Hawkeye Acquisition (MDP) 10-Q 24 Oct 13 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Sep. 30, 2013
Document Information [Line Items]
Entity Registrant Name	MEREDITH CORP
Entity Central Index Key	65011
Document Type	10-Q
Document Period End Date	30-Sep-13
Amendment Flag	FALSE
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	-24
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	44,703,128
Company Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	36,388,802
Class B Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	8,314,326

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Current assets
Cash and cash equivalents	$16,368	$27,674
Accounts receivable, net	237,025	232,305
Inventories	28,974	28,386
Current portion of subscription acquisition costs	96,758	97,982
Current portion of broadcast rights	8,402	2,831
Other current assets	20,854	18,514
Total current assets	408,381	407,692
Property, plant, and equipment	464,916	464,255
Less accumulated depreciation	-283,236	-277,938
Net property, plant, and equipment	181,680	186,317
Subscription acquisition costs	95,646	99,433
Broadcast rights	4,283	3,634
Other assets	71,412	69,848
Intangible assets, net	580,908	584,281
Goodwill	788,786	788,854
Total assets	2,131,096	2,140,059
Current liabilities
Current portion of long-term debt	25,000	50,000
Current portion of long-term broadcast rights payable	8,638	4,089
Accounts payable	62,047	78,458
Accrued expenses and other liabilities	111,639	132,676
Current portion of unearned subscription revenues	189,226	191,448
Total current liabilities	396,550	456,671
Long-term debt	345,000	300,000
Long-term broadcast rights payable	6,082	5,096
Unearned subscription revenues	158,042	163,809
Deferred income taxes	255,977	247,487
Other noncurrent liabilities	111,667	112,700
Total liabilities	1,273,318	1,285,763
Shareholders' equity
Additional paid-in capital	47,398	50,170
Retained earnings	781,628	775,901
Accumulated other comprehensive loss	-15,951	-16,341
Total shareholders' equity	857,778	854,296
Total liabilities and shareholders' equity	2,131,096	2,140,059
Preferred Stock [Member]
Shareholders' equity
Series preferred stock	0	0
Common Stock [Member]
Shareholders' equity
Common stock	36,389	36,242
Common Class B [Member]
Shareholders' equity
Common stock	$8,314	$8,324

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Earnings (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Revenues
Advertising	$198,547	$207,122
Circulation	75,734	75,489
All other	82,171	71,546
Total revenues	356,452	354,157
Operating expenses
Production, distribution, and editorial	140,777	140,611
Selling, general, and administrative	161,072	156,314
Depreciation and amortization	11,795	11,927
Total operating expenses	313,644	308,852
Income from operations	42,808	45,305
Interest expense, net	-2,713	-3,686
Earnings before income taxes	40,095	41,619
Income taxes	-16,054	-16,764
Net earnings	$24,041	$24,855
Basic earnings per share
Basic earnings per share	$0.54	$0.56
Basic average shares outstanding	44,648	44,494
Diluted earnings per share
Diluted earnings per share	$0.53	$0.55
Diluted average shares outstanding	45,432	45,043
Dividends paid per share	$0.41	$0.38

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Statement of Comprehensive Income [Abstract]
Net earnings	$24,041	$24,855
Other comprehensive income, net of income taxes
Pension and other postretirement benefit plans activity	390	364
Other comprehensive income, net of income taxes	390	364
Comprehensive income	$24,431	$25,219

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Shareholders' Equity (USD $)	Total	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Common Class B [Member]	Common Class B [Member]	Common Class B [Member]	Common Stock [Member]	Common Stock [Member]	Common Stock [Member]
In Thousands, unless otherwise specified						Common Stock [Member]	Retained Earnings [Member]			Retained Earnings [Member]
Balance at Jun. 30, 2013	$854,296	$50,170	$775,901	($16,341)		$8,324			$36,242
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	24,041		24,041
Pension and other postretirement benefit plans reclassifications, net of income taxes	390			390
Purchases of Company stock	-48,959	-47,935	0			0			-1,024
Share-based compensation	4,244	4,244
Conversion of Class B to common stock	0					-10			10
Dividends paid					-3,389		-3,389	-14,925		-14,925
Tax benefit from incentive plans	-1,788	-1,788
Share-based incentive plan transactions	43,868	42,707							1,161
Balance at Sep. 30, 2013	$857,778	$47,398	$781,628	($15,951)		$8,314			$36,389

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net earnings	$24,041	$24,855
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities
Depreciation	8,423	9,001
Amortization	3,372	2,926
Share-based compensation	4,244	4,557
Deferred income taxes	8,746	11,379
Amortization of broadcast rights	2,245	2,626
Payments for broadcast rights	-2,930	-3,212
Excess tax benefits from share-based payments	-3,063	-1,216
Changes in assets and liabilities	-51,506	-40,343
Net cash provided by (used in) operating activities	-6,428	10,573
Net Cash Provided by (Used in) Investing Activities [Abstract]
Acquisitions of and investments in businesses	-750	-3,291
Additions to property, plant, and equipment	-3,786	-5,678
Net cash used in investing activities	-4,536	-8,969
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance of long-term debt	91,000	35,000
Repayments of long-term debt	-71,000	-10,000
Dividends paid	-18,314	-17,086
Purchases of Company stock	-48,959	-18,305
Proceeds from common stock issued	43,868	10,086
Excess tax benefits from share-based payments	3,063	1,216
Other	0	-763
Net cash provided by (used in) financing activities	-342	148
Net increase (decrease) in cash and cash equivalents	-11,306	1,752
Cash and cash equivalents, at beginning of period	27,674	25,820
Cash and cash equivalents, at end of period	$16,368	$27,572

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
Summary of Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies
	Basis of presentation—The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements. The Company's use of special-purpose entities is limited to Meredith Funding Corporation, whose activities are fully consolidated in Meredith's condensed consolidated financial statements.
	The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements, which are included in Meredith's Annual Report on Form 10‑K for the year ended June 30, 2013, filed with the United States Securities and Exchange Commission.
	The condensed consolidated financial statements as of September 30, 2013, and for the three months ended September 30, 2013 and 2012, are unaudited but, in management's opinion, include all normal, recurring adjustments necessary for a fair presentation of the results of interim periods. The year-end condensed consolidated balance sheet data as of June 30, 2013, was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year.
	Recently Adopted Accounting Standards—In February 2013, the Financial Accounting Standards Board (FASB) issued guidance related to Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. This update is effective for us in our first quarter of fiscal 2014. The adoption of this guidance required a change in the format of presentation only. The adoption of this guidance did not have an impact on our results of operations or financial position.
	Recently Issued Accounting Standards—In July 2013, the FASB issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. The guidance is effective for us in our first quarter of fiscal 2015 with earlier adoption permitted. Retrospective application of the guidance is also permitted. While the adoption of this guidance will not have an impact on our results of operations or cash flows, we are currently evaluating the impact of presenting unrecognized tax benefits net of our deferred tax assets where applicable on our Condensed Consolidated Balance Sheets.

Inventories

Inventories	3 Months Ended
	Sep. 30, 2013
Inventory Disclosure [Abstract]
Inventories [Text Block]	Inventories
	Major components of inventories are summarized below. Of total net inventory values shown, 49 percent are under the last-in first-out (LIFO) method at September 30, 2013, and 50 percent at June 30, 2013.
	(In thousands)	September 30,				June 30,
		2013				2013
	Raw materials		$	13,500		$	14,336
	Work in process		17,558			16,392
	Finished goods		2,938			2,680
			33,996			33,408
	Reserve for LIFO cost valuation		(5,022		)	(5,022		)
	Inventories		$	28,974		$	28,386

Intangible_Assets_and_Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill [Text Block]	Intangible Assets and Goodwill
	Intangible assets consist of the following:
		September 30, 2013								June 30, 2013
	(In thousands)	Gross			Accumulated			Net		Gross		Accumulated			Net
		Amount			Amortization			Amount		Amount		Amortization			Amount
	Intangible assets
	subject to amortization
	National media
	Advertiser relationships	$	8,752		$	(4,460	)	$	4,292	$	8,752	$	(3,755	)	$	4,997
	Customer lists	16,257			(11,991		)	4,266		16,387		(11,242		)	5,145
	Other	17,105			(3,608		)	13,497		16,805		(3,041		)	13,764
	Local media
	Network affiliation agreements	218,559			(118,755		)	99,804		218,559		(117,533		)	101,026
	Total	$	260,673		$	(138,814	)	121,859		$	260,503	$	(135,571	)	124,932
	Intangible assets not
	subject to amortization
	National media
	Internet domain names							1,827							1,827
	Trademarks							158,146							158,446
	Local media
	FCC licenses							299,076							299,076
	Total							459,049							459,349
	Intangible assets, net							$	580,908						$	584,281
	Amortization expense was $3.4 million for the three months ended September 30, 2013. Annual amortization expense for intangible assets is expected to be as follows: $12.7 million in fiscal 2014, $10.4 million in fiscal 2015, $7.9 million in fiscal 2016, $6.6 million in fiscal 2017, and $6.1 million in fiscal 2018.
	Changes in the carrying amount of national media goodwill were as follows:
	Three months ended September 30,	2013			2012
	(In thousands)
	Balance at beginning of period	$	788,854		$	733,127
	Acquisitions	(68		)	1,500
	Balance at end of period	$	788,786		$	734,627

Restructuring_Accrual

Restructuring Accrual	3 Months Ended
	Sep. 30, 2013
Restructuring and Related Activities [Abstract]
Restructuring Accrual [Text Block]	Restructuring Accrual
	Changes in the Company's restructuring accrual were as follows:
	Three months ended September 30,	2013			2012
	(In thousands)
	Balance at beginning of period	$	8,103		$	10,644
	Cash payments	(1,402		)	(2,487		)
	Balance at end of period	$	6,701		$	8,157

Longterm_Debt

Long-term Debt	3 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]
Long-term Debt [Text Block]	Long-term Debt
	Long-term debt consists of the following:
	(In thousands)	September 30,				June 30,
		2013				2013
	Variable-rate credit facilities
	Asset-backed bank facility of $100 million, due 4/24/2015		$	75,000		$	75,000
	Revolving credit facility of $150 million, due 9/12/2017		70,000			—
	Private placement notes
	6.70% senior notes, due 7/13/2013		—			50,000
	7.19% senior notes, due 7/13/2014		25,000			25,000
	2.62% senior notes, due 3/1/2015		50,000			50,000
	3.04% senior notes, due 3/1/2016		50,000			50,000
	3.04% senior notes, due 3/1/2017		50,000			50,000
	3.04% senior notes, due 3/1/2018		50,000			50,000
	Total long-term debt		370,000			350,000
	Current portion of long-term debt		(25,000		)	(50,000		)
	Long-term debt		$	345,000		$	300,000
	In connection with the asset-backed bank facility, Meredith entered into a revolving agreement to sell all of its rights, title, and interest in the majority of its accounts receivable related to advertising and miscellaneous revenues to Meredith Funding Corporation, a special-purpose entity established to purchase accounts receivable from Meredith. At September 30, 2013, $161.6 million of accounts receivable net of reserves was outstanding under the agreement. Meredith Funding Corporation in turn may sell receivable interests to a major national bank. In consideration of the sale, Meredith receives cash and a subordinated note, bearing interest at the prime rate, 3.25 percent at September 30, 2013, from Meredith Funding Corporation. The agreement is structured as a true sale under which the creditors of Meredith Funding Corporation will be entitled to be satisfied out of the assets of Meredith Funding Corporation prior to any value being returned to Meredith or its creditors. The accounts of Meredith Funding Corporation are fully consolidated in Meredith's condensed consolidated financial statements.

Pension_and_Postretirement_Ben

Pension and Postretirement Benefit Plans	3 Months Ended
	Sep. 30, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Pension and Postretirement Benefit Plans [Text Block]	Pension and Postretirement Benefit Plans
	The following table presents the components of net periodic benefit costs:
	Three months ended September 30,	2013			2012
	(In thousands)
	Pension benefits
	Service cost	$	2,538		$	2,525
	Interest cost	1,398			1,228
	Expected return on plan assets	(2,422		)	(2,366		)
	Prior service cost amortization	81			90
	Actuarial loss amortization	511			813
	Net periodic benefit costs	$	2,106		$	2,290
	Postretirement benefits
	Service cost	$	65		$	94
	Interest cost	131			153
	Prior service cost amortization	(125		)	(134		)
	Actuarial gain amortization	(61		)	—
	Curtailment credit	(1,511		)	—
	Net periodic benefit costs (benefit)	$	(1,501	)	$	113
	The amortization of amounts related to unrecognized prior service costs and net actuarial loss were reclassified out of other comprehensive income as components of net periodic benefit costs.
	The curtailment credit was triggered by a change in the postretirement benefit plan to no longer subsidize retiree medical coverage and life insurance to future non-union retirees.

Earnings_per_Share

Earnings per Share	3 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]
Earnings per Share [Text Block]	Earnings per Share
	The following table presents the calculations of earnings per share:
	Three months ended September 30,	2013		2012
	(In thousands except per share data)
	Net earnings	$	24,041	$	24,855
	Basic average shares outstanding	44,648		44,494
	Dilutive effect of stock options and equivalents	784		549
	Diluted average shares outstanding	45,432		45,043
	Earnings per share
	Basic earnings per share	$	0.54	$	0.56
	Diluted earnings per share	0.53		0.55
	For the three months ended September 30, 2013 and 2012, antidilutive options excluded from the above calculations totaled 1,678,000 (with a weighted average exercise price of $50.70) and 3,224,000 (with a weighted average exercise price of $46.29), respectively.
	In the three months ended September 30, 2013 and 2012, options were exercised to purchase 1,009,000 and 331,000 common shares, respectively.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]
Fair Value Measurement [Text Block]	Fair Value Measurements
	We have estimated the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize upon disposition.
	The fair value hierarchy consists of three broad levels of inputs that may be used to measure fair value, which are described below:
	•	Level 1	Quoted prices (unadjusted) in active markets for identical assets or liabilities;
	•	Level 2	Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable;
	•	Level 3	Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates.
	The following table sets forth the carrying value and the estimated fair value of the Company's financial instruments:
			September 30, 2013				June 30, 2013
	(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
	Broadcast rights payable		$	14,720	$	14,041	$	9,185	$	8,723
	Long-term debt		370,000		370,448		350,000		350,132
	The fair value of broadcast rights payable was determined using the present value of expected future cash flows discounted at the Company's current borrowing rate with inputs included in Level 3. The fair value of long-term debt was determined using the present value of expected future cash flows using borrowing rates currently available for debt with similar terms and maturities with inputs included in Level 2.

Financial_Information_about_In

Financial Information about Industry Segments	3 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]
Segment Information [Text Block]	Financial Information about Industry Segments
	Meredith is a diversified media company focused primarily on the home and family marketplace. On the basis of products and services, the Company has established two reportable segments: national media and local media. There have been no changes in the basis of segmentation since June 30, 2013. There are no material intersegment transactions.
	There are two principal financial measures reported to the chief executive officer for use in assessing segment performance and allocating resources. Those measures are operating profit and earnings from continuing operations before interest, taxes, depreciation, and amortization (EBITDA). Operating profit for segment reporting, disclosed below, is revenues less operating costs excluding unallocated corporate expenses. Segment operating expenses include allocations of certain centrally incurred costs such as employee benefits, occupancy, information systems, accounting services, internal legal staff, and human resources administration. These costs are allocated based on actual usage or other appropriate methods, primarily number of employees. Unallocated corporate expenses are corporate overhead expenses not directly attributable to the operating groups. In accordance with authoritative guidance on disclosures about segments of an enterprise and related information, EBITDA is not presented below.
	The following table presents financial information by segment:
	Three months ended September 30,	2013			2012
	(In thousands)
	Revenues
	National media	$	266,899		$	266,970
	Local media	89,553			87,187
	Total revenues	$	356,452		$	354,157
	Operating profit
	National media	$	28,076		$	29,424
	Local media	25,676			27,644
	Unallocated corporate	(10,944		)	(11,763		)
	Income from operations	$	42,808		$	45,305
	Depreciation and amortization
	National media	$	4,950		$	5,390
	Local media	6,433			6,102
	Unallocated corporate	412			435
	Total depreciation and amortization	$	11,795		$	11,927

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
Basis of Presentation [Policy Text Block]	The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements. The Company's use of special-purpose entities is limited to Meredith Funding Corporation, whose activities are fully consolidated in Meredith's condensed consolidated financial statements.
Basis of Accounting [Policy Text Block]	The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements, which are included in Meredith's Annual Report on Form 10‑K for the year ended June 30, 2013, filed with the United States Securities and Exchange Commission.
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	In February 2013, the Financial Accounting Standards Board (FASB) issued guidance related to Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. This update is effective for us in our first quarter of fiscal 2014. The adoption of this guidance required a change in the format of presentation only. The adoption of this guidance did not have an impact on our results of operations or financial position.
New Accounting Pronouncements [Policy Text Block]	In July 2013, the FASB issued guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of uncertain tax positions. Under the new standard, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. The guidance is effective for us in our first quarter of fiscal 2015 with earlier adoption permitted. Retrospective application of the guidance is also permitted. While the adoption of this guidance will not have an impact on our results of operations or cash flows, we are currently evaluating the impact of presenting unrecognized tax benefits net of our deferred tax assets where applicable on our Condensed Consolidated Balance Sheets.

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Sep. 30, 2013
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Major components of inventories are summarized below. Of total net inventory values shown, 49 percent are under the last-in first-out (LIFO) method at September 30, 2013, and 50 percent at June 30, 2013.
	(In thousands)	September 30,				June 30,
		2013				2013
	Raw materials		$	13,500		$	14,336
	Work in process		17,558			16,392
	Finished goods		2,938			2,680
			33,996			33,408
	Reserve for LIFO cost valuation		(5,022		)	(5,022		)
	Inventories		$	28,974		$	28,386

Intangible_Assets_and_Goodwill1

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite And Indefinite Lived Intangible Assets By Major Class [Table Text Block]	Intangible assets consist of the following:
		September 30, 2013								June 30, 2013
	(In thousands)	Gross			Accumulated			Net		Gross		Accumulated			Net
		Amount			Amortization			Amount		Amount		Amortization			Amount
	Intangible assets
	subject to amortization
	National media
	Advertiser relationships	$	8,752		$	(4,460	)	$	4,292	$	8,752	$	(3,755	)	$	4,997
	Customer lists	16,257			(11,991		)	4,266		16,387		(11,242		)	5,145
	Other	17,105			(3,608		)	13,497		16,805		(3,041		)	13,764
	Local media
	Network affiliation agreements	218,559			(118,755		)	99,804		218,559		(117,533		)	101,026
	Total	$	260,673		$	(138,814	)	121,859		$	260,503	$	(135,571	)	124,932
	Intangible assets not
	subject to amortization
	National media
	Internet domain names							1,827							1,827
	Trademarks							158,146							158,446
	Local media
	FCC licenses							299,076							299,076
	Total							459,049							459,349
	Intangible assets, net							$	580,908						$	584,281
Schedule of Goodwill [Table Text Block]	Changes in the carrying amount of national media goodwill were as follows:
	Three months ended September 30,	2013			2012
	(In thousands)
	Balance at beginning of period	$	788,854		$	733,127
	Acquisitions	(68		)	1,500
	Balance at end of period	$	788,786		$	734,627

Restructuring_Accrual_Tables

Restructuring Accrual (Tables)	3 Months Ended
	Sep. 30, 2013
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs [Table Text Block]	Changes in the Company's restructuring accrual were as follows:
	Three months ended September 30,	2013			2012
	(In thousands)
	Balance at beginning of period	$	8,103		$	10,644
	Cash payments	(1,402		)	(2,487		)
	Balance at end of period	$	6,701		$	8,157

Longterm_Debt_Tables

Long-term Debt (Tables)	3 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Long-term debt consists of the following:
	(In thousands)	September 30,				June 30,
		2013				2013
	Variable-rate credit facilities
	Asset-backed bank facility of $100 million, due 4/24/2015		$	75,000		$	75,000
	Revolving credit facility of $150 million, due 9/12/2017		70,000			—
	Private placement notes
	6.70% senior notes, due 7/13/2013		—			50,000
	7.19% senior notes, due 7/13/2014		25,000			25,000
	2.62% senior notes, due 3/1/2015		50,000			50,000
	3.04% senior notes, due 3/1/2016		50,000			50,000
	3.04% senior notes, due 3/1/2017		50,000			50,000
	3.04% senior notes, due 3/1/2018		50,000			50,000
	Total long-term debt		370,000			350,000
	Current portion of long-term debt		(25,000		)	(50,000		)
	Long-term debt		$	345,000		$	300,000

Pension_and_Postretirement_Ben1

Pension and Postretirement Benefit Plans (Tables)	3 Months Ended
	Sep. 30, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Net Benefit Costs [Table Text Block]	The following table presents the components of net periodic benefit costs:
	Three months ended September 30,	2013			2012
	(In thousands)
	Pension benefits
	Service cost	$	2,538		$	2,525
	Interest cost	1,398			1,228
	Expected return on plan assets	(2,422		)	(2,366		)
	Prior service cost amortization	81			90
	Actuarial loss amortization	511			813
	Net periodic benefit costs	$	2,106		$	2,290
	Postretirement benefits
	Service cost	$	65		$	94
	Interest cost	131			153
	Prior service cost amortization	(125		)	(134		)
	Actuarial gain amortization	(61		)	—
	Curtailment credit	(1,511		)	—
	Net periodic benefit costs (benefit)	$	(1,501	)	$	113

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents the calculations of earnings per share:
	Three months ended September 30,	2013		2012
	(In thousands except per share data)
	Net earnings	$	24,041	$	24,855
	Basic average shares outstanding	44,648		44,494
	Dilutive effect of stock options and equivalents	784		549
	Diluted average shares outstanding	45,432		45,043
	Earnings per share
	Basic earnings per share	$	0.54	$	0.56
	Diluted earnings per share	0.53		0.55

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, by Balance Sheet Grouping [Table Text Block]	The following table sets forth the carrying value and the estimated fair value of the Company's financial instruments:
		September 30, 2013				June 30, 2013
	(In thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
	Broadcast rights payable	$	14,720	$	14,041	$	9,185	$	8,723
	Long-term debt	370,000		370,448		350,000		350,132

Financial_Information_about_In1

Financial Information about Industry Segments (Tables)	3 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following table presents financial information by segment:
	Three months ended September 30,	2013			2012
	(In thousands)
	Revenues
	National media	$	266,899		$	266,970
	Local media	89,553			87,187
	Total revenues	$	356,452		$	354,157
	Operating profit
	National media	$	28,076		$	29,424
	Local media	25,676			27,644
	Unallocated corporate	(10,944		)	(11,763		)
	Income from operations	$	42,808		$	45,305
	Depreciation and amortization
	National media	$	4,950		$	5,390
	Local media	6,433			6,102
	Unallocated corporate	412			435
	Total depreciation and amortization	$	11,795		$	11,927

Inventories_Details

Inventories (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]
Percentage of LIFO Inventory	49.00%	50.00%
Raw materials	$13,500	$14,336
Work in process	17,558	16,392
Finished goods	2,938	2,680
Subtotal	33,996	33,408
Reserve for LIFO cost valuation	-5,022	-5,022
Inventories	$28,974	$28,386

Intangible_Assets_and_Goodwill2

Intangible Assets and Goodwill Intangible (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross amount	$260,673,000		$260,503,000
Intangible assets subject to amortization, accumulated amortization	-138,814,000		-135,571,000
Intangible assets subject to amortization, net amount	121,859,000		124,932,000
Intangible assets not subject to amortization	459,049,000		459,349,000
Intangible assets, net	580,908,000		584,281,000
Amortization of Intangible Assets	3,372,000	2,926,000
Future amortization expense for intangible assets [Abstract]
Future amortization expense, next twelve months	12,700,000
Future amortization expense, year two	10,400,000
Future amortization expense, year three	7,900,000
Future amortization expense, year four	6,600,000
Future amortization expense, year five	6,100,000
National Media [Member] | Internet Domain Names [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets not subject to amortization	1,827,000		1,827,000
National Media [Member] | Trademarks [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets not subject to amortization	158,146,000		158,446,000
National Media [Member] | Advertiser Relationships [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross amount	8,752,000		8,752,000
Intangible assets subject to amortization, accumulated amortization	-4,460,000		-3,755,000
Intangible assets subject to amortization, net amount	4,292,000		4,997,000
National Media [Member] | Customer Lists [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross amount	16,257,000		16,387,000
Intangible assets subject to amortization, accumulated amortization	-11,991,000		-11,242,000
Intangible assets subject to amortization, net amount	4,266,000		5,145,000
National Media [Member] | Other Intangible Assets [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross amount	17,105,000		16,805,000
Intangible assets subject to amortization, accumulated amortization	-3,608,000		-3,041,000
Intangible assets subject to amortization, net amount	13,497,000		13,764,000
Local Media [Member] | FCC Licenses [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets not subject to amortization	299,076,000		299,076,000
Local Media [Member] | Network Affiliation Agreements [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross amount	218,559,000		218,559,000
Intangible assets subject to amortization, accumulated amortization	-118,755,000		-117,533,000
Intangible assets subject to amortization, net amount	$99,804,000		$101,026,000

Intangible_Assets_and_Goodwill3

Intangible Assets and Goodwill Goodwill (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2012
In Thousands, unless otherwise specified			National Media [Member]	National Media [Member]
Goodwill [Roll Forward]
Balance at beginning of period	$788,786	$788,854	$788,854	$733,127
Goodwill, Period Increase (Decrease)			-68	1,500
Balance at end of period	$788,786	$788,854	$788,786	$734,627

Restructuring_Accrual_Details

Restructuring Accrual (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Changes in restructuring accrual [Roll Forward]
Balance at beginning of period	$8,103	$10,644
Cash payments	-1,402	-2,487
Balance at end of period	$6,701	$8,157

Longterm_Debt_Details

Long-term Debt (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Jun. 30, 2013
Debt Instrument [Line Items]
Long-term Debt	$370,000,000	$350,000,000
Current portion of long-term debt	-25,000,000	-50,000,000
Long-term debt	345,000,000	300,000,000
Receivable with Imputed Interest, Effective Yield (Interest Rate)	3.25%
Line of Credit [Member] | Asset Backed Bank Facility [Member]
Debt Instrument [Line Items]
Accounts receivable outstanding under the revolving agreement	161,600,000
Long-term Debt	75,000,000	75,000,000
Line of credit facility, maximum borrowing capacity	100,000,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	70,000,000	0
Line of credit facility, maximum borrowing capacity	150,000,000
Senior Notes [Member] | Senior Notes Due 2013 [Member]
Debt Instrument [Line Items]
Long-term Debt	0	50,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.70%
Senior Notes [Member] | Senior Notes Due 2014 [Member]
Debt Instrument [Line Items]
Long-term Debt	25,000,000	25,000,000
Debt Instrument, Interest Rate, Stated Percentage	7.19%
Senior Notes [Member] | Senior Notes Due 2015 [Member]
Debt Instrument [Line Items]
Long-term Debt	50,000,000	50,000,000
Debt Instrument, Interest Rate, Stated Percentage	2.62%
Senior Notes [Member] | Senior Notes Due 2016 [Member]
Debt Instrument [Line Items]
Long-term Debt	50,000,000	50,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.04%
Senior Notes [Member] | Senior Notes Due 2017 [Member]
Debt Instrument [Line Items]
Long-term Debt	50,000,000	50,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.04%
Senior Notes [Member] | Senior Notes Due 2018 [Member]
Debt Instrument [Line Items]
Long-term Debt	$50,000,000	$50,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.04%

Pension_and_Postretirement_Ben2

Pension and Postretirement Benefit Plans (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Pension Plans [Member]
Components of Net Periodic Benefit Costs [Abstract]
Service cost	$2,538	$2,525
Interest cost	1,398	1,228
Expected return on plan assets	-2,422	-2,366
Prior service cost amortization	81	90
Actuarial loss amortization	511	813
Net periodic benefit costs (benefit)	2,106	2,290
Postretirement Benefit Plans [Member]
Components of Net Periodic Benefit Costs [Abstract]
Service cost	65	94
Interest cost	131	153
Prior service cost amortization	-125	-134
Actuarial loss amortization	-61	0
Curtailment credit	-1,511	0
Net periodic benefit costs (benefit)	($1,501)	$113

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]
Net earnings	$24,041	$24,855
Basic average shares outstanding	44,648	44,494
Dilutive effect of stock options and equivalents	784	549
Diluted average shares outstanding	45,432	45,043
Earnings per share
Basic earnings per share	$0.54	$0.56
Diluted earnings per share	$0.53	$0.55
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options exercised to purchase common shares	1,009	331
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive options excluded from calculation of earnings per share, number of options	1,678	3,224
Antidilutive options excluded from calculation of earnings per share, weighted average exercise price	$50.70	$46.29

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Broadcast rights payable	$14,720	$9,185
Long-term debt	370,000	350,000
Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Broadcast rights payable	14,041	8,723
Long-term debt	$370,448	$350,132

Financial_Information_about_In2

Financial Information about Industry Segments (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
	measures
	segment
Segment Reporting Information [Line Items]
Number of reportable segments	2
Number of principal financial measures	2
Total revenues	$356,452	$354,157
Income from operations	42,808	45,305
Total depreciation and amortization	11,795	11,927
National Media [Member]
Segment Reporting Information [Line Items]
Total revenues	266,899	266,970
Income from operations	28,076	29,424
Total depreciation and amortization	4,950	5,390
Local Media [Member]
Segment Reporting Information [Line Items]
Total revenues	89,553	87,187
Income from operations	25,676	27,644
Total depreciation and amortization	6,433	6,102
Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Income from operations	-10,944	-11,763
Total depreciation and amortization	$412	$435