |       |        | —    |        |       | —     |       |        | —   |      |   | —   |   |
| Adjusted earnings (loss) from                                |   |       |      |       |        |       |        |       |        |       |        |       |
| continuing operations                                        |   | $          | 103,963   |       |        | $          | (102,507    | )          |        | $          | 132,974     |       |        | $         | 166,010   |   |      | $      | 141,300   |   |   | $ | 123,526   |   |
| Adjusted earnings (loss) from                                |   |       |      |       |        |       |        |       |        |       |        |       |
| continuing operations                                        |   |       |      |       |        |       |        |       |        |       |        |       |
| Per basic share                                              |   | $          | 2.30      |       |        | $          | (2.28       | )          |        | $          | 2.83        |       |        | $         | 3.46      |   |      | $      | 2.87      |   |   | $ | 2.48      |   |
| Per diluted share                                            |   | 2.28       |      |       | (2.28       | )          |        | 2.79       |        |       | 3.38        |       |        | 2.79      |      |   | 2.41      |   |

|    |                                                                                                                                                                                                                                                                                         |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1. | Meredith adopted accounting guidance on goodwill and other intangible assets effective July 1, 2002. Comparable basis reporting assumes the provisions of this guidance eliminating the amortization of goodwill and certain intangible assets were effective in all periods. |

----

|                                              |        |             |           |             |           |             |           |             |        |             |           |        |        |           |           |        |        |   |           |        |        |        |
|----------------------------------------------|--------|-------------|-----------|-------------|-----------|-------------|-----------|-------------|--------|-------------|-----------|--------|--------|-----------|-----------|--------|--------|---|-----------|--------|--------|--------|
| Years ended June 30,                    |   | 2004   |      | 2003   |      | 2002   |      | 2001   |   | 2000   |      |   |
| (In thousands except per share data)         |   |        |      |        |      |        |      |        |   |        |      |   |
| Results of operations                        |   |        |      |        |      |        |      |        |   |        |      |   |
| Revenues                                     |   | $           | 1,120,298 |        |      | $           | 1,038,478 |        |   | $           | 951,639   |   |   | $         | 1,005,346 |   |   | $ | 1,050,212 |   |   |   |
| Costs and expenses                           |   | 900,988     |      |        | 849,564   |        |      | 797,771     |   |        | 820,914   |   |   | 833,935   |      |   |   |
| Depreciation and amortization                |   | 35,223      |      |        | 36,312    |        |      | 53,620      |   |        | 51,546    |   |   | 52,329    |      |   |   |
| Nonrecurring items                           |   | —     |      |        | —   |        |      | —     |   |        | 25,308    |   |   | 23,096    |      |   |   |
| Income (loss) from operations                |   | 184,087     |      |        | 152,602   |        |      | 100,248     |   |        | 107,578   |   |   | 140,852   |      |   |   |
| Net interest expense                         |   | (22,501     | )         |        | (27,209   | )           |      | (32,589     | )      |        | (31,901   | )      |   | (33,751   | )         |   |   |
| Nonoperating income (expense)                |   | —     |      |        | (1,551    | )           |      | 63,812      |   |        | 21,477    |   |   | —   |      |   |   |
| Income taxes                                 |   | 62,509      |      |        | 47,898    |        |      | 50,854      |   |        | 37,524    |   |   | 48,462    |      |   |   |
| Earnings (loss) from continuing operations   |   | 99,077      |      |        | 75,944    |        |      | 80,617      |   |        | 59,630    |   |   | 58,639    |      |   |   |
| Discontinued operations                      |   | 4,882       |      |        | 5,714     |        |      | 5,070       |   |        | 6,701     |   |   | 7,172     |      |   |   |
| Cumulative effect of change in               |   |        |      |        |      |        |      |        |   |        |      |   |
| accounting principle                         |   | —     |      |        | (85,749   | )           |      | —     |   |        | —   |   |   | —   |      |   |   |
| Net earnings (loss)                          |   | $           | 103,959   |        |      | $           | (4,091    | )           |   | $           | 85,687    |   |   | $         | 66,331    |   |   | $ | 65,811    |   |   |   |
| Basic per share information                  |   |        |      |        |      |        |      |        |   |        |      |   |
| Earnings (loss) from continuing operations   |   | $           | 1.97      |        |      | $           | 1.53      |        |   | $           | 1.63      |   |   | $         | 1.19      |   |   | $ | 1.14      |   |   |   |
| Discontinued operations                      |   | 0.10        |      |        | 0.11      |        |      | 0.10        |   |        | 0.14      |   |   | 0.14      |      |   |   |
| Cumulative effect of change in               |   |        |      |        |      |        |      |        |   |        |      |   |
| accounting principle                         |   | —     |      |        | (1.72     | )           |      | —     |   |        | —   |   |   | —   |      |   |   |
| Net earnings (loss)                          |   | $           | 2.07      |        |      | $           | (0.08     | )           |   | $           | 1.73      |   |   | $         | 1.33      |   |   | $ | 1.28      |   |   |   |
| Diluted per share information                |   |        |      |        |      |        |      |        |   |        |      |   |
| Earnings (loss) from continuing operations   |   | $           | 1.91      |        |      | $           | 1.48      |        |   | $           | 1.57      |   |   | $         | 1.16      |   |   | $ | 1.11      |   |   |   |
| Discontinued operations                      |   | 0.09        |      |        | 0.11      |        |      | 0.10        |   |        | 0.13      |   |   | 0.14      |      |   |   |
| Cumulative effect of change in               |   |        |      |        |      |        |      |        |   |        |      |   |
| accounting principle                         |   | —     |      |        | (1.67     | )           |      | —     |   |        | —   |   |   | —   |      |   |   |
| Net earnings (loss)                          |   | $           | 2.00      |        |      | $           | (0.08     | )           |   | $           | 1.67      |   |   | $         | 1.29      |   |   | $ | 1.25      |   |   |   |
| Average diluted shares outstanding           |   | 51,926      |      |        | 51,276    |        |      | 51,230      |   |        | 51,354    |   |   | 52,774    |      |   |   |
| Other per share information                  |   |        |      |        |      |        |      |        |   |        |      |   |
| Dividends                                    |   | $           | 0.43      |        |      | $           | 0.37      |        |   | $           | 0.35      |   |   | $         | 0.33      |   |   | $ | 0.31      |   |   |   |
| Stock price-high                             |   | 55.94  |      | 47.75  |      | 45.00  |      | 38.97  |   | 42.00  |      |   |
| Stock price-low                              |   | 43.65  |      | 33.42  |      | 26.50  |      | 26.75  |   | 22.37  |      |   |
| Financial position at June 30,          |   |        |      |        |      |        |      |        |   |        |      |   |
| Current assets                               |   | $           | 314,014   |        |      | $           | 268,429   |        |   | $           | 272,211   |   |   | $         | 291,082   |   |   | $ | 288,799   |   |   |   |
| Working capital                              |   | (56,736     | )         |        | (28,682   | )           |      | (35,195     | )      |        | (80,324   | )      |   | (69,902   | )         |   |   |
| Total assets                                 |   | 1,465,927   |      |        | 1,431,824 |        |      | 1,460,264   |   |        | 1,437,747 |   |   | 1,439,773 |      |   |   |
| Long-term obligations (including             |   |        |      |        |      |        |      |        |   |        |      |   |
| current portion)                             |   | 332,953     |      |        | 419,574   |        |      | 429,331     |   |        | 505,758   |   |   | 541,146   |      |   |   |
| Shareholders' equity                         |   | 609,971     |      |        | 517,763   |        |      | 525,489     |   |        | 462,582   |   |   | 391,965   |      |   |   |
| Number of employees at June 30,         |   | 2,696  |      | 2,633  |      | 2,569  |      | 2,616  |   | 2,703  |      |   |
| Comparable basis reporting1                  |   |        |      |        |      |        |      |        |   |        |      |   |
| Earnings (loss) from continuing operations   |   | $           | 99,077    |        |      | $           | 75,944    |        |   | $           | 80,617    |   |   | $         | 59,630    |   |   | $ | 58,639    |   |   |   |
| Adjustment for goodwill and other intangible |   |        |      |        |      |        |      |        |   |        |      |   |
| assets amortization add back, net of taxes   |   | —     |      |        | —   |        |      | 11,998      |   |        | 12,106    |   |   | 12,103    |      |   |   |
| Adjusted earnings (loss) from                |   |        |      |        |      |        |      |        |   |        |      |   |
| continuing operations                        |   | $           | 99,077    |        |      | $           | 75,944    |        |   | $           | 92,615    |   |   | $         | 71,736    |   |   | $ | 70,742    |   |   |   |
| Adjusted earnings (loss) from                |   |        |      |        |      |        |      |        |   |        |      |   |
| continuing operations                        |   |        |      |        |      |        |      |        |   |        |      |   |
| Per basic share                              |   | $           | 1.97      |        |      | $           | 1.53      |        |   | $           | 1.87      |   |   | $         | 1.44      |   |   | $ | 1.38      |   |   |   |
| Per diluted share                            |   | 1.91        |      |        | 1.48      |        |      | 1.81        |   |        | 1.40      |   |   | 1.34      |      |   |   |

|    |                                                                                                                                                                                                                                                                                        |        |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| 1. | Meredith adopted accounting guidance on goodwill and other intangible assets effective July 1, 2002. Comparable basis reporting assumes the provisions of the guidance eliminating the amortization of goodwill and certain intangible assets were effective in all periods. |   |

----

----

|                                                                             |                              |        |                             |        |                         |        |            |        |                        |         |        |        |        |         |   |        |   |        |        |
|-----------------------------------------------------------------------------|------------------------------|--------|-----------------------------|--------|-------------------------|--------|------------|--------|------------------------|---------|--------|--------|--------|---------|---|--------|---|--------|--------|
|                                                                        |                         |   | Additions                   |   |                    |
| Reserves Deducted from Receivables inthe Consolidated Financial Statements: | Balance atbeginning ofperiod |   | Charged tocosts andexpenses |   | Charged tootheraccounts |   | Deductions |   | Balance atend ofperiod |
| (In thousands)                                                              |                         |   |                        |   |                    |   |       |   |                   |
| Fiscal year ended June 30, 2010                                        |                         |   |                        |   |                    |   |       |   |                   |
| Reserve for doubtful accounts                                               | $                            | 10,999 |                        |   | $                       | 4,315  |       |   | $                      | — |   |   | $      | (8,551  | ) |   | $ | 6,763  |   |
| Reserve for returns                                                         | 2,811                        |   |                        | 12,058 |                    |   | —    |   |                   | (10,652 | )      |   | 4,217  |    |
| Total                                                                       | $                            | 13,810 |                        |   | $                       | 16,373 |       |   | $                      | — |   |   | $      | (19,203 | ) |   | $ | 10,980 |   |
| Fiscal year ended June 30, 2009                                        |                         |   |                        |   |                    |   |       |   |                   |
| Reserve for doubtful accounts                                               | $                            | 11,109 |                        |   | $                       | 3,319  |       |   | $                      | — |   |   | $      | (3,429  | ) |   | $ | 10,999 |   |
| Reserve for returns                                                         | 12,835                       |   |                        | 12,495 |                    |   | —    |   |                   | (22,519 | )      |   | 2,811  |    |
| Total                                                                       | $                            | 23,944 |                        |   | $                       | 15,814 |       |   | $                      | — |   |   | $      | (25,948 | ) |   | $ | 13,810 |   |
| Fiscal year ended June 30, 2008                                        |                         |   |                        |   |                    |   |       |   |                   |
| Reserve for doubtful accounts                                               | $                            | 10,248 |                        |   | $                       | 6,530  |       |   | $                      | — |   |   | $      | (5,669  | ) |   | $ | 11,109 |   |
| Reserve for returns                                                         | 10,754                       |   |                        | 34,123 |                    |   | —    |   |                   | (32,042 | )      |   | 12,835 |    |
| Total                                                                       | $                            | 21,002 |                        |   | $                       | 40,653 |       |   | $                      | — |   |   | $      | (37,711 | ) |   | $ | 23,944 |   |

----

|        |                      |        |
|--------|----------------------|--------|
|   |  PART III  |   |

----

|                               |                                                                                               |                                                                                      |                                                                                                                                                     |
|-------------------------------|-----------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| Plan Category                 | (a)Number of securities tobe issued upon exerciseof outstanding options, warrants, and rights | (b)Weighted average exercise price of outstanding options, warrants, and rights | (c)Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
| Equity compensation plans     |                                                                                          |                                                                                 |                                                                                                                                                |
| approved by shareholders      | 6,021,279                                                                                     | $39.15                                                                               | 5,110,174                                                                                                                                           |
| Equity compensation plans not |                                                                                          |                                                                                 |                                                                                                                                                |
| approved by shareholders      | None                                                                                          | NA                                                                                   | None                                                                                                                                                |
| Total                         | 6,021,279                                                                                     | $39.15                                                                               | 5,110,174                                                                                                                                           |

----

|        |                     |        |
|--------|---------------------|--------|
|   |  PART IV  |   |

|        |                                                                  |                                                                                                                                                                                                                                                       |        |                                                                                                                                                                                                                         |
|--------|------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a)    | Financial Statements, Financial Statement Schedule, and Exhibits |
|   |                                                             |                                                                                                                                                                                                                                                  |
|   | 1.                                                               | Financial Statements                                                                                                                                                                                                                                  |
|   |                                                             |                                                                                                                                                                                                                                                  |
|   |                                                             | Report of Independent Registered Public Accounting Firm                                                                                                                                                                                               |
|   |                                                             | Consolidated Balance Sheets as of June 30, 2010 and 2009                                                                                                                                                                                         |
|   |                                                             | Consolidated Statements of Earnings (Loss) for the Years Ended June 30, 2010, 2009, and 2008                                                                                                                                                     |
|   |                                                             | Consolidated Statements of Shareholders' Equity for the Years Ended June 30, 2010, 2009, and 2008                                                                                                                                                |
|   |                                                             | Consolidated Statements of Cash Flows for the Years Ended June 30, 2010, 2009, and 2008                                                                                                                                                          |
|   |                                                             | Notes to Consolidated Financial Statements                                                                                                                                                                                                            |
|   |                                                             | Eleven-Year Financial History with Selected Financial Data                                                                                                                                                                                            |
|   |                                                             |                                                                                                                                                                                                                                                  |   |
|   | 2.                                                               | Financial Statement Schedule for the years ended June 30, 2010, 2009, and 2008                                                                                                                                                                   |
|   |                                                             |                                                                                                                                                                                                                                                  |
|   |                                                             | Schedule II-Valuation and Qualifying Accounts                                                                                                                                                                                                         |
|   |                                                             |                                                                                                                                                                                                                                                  |   |
|   |                                                             | All other Schedules have been omitted because the items required by such schedules are not present in the consolidated financial statements, are covered in the consolidated financial statements or notes thereto, or are not significant in amount. |
|   |                                                             |                                                                                                                                                                                                                                                  |   |
|   | 3.                                                               | Exhibits                                                                                                                                                                                                                                              |
|   |                                                             |                                                                                                                                                                                                                                                  |
|   |                                                             | Certain of the exhibits to this Form 10-K are incorporated herein by reference, as specified:                                                                                                                                                    |
|   |                                                             | (See Index to Attached Exhibits on page E-1 of this Form 10-K.)                                                                                                                                                                        |
|   |                                                             |                                                                                                                                                                                                                                                  |   |
|   |                                                             | 3.1                                                                                                                                                                                                                                                   |   | The Company's Restated Articles of Incorporation, as amended, are incorporated herein by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the period ended December 31, 2003. |
|   |                                                             |                                                                                                                                                                                                                                                  |   |

----

|        |        |        |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   | 3.2    |   | The Restated Bylaws, as amended, are incorporated herein by reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2004.                                                                                                                                                                                                                                                                                                                 |
|   |   |   |   |
|   |   | 4.1    |   | Note Purchase Agreement dated as of June 16, 2008, among Meredith Corporation, as issuer and seller, and named purchasers is incorporated herein by reference to Exhibit 4.4 to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2009. First amendment dated as of July 13, 2009, to the aforementioned agreement is incorporated herein by reference to Exhibit 4.5 to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2009. |
|   |   |   |   |
|   |   | 4.2    |   | Note Purchase Agreement dated as of July 13, 2009, among Meredith Corporation, as issuer and seller, and named purchasers is incorporated herein by reference to Exhibit 4.3 to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2009.                                                                                                                                                                                                                              |
|   |   |   |   |
|   |   | 4.3    |   | Credit Agreement dated June 16, 2010, among Meredith Corporation and a group of banks including Bank of America, N.A., as Administrative Agent and L/C Issuer is incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed June 18, 2010.                                                                                                                                                                                                         |
|   |   |   |   |
|   |   | 10.1   |   | Indemnification Agreement in the form entered into between the Company and its officers and directors is incorporated herein by reference to Exhibit 10 to the Company's Quarterly Report on Form 10-Q for the period ending December 31, 1988.*                                                                                                                                                                                                                                          |
|   |   |   |   |
|   |   | 10.2   |   | Meredith Corporation Deferred Compensation Plan, dated as of November 8, 1993, is incorporated herein by reference to Exhibit 10 to the Company's Quarterly Report on Form 10-Q for the period ending December 31, 1993.*                                                                                                                                                                                                                                                            |
|   |   |   |   |
|   |   | 10.3   |   | Meredith Corporation Management Incentive Plan is incorporated herein by reference to Exhibit 10.3 to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1999.*                                                                                                                                                                                                                                                                                                  |
|   |   |   |   |
|   |   | 10.4   |   | Meredith Corporation Stock Plan for Non-Employee Directors is incorporated herein by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the period ended December 31, 2002.*                                                                                                                                                                                                                                                                                    |
|   |   |   |   |
|   |   | 10.5   |   | Amended and Restated Replacement Benefit Plan effective January 1, 2001, is incorporated herein by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2003.*                                                                                                                                                                                                                                                                  |
|   |   |   |   |
|   |   | 10.6   |   | Amended and Restated Supplemental Benefit Plan effective January 1, 2001, is incorporated herein by reference to Exhibit 10.18 to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2003.*                                                                                                                                                                                                                                                                 |
|   |   |   |   |
|   |   | 10.7   |   | Form of Nonqualified Stock Option Award Agreement between Meredith Corporation and the named employee for the 2004 Stock Incentive Plan is incorporated herein by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the period ended December 31, 2004.*                                                                                                                                                                                                       |
|   |   |   |   |
|   |   | 10.8   |   | Form of Restricted Stock Unit Award Agreement between Meredith Corporation and the named employee for the 2004 Stock Incentive Plan is incorporated herein by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed August 8, 2005.*                                                                                                                                                                                                                                |
|   |   |   |   |
|   |   | 10.9   |   | Meredith Corporation 2004 Stock Incentive Plan is incorporated herein by reference to Exhibit 10.14 to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2008.*                                                                                                                                                                                                                                                                                                 |
|   |   |   |   |

----

|        |        |        |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   | 10.10  |   | Form of Restricted Stock Award Agreement between Meredith Corporation and the named employee for the 2004 Stock Incentive Plan is incorporated herein by reference to Exhibit 10.15 to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2008.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |   |   |
|   |   | 10.11  |   | Form of Restricted Stock Award Agreement (performance based) between Meredith Corporation and the named employee for the 2004 Stock Incentive Plan is incorporated herein by reference to the Company's Current Report on Form 8-K filed August 18, 2008.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |   |   |
|   |   | 10.12  |   | Amended and Restated Severance Agreement in the form entered into between the Company and its executive officers is incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended December 31, 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |   |   |
|   |   | 10.13  |   | Letter employment agreement dated February 14, 2005, between Meredith Corporation and Paul A. Karpowicz is incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K filed February 10, 2005. First amendment to the aforementioned agreement is incorporated herein by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the period ended December 31, 2008.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |   |   |
|   |   | 10.14  |   | Employment Agreement dated January 20, 2006, and re-executed August 24, 2009, between Meredith Corporation and Stephen M. Lacy is incorporated herein by reference to Exhibit 10.15 to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2009.  First amendment to the aforementioned agreement is incorporated herein by reference to Exhibit 10 to the Company's Current Report on Form 8-K filed November 10, 2009.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |   |   |
|   |   | 10.15  |   | Employment Agreement dated August 14, 2008, and re-executed August 24, 2009, between Meredith Corporation and John S. Zieser is incorporated herein by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2009.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   |   |   |
|   |   | 10.16  |   | Letter employment agreement dated September 26, 2008, between Meredith Corporation and Joseph H. Ceryanec is incorporated herein by reference to the Company's Current Report on Form 8-K filed October 1, 2008. First amendment to the aforementioned agreement is incorporated herein by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the period ended December 31, 2008.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |   |   |
|   |   | 10.17  |   | Separation Agreement and Release dated August 1, 2010, between Meredith Corporation and John H. (Jack) Griffin, Jr.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |   |   |
|   |   | 10.18  |   | Receivables Sale Agreement dated as of April 9, 2002 among Meredith Corporation, as Sole Initial Originator and Meredith Funding Corporation (a wholly-owned subsidiary of Meredith Corporation), as buyer is incorporated herein by reference to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2002. Receivables Purchase Agreement dated as of April 9, 2002 among Meredith Funding Corporation, as Seller, Meredith Corporation, as Servicer, Falcon Asset Securitization Corporation, The Financial Institutions from time to time party hereto and Bank One, NA (Main Office Chicago), as Agent, is incorporated herein by reference to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2002. Eighth amendment to the aforementioned agreements is incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2009. Ninth amendment to the aforementioned agreements is incorporated herein by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2009. Eleventh amendment to the aforementioned agreements is incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2009. Twelfth amendment to the aforementioned agreements is incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2010. |
|   |   |   |   |

----

|                                                                                                                                                                                                                                                                              |        |        |        |                                                                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                         |   | 21     |   | Subsidiaries of the Registrant                                                                                                                                                           |
|                                                                                                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                                                                                                         |   | 23     |   | Consent of Independent Registered Public Accounting Firm                                                                                                                                 |
|                                                                                                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                                                                                                         |   | 31.1   |   | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.                                             |
|                                                                                                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                                                                                                         |   | 31.2   |   | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.                                             |
|                                                                                                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                                                                                                         |   | 32     |   | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|                                                                                                                                                                                                                                                                         |   |   |   |
| The Company agrees to furnish to the Commission, upon request, a copy of each agreement with respect to long-term debt of the Company for which the amount authorized thereunder does not exceed 10 percent of the total assets of the Company on a consolidated basis. |
|                                                                                                                                                                                                                                                                         |   |   |   |
| * Management contract or compensatory plan or arrangement                                                                                                                                                                                                                    |

----

|                                                                        |
|------------------------------------------------------------------------|
| MEREDITH CORPORATION                                                   |
|  By  /s/  John S. Zieser                                |
| John S. Zieser,Chief Development Officer/General Counsel and Secretary |

|                                                                                                        |        |                                                                                                                       |
|--------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                   |   |                                                                                                                  |
| /s/  Joseph H. Ceryanec                                                                      |   | /s/  Stephen M. Lacy                                                                                        |
| Joseph H. Ceryanec, Vice President -Chief Financial Officer(Principal Financial and AccountingOfficer) |   | Stephen M. Lacy, Chairman of the Board, President, Chief ExecutiveOfficer, and Director (Principal Executive Officer) |
|                                                                                                   |   |                                                                                                                  |
| /s/  D. Mell Meredith Frazier                                                                |   | /s/  Mary Sue Coleman                                                                                       |
| D. Mell Meredith Frazier,Vice Chairman of the Board and Director                                       |   | Mary Sue Coleman, Director                                                                                            |
|                                                                                                   |   |                                                                                                                  |
| /s/  James R. Craigie                                                                        |   | /s/  Alfred H. Drewes                                                                                       |
| James R. Craigie, Director                                                                             |   | Alfred H. Drewes, Director                                                                                            |
|                                                                                                   |   |                                                                                                                  |
| /s/  Frederick B. Henry                                                                      |   | /s/  Joel W. Johnson                                                                                        |
| Frederick B. Henry, Director                                                                           |   | Joel W. Johnson, Director                                                                                             |
|                                                                                                   |   |                                                                                                                  |
| /s/  Philip A. Marineau                                                                      |   | /s/  Elizabeth E. Tallett                                                                                   |
| Philip A. Marineau, Director                                                                           |   | Elizabeth E. Tallett, Director                                                                                        |
|                                                                                                   |   |                                                                                                                  |

----

|               |                                                           |        |                                                                                                                                                                                          |
|---------------|-----------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNumber |                                                      | Item   |
|          |                                                      |   |                                                                                                                                                                                     |
|          | 10.17                                                     |   | Separation Agreement and Release dated August 1, 2010, between Meredith Corporation and John H. (Jack) Griffin, Jr. *                                                               |
|          |                                                      |   |                                                                                                                                                                                     |
|          | 21                                                        |   | Subsidiaries of the Registrant.                                                                                                                                                          |
|          |                                                      |   |                                                                                                                                                                                     |
|          | 23                                                        |   | Consent of Independent Registered Public Accounting Firm.                                                                                                                                |
|          |                                                      |   |                                                                                                                                                                                     |
|          | 31.1                                                      |   | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.                                             |
|          |                                                      |   |                                                                                                                                                                                     |
|          | 31.2                                                      |   | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.                                             |
|          |                                                      |   |                                                                                                                                                                                     |
|          | 32                                                        |   | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|          |                                                      |   |                                                                                                                                                                                     |
|          | * Management contract or compensatory plan or arrangement |