Hawkeye Acquisition (MDP) 10-Q 6 Nov 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document Information [Line Items]
Entity Registrant Name	MEREDITH CORP
Entity Central Index Key	65,011
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Company Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		37,690,724
Class B Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,940,624

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Current assets
Cash and cash equivalents	$ 29,940	$ 22,833
Accounts receivable, net	278,199	284,646
Inventories	24,192	24,681
Current portion of subscription acquisition costs	133,696	122,350
Current portion of broadcast rights	14,929	4,516
Other current assets	39,096	23,505
Total current assets	520,052	482,531
Property, plant, and equipment	520,318	527,622
Less accumulated depreciation	(316,824)	(313,886)
Net property, plant, and equipment	203,494	213,736
Subscription acquisition costs	113,075	103,842
Broadcast rights	5,745	1,795
Other assets	70,664	67,750
Intangible assets, net	967,688	972,382
Goodwill	998,260	1,001,246
Total assets	2,878,978	2,843,282
Current liabilities
Current portion of long-term debt	65,625	62,500
Current portion of long-term broadcast rights payable	15,139	4,776
Accounts payable	96,946	93,944
Accrued expenses and other liabilities	144,223	163,655
Current portion of unearned subscription revenues	214,968	206,126
Total current liabilities	536,901	531,001
Long-term debt	753,750	732,500
Long-term broadcast rights payable	7,112	2,998
Unearned subscription revenues	158,629	151,221
Deferred income taxes	313,156	311,645
Other noncurrent liabilities	163,037	162,067
Total liabilities	1,932,585	1,891,432
Shareholders' equity
Additional paid-in capital	55,396	49,019
Retained earnings	861,220	870,859
Accumulated other comprehensive loss	(14,857)	(12,648)
Total shareholders' equity	946,393	951,850
Total liabilities and shareholders' equity	2,878,978	2,843,282
Preferred Stock [Member]
Shareholders' equity
Series preferred stock	0	0
Common Stock [Member]
Shareholders' equity
Common stock	37,685	37,657
Common Class B [Member]
Shareholders' equity
Common stock	$ 6,949	$ 6,963

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Revenues
Advertising	$ 218,670	$ 218,031
Circulation	72,175	65,885
All other	93,821	87,268
Total revenues	384,666	371,184
Operating expenses
Production, distribution, and editorial	153,178	141,887
Selling, general, and administrative	187,396	163,676
Depreciation and amortization	15,080	12,769
Total operating expenses	355,654	318,332
Income from operations	29,012	52,852
Interest expense, net	(5,313)	(4,242)
Earnings before income taxes	23,699	48,610
Income taxes	(12,670)	(19,245)
Net earnings	$ 11,029	$ 29,365
Basic earnings per share
Basic earnings per share (in usd per share)	$ 0.25	$ 0.66
Basic average shares outstanding (in shares)	44,612	44,459
Diluted earnings per share
Diluted earnings per share (in usd per share)	$ 0.24	$ 0.65
Diluted average shares outstanding (in shares)	45,366	45,157
Dividends paid per share (in usd per share)	$ 0.4575	$ 0.4325

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Comprehensive income
Net earnings	$ 11,029	$ 29,365
Other comprehensive income, net of income taxes
Pension and other postretirement benefit plans activity	(1)	42
Unrealized gain (loss) on interest rate swaps	(2,208)	777
Other comprehensive income (loss), net of income taxes	(2,209)	819
Comprehensive income	$ 8,820	$ 30,184

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Shareholders' Equity - 3 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Common Class B [Member]	Common Stock [Member]Common Stock [Member]	Common Stock [Member]Common Class B [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Retained Earnings [Member]Common Stock [Member]	Retained Earnings [Member]Common Class B [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning balance at Jun. 30, 2015	$ 951,850			$ 37,657	$ 6,963	$ 49,019	$ 870,859			$ (12,648)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	11,029						11,029
Other comprehensive loss, net of income taxes	(2,209)									(2,209)
Shares issued under incentive plans, net of forfeitures	5,026			136		4,890
Purchases of Company stock	(5,738)			(122)		(5,616)
Share-based compensation	5,850					5,850
Conversion of Class B to common stock	0			14	(14)
Dividends paid		$ (17,489)	$ (3,179)					$ (17,489)	$ (3,179)
Tax benefit from share-based awards	1,253					1,253
Ending balance at Sep. 30, 2015	$ 946,393			$ 37,685	$ 6,949	$ 55,396	$ 861,220			$ (14,857)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Shareholders' Equity (Parentheticals) - Common Stock [Member] - $ / shares	Sep. 30, 2015	Jun. 30, 2015
Common Stock [Member]
Common stock, par value (in usd per share)	$ 1	$ 1
Common Class B [Member]
Common stock, par value (in usd per share)	$ 1	$ 1

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net earnings	$ 11,029	$ 29,365
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation	10,296	9,239
Amortization	4,784	3,530
Share-based compensation	5,850	4,646
Deferred income taxes	6,427	7,326
Amortization of broadcast rights	4,209	4,106
Payments for broadcast rights	(4,040)	(3,906)
Fair value adjustments to contingent consideration	(1,000)	0
Excess tax benefits from share-based payments	(1,356)	(3,982)
Changes in assets and liabilities	(33,370)	(39,178)
Net cash provided by operating activities	2,829	11,146
Cash flows from investing activities
Additions to property, plant, and equipment	(1,840)	(1,936)
Proceeds from disposition of assets	1,767	0
Net cash used in investing activities	(73)	(1,936)
Cash flows from financing activities
Proceeds from issuance of long-term debt	47,500	45,000
Repayments of long-term debt	(23,125)	(38,125)
Dividends paid	(20,668)	(19,393)
Purchases of Company stock	(5,738)	(17,012)
Proceeds from common stock issued	5,026	10,088
Excess tax benefits from share-based payments	1,356	3,982
Net cash provided by (used in) financing activities	4,351	(15,460)
Net increase (decrease) in cash and cash equivalents	7,107	(6,250)
Cash and cash equivalents, at beginning of period	22,833	36,587
Cash and cash equivalents, at end of period	$ 29,940	$ 30,337

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 United States Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes 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, 2015 , filed with the SEC. The condensed consolidated financial statements as of September 30, 2015 , and for the three months ended September 30, 2015 and 2014 , 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, 2015 , were derived from audited financial statements, but do 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. Adopted Accounting Pronouncements —In September 2015, the Financial Accounting Standards Board (FASB) issued guidance simplifying the accounting for measurement-period adjustments related to business combinations. The new guidance removes the requirement to restate prior periods to reflect adjustments made to provisional amounts. Rather, adjustments to the provisional amounts are to be recognized in the reporting period they are identified. In the period of adjustment, the portion that would have been recorded in a previous reporting period is to be presented separately on the face of the income statement or disclosed in the notes. Prospective adoption of the guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company adopted this guidance in the first quarter of fiscal 2016. The adoption of this guidance requires a change in the format of disclosure only and it did not have an impact on our results of operations or cash flows.

Pending Merger Transaction (Not

Pending Merger Transaction (Notes)	3 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Pending Merger Transaction	Pending Merger Transaction On September 7, 2015, the Company and Media General, Inc. (Media General) entered into a definitive merger agreement under which the companies will combine to form Meredith Media General. Under the terms of the merger agreement, Media General will acquire all of the outstanding common stock of the Company in a cash and stock transaction in which each share of Meredith common stock and Class B common stock will be converted into the right to receive $34.57 in cash and 1.5214 shares of Meredith Media General voting common stock. Upon closing, it is estimated that Media General shareholders will own 65 percent and Meredith shareholders will own 35 percent of the fully-diluted shares of Meredith Media General. The transaction has been approved by the Boards of Directors of the Company and Media General. It is anticipated that stations in six overlapping markets will be swapped or otherwise divested to address regulatory considerations. As set forth in the merger agreement, the closing of the merger agreement is subject to certain customary conditions, including but not limited to, approval from the Federal Communications Commission (FCC), clearance under the Hart-Scott-Rodino antitrust act, the absence of legal barriers to the closing of the merger, adoption of the agreement by the shareholders of Meredith and of Media General, and certain customary third party consents. The Company and Media General will hold special shareholder meetings to vote on the merger. The merger is expected to close by June 30, 2016. The Company incurred $12.7 million of investment banking, legal, accounting, and other professional fees and expenses in the first quarter of fiscal 2016 related to the pending merger. These costs are included in the selling, general, and administrative line in the Consolidated Statements of Earnings. The limited tax deductibility of certain of these merger-related expenses also caused an increase in the fiscal 2016 first quarter effective tax rate. For more information concerning the merger, refer to the Current Report on Form 8‑K filed with the SEC on September 9, 2015.

Acquisitions

Acquisitions	3 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions On October 31, 2014, Meredith acquired WGGB, the ABC affiliate in Springfield, Massachusetts. On December 19, 2014, Meredith acquired WALA, the FOX affiliate in Mobile, Alabama-Pensacola, Florida. Effective November 1, 2014, Meredith completed its acquisition of Martha Stewart Living magazine and its related digital assets (collectively Martha Stewart Living Media Properties). In addition, Meredith entered into a 10 ‑year licensing arrangement with Martha Stewart Living Omnimedia (MSLO) for the licensing of the Martha Stewart Living trade name. The acquired business operations include sales and marketing, circulation, production, and other non-editorial functions. Meredith sources editorial content from MSLO. On November 13, 2014, Meredith acquired 100 percent of the membership interests in MyWedding, LLC (Mywedding). Mywedding operates mywedding.com, one of the top wedding websites in the U.S., providing couples with a complete wedding planning product suite. On December 30, 2014, Meredith acquired 100 percent of the outstanding stock of Selectable Media, Inc. (Selectable Media), a leading native and engagement-based digital advertising company. During the first quarter of fiscal 2016, the provisional amounts recorded to goodwill were decreased $2.9 million with a corresponding increase to deferred income taxes based on an updated valuation report and other fair value determinations. Effective February 1, 2015, Meredith completed its acquisition of Shape magazine and related digital assets (collectively Shape). Shape is the women's active lifestyle category leader with content focusing on exercise, beauty, nutrition, health, fashion, wellness, and other lifestyle topics to help women lead a healthier, active lifestyle. On June 19, 2015, Meredith completed the acquisition of Qponix, a leading shopper marketing data platform technology. The results of these acquisitions have been included in the Company's consolidated operating results since their respective acquisition dates. The Company is in the process of obtaining third-party valuations of intangible assets; thus, the provisional measurements of intangible assets, goodwill, and deferred income tax balances are subject to change.

Inventories

Inventories	3 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Major components of inventories are summarized below. Of total net inventory values shown, 53 percent are under the last-in first-out (LIFO) method at September 30, 2015 , and 52 percent at June 30, 2015 . (In thousands) September 30, 2015 June 30, Raw materials $ 10,662 $ 13,900 Work in process 14,884 12,053 Finished goods 2,346 2,428 27,892 28,381 Reserve for LIFO cost valuation (3,700 ) (3,700 ) Inventories $ 24,192 $ 24,681

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible assets consist of the following: September 30, 2015 June 30, 2015 (In thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 18,610 $ (6,538 ) $ 12,072 $ 20,879 $ (7,660 ) $ 13,219 Customer lists 5,230 (3,133 ) 2,097 9,120 (6,679 ) 2,441 Other 19,425 (6,767 ) 12,658 20,675 (7,361 ) 13,314 Local media Network affiliation agreements 229,309 (130,969 ) 98,340 229,309 (129,362 ) 99,947 Retransmission agreements 21,229 (4,339 ) 16,890 21,229 (3,454 ) 17,775 Other 1,214 (183 ) 1,031 1,212 (126 ) 1,086 Total $ 295,017 $ (151,929 ) 143,088 $ 302,424 $ (154,642 ) 147,782 Intangible assets not subject to amortization National media Internet domain names 7,827 7,827 Trademarks 192,089 192,089 Local media FCC licenses 624,684 624,684 Total 824,600 824,600 Intangible assets, net $ 967,688 $ 972,382 Amortization expense was $4.8 million for the three months ended September 30, 2015 . Annual amortization expense for intangible assets is expected to be as follows: $19.5 million in fiscal 2016 , $18.0 million in fiscal 2017 , $15.0 million in fiscal 2018 , $12.2 million in fiscal 2019 , and $11.8 million in fiscal 2020 . Changes in the carrying amount of goodwill were as follows: Three months ended September 30, 2015 2014 (In thousands) National Local Total National Local Total Balance at beginning of period $ 932,471 $ 68,775 $ 1,001,246 $ 789,038 $ 51,823 $ 840,861 Acquisitions (2,986 ) — (2,986 ) — (867 ) (867 ) Balance at end of period $ 929,485 $ 68,775 $ 998,260 $ 789,038 $ 50,956 $ 839,994

Restructuring Accrual

Restructuring Accrual	3 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring Accrual	Restructuring Accrual During the first quarter of fiscal 2016, management committed to a performance improvement plan that included selected workforce reductions. In connection with this plan, the Company recorded pre-tax restructuring charges totaling $3.4 million for severance and related benefit costs related to the involuntary termination of employees. The majority of severance costs are being paid out over a twelve -month period. The plan affected approximately 45 employees. The Company also recorded $1.1 million in reversals of excess restructuring reserves accrued in prior fiscal years. The restructuring charge and credit for the reversal of excess restructuring reserves are recorded in the selling, general, and administrative line in the Condensed Consolidated Statements of Earnings. Details of changes in the Company's restructuring accrual are as follows: Three months ended September 30, 2015 2014 (In thousands) Balance at beginning of period $ 15,731 $ 13,545 Severance accruals 3,366 — Cash payments (3,705 ) (4,986 ) Reversal of excess accrual (1,070 ) — Balance at end of period $ 14,322 $ 8,559

Long-term Debt

Long-term Debt	3 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following: (In thousands) September 30, 2015 June 30, Variable-rate credit facilities Asset-backed bank facility of $100 million, due 10/21/2017 $ 80,000 $ 80,000 Revolving credit facility of $200 million, due 3/27/2019 105,000 77,500 Term loan due 3/27/2019 234,375 237,500 Private placement notes 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 Floating rate senior notes, due 12/19/2022 100,000 100,000 Floating rate senior notes, due 2/28/2024 150,000 150,000 Total long-term debt 819,375 795,000 Current portion of long-term debt (65,625 ) (62,500 ) Long-term debt $ 753,750 $ 732,500 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, 2015 , $175.2 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, 2015 , 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. In October 2015, we renewed our asset-backed bank facility for an additional two -year period on terms substantially similar to those previously in place. The renewed facility will expire in October 2017. The Company holds interest rate swap agreements to hedge variable interest rate risk on the $250.0 million floating-rate senior notes and on $50.0 million of the term loan. The expiration of the swaps is as follows: $50.0 million in August 2018, $100.0 million in March 2019, and $150.0 million in August 2019. Under the swaps the Company will pay fixed rates of interest ( 1.36 percent on the swap maturing in August 2018, 1.53 percent on the swap maturing in March 2019, and 1.76 percent on the swaps maturing in August 2019) and receive variable rates of interest based on the one to three-month London Interbank Offered Rate (LIBOR) ( 0.22 percent on the swap maturing in August 2018, 0.33 percent on the swap maturing in March 2019, and 0.33 percent on the swaps maturing in August 2019 as of September 30, 2015 ) on the $300.0 million notional amount of indebtedness. The swaps are designated as cash flow hedges. The Company evaluates the effectiveness of the hedging relationships on an ongoing basis by recalculating changes in fair value of the derivatives and related hedged items independently. Unrealized gains or losses on cash flow hedges are recorded in other comprehensive gain (loss) to the extent the cash flow hedges are effective. The amount of the swap that offsets the effects of interest rate changes on the related debt is subsequently reclassified into interest expense. Any ineffective portions on cash flow hedges are recorded in interest expense. No material ineffectiveness existed at September 30, 2015 . The fair value of the interest rate swap agreements is the estimated amount the Company would pay or receive to terminate the swap agreements. At September 30, 2015 , the swaps had a fair value of $5.8 million liability. The Company is exposed to credit-related losses in the event of nonperformance by counterparties to the swap agreements. This exposure is managed through diversification and the monitoring of the creditworthiness of the counterparties. There was no potential loss that the Company would incur on the interest rate swaps if the counterparties were to fail to meet their obligations under the agreements at September 30, 2015 . Given the strong creditworthiness of the counterparties, management does not expect any of them to fail to meet their obligations. Additionally, the concentration of risk with any individual counterparty is not considered significant at September 30, 2015 .

Pension and Postretirement Bene

Pension and Postretirement Benefit Plans	3 Months Ended
	Sep. 30, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Pension and Postretirement Benefit Plans	Pension and Postretirement Benefit Plans The following table presents the components of net periodic benefit costs: Three months ended September 30, 2015 2014 (In thousands) Pension benefits Service cost $ 2,977 $ 3,043 Interest cost 1,469 1,396 Expected return on plan assets (2,746 ) (2,759 ) Prior service cost amortization 49 56 Actuarial loss amortization 157 169 Net periodic benefit costs $ 1,906 $ 1,905 Postretirement benefits Service cost $ 25 $ 29 Interest cost 96 102 Prior service cost amortization (107 ) (108 ) Actuarial gain amortization (169 ) (108 ) Net periodic benefit credit $ (155 ) $ (85 ) 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.

Earnings per Share

Earnings per Share	3 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table presents the calculations of earnings per share: Three months ended September 30, 2015 2014 (In thousands except per share data) Net earnings $ 11,029 $ 29,365 Basic average shares outstanding 44,612 44,459 Dilutive effect of stock options and equivalents 754 698 Diluted average shares outstanding 45,366 45,157 Earnings per share Basic earnings per share $ 0.25 $ 0.66 Diluted earnings per share 0.24 0.65 For the three months ended September 30, 2015 and 2014 , antidilutive options excluded from the above calculations totaled 1.2 million (with a weighted average exercise price of $49.47 ) and 1.7 million (with a weighted average exercise price of $50.06 ), respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	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, 2015 June 30, 2015 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 22,251 $ 21,361 $ 7,774 $ 7,490 Long-term debt 819,375 821,353 795,000 797,121 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. The following table sets forth the assets and liabilities measured at fair value on a recurring basis: (In thousands) September 30, 2015 June 30, 2015 Other assets Interest rate swaps $ — $ 1,139 Accrued expenses and other liabilities Contingent consideration 800 800 Interest rate swaps 3,278 3,295 Other noncurrent liabilities Contingent consideration 59,735 60,735 Interest rate swaps 2,498 — The fair value of interest rate swaps is determined based on discounted cash flows derived using market observable inputs including swap curves that are included in Level 2. The fair value of the contingent consideration is determined based on probability-weighted discounted cash flow models that include significant inputs not observable in the market and thus represent Level 3 measurements. Details of changes in the fair value of Level 3 contingent consideration are as follows: Three months ended September 30, 2015 2014 (in thousands) Balance at beginning of period $ 61,535 $ 1,700 Change in present value of contingent consideration (1) (1,000 ) — Balance at end of period $ 60,535 $ 1,700 (1) Change in present value of contingent consideration is recorded in the selling, general, and administrative expense line on the Condensed Consolidated Statements of Earnings and is comprised of changes in estimated earn out payments based on projections of performance and the amortization of the present value discount.

Financial Information about Ind

Financial Information about Industry Segments	3 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Financial Information about Industry Segments	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, 2015 . 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 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, 2015 2014 (In thousands) Revenues National media $ 258,199 $ 246,326 Local media 126,467 124,858 Total revenues $ 384,666 $ 371,184 Segment profit National media $ 22,803 $ 28,895 Local media 29,327 36,312 Unallocated corporate (23,118 ) (12,355 ) Income from operations 29,012 52,852 Interest expense, net (5,313 ) (4,242 ) Earnings before income taxes $ 23,699 $ 48,610 Depreciation and amortization National media $ 4,565 $ 3,625 Local media 9,978 8,715 Unallocated corporate 537 429 Total depreciation and amortization $ 15,080 $ 12,769

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
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.
Basis of Accounting	The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes 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, 2015 , filed with the SEC. The condensed consolidated financial statements as of September 30, 2015 , and for the three months ended September 30, 2015 and 2014 , 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, 2015 , were derived from audited financial statements, but do 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.
Adopted Accounting Pronouncements	Adopted Accounting Pronouncements —In September 2015, the Financial Accounting Standards Board (FASB) issued guidance simplifying the accounting for measurement-period adjustments related to business combinations. The new guidance removes the requirement to restate prior periods to reflect adjustments made to provisional amounts. Rather, adjustments to the provisional amounts are to be recognized in the reporting period they are identified. In the period of adjustment, the portion that would have been recorded in a previous reporting period is to be presented separately on the face of the income statement or disclosed in the notes. Prospective adoption of the guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company adopted this guidance in the first quarter of fiscal 2016. The adoption of this guidance requires a change in the format of disclosure only and it did not have an impact on our results of operations or cash flows.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Major components of inventories are summarized below. Of total net inventory values shown, 53 percent are under the last-in first-out (LIFO) method at September 30, 2015 , and 52 percent at June 30, 2015 . (In thousands) September 30, 2015 June 30, Raw materials $ 10,662 $ 13,900 Work in process 14,884 12,053 Finished goods 2,346 2,428 27,892 28,381 Reserve for LIFO cost valuation (3,700 ) (3,700 ) Inventories $ 24,192 $ 24,681

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets consist of the following: September 30, 2015 June 30, 2015 (In thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 18,610 $ (6,538 ) $ 12,072 $ 20,879 $ (7,660 ) $ 13,219 Customer lists 5,230 (3,133 ) 2,097 9,120 (6,679 ) 2,441 Other 19,425 (6,767 ) 12,658 20,675 (7,361 ) 13,314 Local media Network affiliation agreements 229,309 (130,969 ) 98,340 229,309 (129,362 ) 99,947 Retransmission agreements 21,229 (4,339 ) 16,890 21,229 (3,454 ) 17,775 Other 1,214 (183 ) 1,031 1,212 (126 ) 1,086 Total $ 295,017 $ (151,929 ) 143,088 $ 302,424 $ (154,642 ) 147,782 Intangible assets not subject to amortization National media Internet domain names 7,827 7,827 Trademarks 192,089 192,089 Local media FCC licenses 624,684 624,684 Total 824,600 824,600 Intangible assets, net $ 967,688 $ 972,382
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consist of the following: September 30, 2015 June 30, 2015 (In thousands) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 18,610 $ (6,538 ) $ 12,072 $ 20,879 $ (7,660 ) $ 13,219 Customer lists 5,230 (3,133 ) 2,097 9,120 (6,679 ) 2,441 Other 19,425 (6,767 ) 12,658 20,675 (7,361 ) 13,314 Local media Network affiliation agreements 229,309 (130,969 ) 98,340 229,309 (129,362 ) 99,947 Retransmission agreements 21,229 (4,339 ) 16,890 21,229 (3,454 ) 17,775 Other 1,214 (183 ) 1,031 1,212 (126 ) 1,086 Total $ 295,017 $ (151,929 ) 143,088 $ 302,424 $ (154,642 ) 147,782 Intangible assets not subject to amortization National media Internet domain names 7,827 7,827 Trademarks 192,089 192,089 Local media FCC licenses 624,684 624,684 Total 824,600 824,600 Intangible assets, net $ 967,688 $ 972,382
Schedule of Goodwill	Changes in the carrying amount of goodwill were as follows: Three months ended September 30, 2015 2014 (In thousands) National Local Total National Local Total Balance at beginning of period $ 932,471 $ 68,775 $ 1,001,246 $ 789,038 $ 51,823 $ 840,861 Acquisitions (2,986 ) — (2,986 ) — (867 ) (867 ) Balance at end of period $ 929,485 $ 68,775 $ 998,260 $ 789,038 $ 50,956 $ 839,994

Restructuring Accrual (Tables)

Restructuring Accrual (Tables)	3 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	Details of changes in the Company's restructuring accrual are as follows: Three months ended September 30, 2015 2014 (In thousands) Balance at beginning of period $ 15,731 $ 13,545 Severance accruals 3,366 — Cash payments (3,705 ) (4,986 ) Reversal of excess accrual (1,070 ) — Balance at end of period $ 14,322 $ 8,559

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consists of the following: (In thousands) September 30, 2015 June 30, Variable-rate credit facilities Asset-backed bank facility of $100 million, due 10/21/2017 $ 80,000 $ 80,000 Revolving credit facility of $200 million, due 3/27/2019 105,000 77,500 Term loan due 3/27/2019 234,375 237,500 Private placement notes 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 Floating rate senior notes, due 12/19/2022 100,000 100,000 Floating rate senior notes, due 2/28/2024 150,000 150,000 Total long-term debt 819,375 795,000 Current portion of long-term debt (65,625 ) (62,500 ) Long-term debt $ 753,750 $ 732,500

Pension and Postretirement Be24

Pension and Postretirement Benefit Plans (Tables)	3 Months Ended
	Sep. 30, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Net Benefit Costs	The following table presents the components of net periodic benefit costs: Three months ended September 30, 2015 2014 (In thousands) Pension benefits Service cost $ 2,977 $ 3,043 Interest cost 1,469 1,396 Expected return on plan assets (2,746 ) (2,759 ) Prior service cost amortization 49 56 Actuarial loss amortization 157 169 Net periodic benefit costs $ 1,906 $ 1,905 Postretirement benefits Service cost $ 25 $ 29 Interest cost 96 102 Prior service cost amortization (107 ) (108 ) Actuarial gain amortization (169 ) (108 ) Net periodic benefit credit $ (155 ) $ (85 )

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the calculations of earnings per share: Three months ended September 30, 2015 2014 (In thousands except per share data) Net earnings $ 11,029 $ 29,365 Basic average shares outstanding 44,612 44,459 Dilutive effect of stock options and equivalents 754 698 Diluted average shares outstanding 45,366 45,157 Earnings per share Basic earnings per share $ 0.25 $ 0.66 Diluted earnings per share 0.24 0.65

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The following table sets forth the carrying value and the estimated fair value of the Company's financial instruments: September 30, 2015 June 30, 2015 (In thousands) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 22,251 $ 21,361 $ 7,774 $ 7,490 Long-term debt 819,375 821,353 795,000 797,121
Fair Value, Liabilities Measured on Recurring Basis	The following table sets forth the assets and liabilities measured at fair value on a recurring basis: (In thousands) September 30, 2015 June 30, 2015 Other assets Interest rate swaps $ — $ 1,139 Accrued expenses and other liabilities Contingent consideration 800 800 Interest rate swaps 3,278 3,295 Other noncurrent liabilities Contingent consideration 59,735 60,735 Interest rate swaps 2,498 —
Schedule of Contingent Consideration	Details of changes in the fair value of Level 3 contingent consideration are as follows: Three months ended September 30, 2015 2014 (in thousands) Balance at beginning of period $ 61,535 $ 1,700 Change in present value of contingent consideration (1) (1,000 ) — Balance at end of period $ 60,535 $ 1,700 (1) Change in present value of contingent consideration is recorded in the selling, general, and administrative expense line on the Condensed Consolidated Statements of Earnings and is comprised of changes in estimated earn out payments based on projections of performance and the amortization of the present value discount.

Financial Information about I27

Financial Information about Industry Segments (Tables)	3 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents financial information by segment: Three months ended September 30, 2015 2014 (In thousands) Revenues National media $ 258,199 $ 246,326 Local media 126,467 124,858 Total revenues $ 384,666 $ 371,184 Segment profit National media $ 22,803 $ 28,895 Local media 29,327 36,312 Unallocated corporate (23,118 ) (12,355 ) Income from operations 29,012 52,852 Interest expense, net (5,313 ) (4,242 ) Earnings before income taxes $ 23,699 $ 48,610 Depreciation and amortization National media $ 4,565 $ 3,625 Local media 9,978 8,715 Unallocated corporate 537 429 Total depreciation and amortization $ 15,080 $ 12,769

Pending Merger Transaction (Det

Pending Merger Transaction (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2015USD ($)	Jun. 30, 2016$ / shares
Selling, general and administrative [Member]
Business Acquisition [Line Items]
Merger related expenses	$ 12.7
Forecast [Member]
Business Acquisition [Line Items]
Cash per share received upon stock conversion | $ / shares		$ 34.57
Number of shares issued per share of stock acquired		1.5214
Forecast [Member] | Media General, Inc [Member]
Business Acquisition [Line Items]
Ownership percentage by parent		65.00%
Forecast [Member] | Meredith Corp [Member]
Business Acquisition [Line Items]
Ownership percentage by noncontrolling owners		35.00%

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions	Nov. 01, 2014	Sep. 30, 2015	Dec. 30, 2014	Nov. 13, 2014
Martha Stewart [Member]
Business Acquisition [Line Items]
Term of licensing arrangement	10 years
Mywedding [Member]
Business Acquisition [Line Items]
Percentage of membership interests or stock acquired				100.00%
Selectable Media [Member]
Business Acquisition [Line Items]
Percentage of membership interests or stock acquired			100.00%
Decrease in goodwill based on updated valuation report and other fair value determinations		$ 2.9
Increase in deferred income taxes		$ 2.9

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Inventory Disclosure [Abstract]
Percentage of LIFO Inventory	53.00%	52.00%
Raw materials	$ 10,662	$ 13,900
Work in process	14,884	12,053
Finished goods	2,346	2,428
Subtotal	27,892	28,381
Reserve for LIFO cost valuation	(3,700)	(3,700)
Inventories	$ 24,192	$ 24,681

Intangible Assets and Goodwil31

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross amount	$ 295,017		$ 302,424
Intangible assets subject to amortization, accumulated amortization	(151,929)		(154,642)
Intangible assets subject to amortization, net amount	143,088		147,782
Intangible assets not subject to amortization	824,600		824,600
Intangible assets, net	967,688		972,382
Amortization expense	4,784	$ 3,530
Future amortization expense for intangible assets [Abstract]
Future amortization expense, fiscal 2016	19,500
Future amortization expense, fiscal 2017	18,000
Future amortization expense, fiscal 2018	15,000
Future amortization expense, fiscal 2019	12,200
Future amortization expense, fiscal 2020	11,800
National media [Member] | Internet domain names [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets not subject to amortization	7,827		7,827
National media [Member] | Trademarks [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets not subject to amortization	192,089		192,089
National media [Member] | Advertiser relationships [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross amount	18,610		20,879
Intangible assets subject to amortization, accumulated amortization	(6,538)		(7,660)
Intangible assets subject to amortization, net amount	12,072		13,219
National media [Member] | Customer lists [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross amount	5,230		9,120
Intangible assets subject to amortization, accumulated amortization	(3,133)		(6,679)
Intangible assets subject to amortization, net amount	2,097		2,441
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	19,425		20,675
Intangible assets subject to amortization, accumulated amortization	(6,767)		(7,361)
Intangible assets subject to amortization, net amount	12,658		13,314
Local media [Member] | FCC licenses [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets not subject to amortization	624,684		624,684
Local media [Member] | Other intangible assets [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross amount	1,214		1,212
Intangible assets subject to amortization, accumulated amortization	(183)		(126)
Intangible assets subject to amortization, net amount	1,031		1,086
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	229,309		229,309
Intangible assets subject to amortization, accumulated amortization	(130,969)		(129,362)
Intangible assets subject to amortization, net amount	98,340		99,947
Local media [Member] | Retransmission agreements [Member]
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets subject to amortization, gross amount	21,229		21,229
Intangible assets subject to amortization, accumulated amortization	(4,339)		(3,454)
Intangible assets subject to amortization, net amount	$ 16,890		$ 17,775

Intangible Assets and Goodwil32

Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Goodwill [Roll Forward]
Balance at beginning of period	$ 1,001,246	$ 840,861
Acquisitions	(2,986)	(867)
Balance at end of period	998,260	839,994
National media [Member]
Goodwill [Roll Forward]
Balance at beginning of period	932,471	789,038
Acquisitions	(2,986)	0
Balance at end of period	929,485	789,038
Local media [Member]
Goodwill [Roll Forward]
Balance at beginning of period	68,775	51,823
Acquisitions	0	(867)
Balance at end of period	$ 68,775	$ 50,956

Restructuring Accrual - Narrati

Restructuring Accrual - Narrative (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2015USD ($)employee	Sep. 30, 2014USD ($)
Restructuring Cost and Reserve [Line Items]
Severance costs, expected period of payment	12 months
Expected number of employees affected | employee	45
Selling, general and administrative [Member]
Restructuring Cost and Reserve [Line Items]
Reversal of excess accrual	$ (1,070)	$ 0

Restructuring Accrual - Changes

Restructuring Accrual - Changes in Restructuring Accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Changes in restructuring accrual [Roll Forward]
Balance at beginning of period	$ 15,731	$ 13,545
Cash payments	(3,705)	(4,986)
Balance at end of period	14,322	8,559
Selling, general and administrative [Member]
Changes in restructuring accrual [Roll Forward]
Reversal of excess accrual	(1,070)	0
Selling, general and administrative [Member] | Employee Severance [Member]
Changes in restructuring accrual [Roll Forward]
Severance accruals	$ 3,366	$ 0

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
Debt Instrument [Line Items]
Total long-term debt	$ 819,375,000	$ 795,000,000
Current portion of long-term debt	(65,625,000)	(62,500,000)
Long-term debt	$ 753,750,000	732,500,000
Subordinated note receivable, interest rate	3.25%
Line of Credit [Member] | Asset Backed Bank Facility [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 80,000,000	80,000,000
Line of credit facility, maximum borrowing capacity	100,000,000
Accounts receivable outstanding under the revolving agreement	175,200,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total long-term debt	105,000,000	77,500,000
Line of credit facility, maximum borrowing capacity	200,000,000
Term Loan Facility [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Total long-term debt	234,375,000	237,500,000
Senior Notes [Member] | Senior Notes 3.04% due 2016 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 50,000,000	50,000,000
Debt instrument, stated interest rate	3.04%
Senior Notes [Member] | Senior Notes 3.04% due 2017 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 50,000,000	50,000,000
Debt instrument, stated interest rate	3.04%
Senior Notes [Member] | Senior Notes 3.04% due 2018 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 50,000,000	50,000,000
Debt instrument, stated interest rate	3.04%
Senior Notes [Member] | Senior Notes Due 2022 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 100,000,000	100,000,000
Senior Notes [Member] | Senior Notes Due 2024 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 150,000,000	$ 150,000,000

Long-term Debt - Derivative (De

Long-term Debt - Derivative (Details) - Cash Flow Hedging [Member]	3 Months Ended
	Sep. 30, 2015USD ($)
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount of derivative	$ 300,000,000
Fair value of interest rate swaps	5,800,000
Maximum loss on counterparties failure to meet obligations	0
Interest Rate Swap Expiring August 2018 [Member]
Derivative [Line Items]
Derivative, amount of hedged items	$ 50,000,000
Fixed interest rate of derivative	1.36%
Variable interest rate of derivative	0.22%
Interest Rate Swap Expiring March 2019 [Member]
Derivative [Line Items]
Derivative, amount of hedged items	$ 100,000,000
Fixed interest rate of derivative	1.53%
Variable interest rate of derivative	0.33%
Interest Rate Swaps Expiring August 2019 [Member]
Derivative [Line Items]
Derivative, amount of hedged items	$ 150,000,000
Fixed interest rate of derivative	1.76%
Variable interest rate of derivative	0.33%
Senior Notes Due 2024 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, amount of hedged items	$ 250,000,000
Term Loan Facility [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, amount of hedged items	$ 50,000,000

Pension and Postretirement Be37

Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Pension Plans [Member]
Components of Net Periodic Benefit Costs [Abstract]
Service cost	$ 2,977	$ 3,043
Interest cost	1,469	1,396
Expected return on plan assets	(2,746)	(2,759)
Prior service cost amortization	49	56
Actuarial loss (gain) amortization	157	169
Net periodic benefit credit	1,906	1,905
Postretirement Benefit Plans [Member]
Components of Net Periodic Benefit Costs [Abstract]
Service cost	25	29
Interest cost	96	102
Prior service cost amortization	(107)	(108)
Actuarial loss (gain) amortization	(169)	(108)
Net periodic benefit credit	$ (155)	$ (85)

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net earnings	$ 11,029	$ 29,365
Basic average shares outstanding (in shares)	44,612	44,459
Dilutive effect of stock options and equivalents (in shares)	754	698
Diluted average shares outstanding (in shares)	45,366	45,157
Earnings per share
Basic earnings per share (in usd per share)	$ 0.25	$ 0.66
Diluted earnings per share (in usd per share)	$ 0.24	$ 0.65
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	1,200	1,700
Antidilutive options excluded from calculation of earnings per share, weighted average exercise price (in usd per share)	$ 49.47	$ 50.06

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Broadcast rights payable	$ 22,251	$ 7,774
Long-term debt	819,375	795,000
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Broadcast rights payable	21,361	7,490
Long-term debt	$ 821,353	$ 797,121

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - Measured at fair value on recurring basis [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Other assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ 0	$ 1,139
Accrued expenses and other liabilities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	3,278	3,295
Accrued expenses and other liabilities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	800	800
Other noncurrent liabilities [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	2,498	0
Other noncurrent liabilities [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 59,735	$ 60,735

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Contingent consideration [Roll Forward]
Balance at beginning of period	$ 61,535	$ 1,700
Changes in present value of contingent consideration	(1,000)	0
Balance at end of period	$ 60,535	$ 1,700

Financial Information about I42

Financial Information about Industry Segments (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2015USD ($)segmentmeasures	Sep. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Number of principal financial measures | measures	2
Total revenues	$ 384,666	$ 371,184
Income from operations	29,012	52,852
Interest expense, net	(5,313)	(4,242)
Earnings before income taxes	23,699	48,610
Depreciation and amortization	15,080	12,769
National media [Member]
Segment Reporting Information [Line Items]
Total revenues	258,199	246,326
Income from operations	22,803	28,895
Depreciation and amortization	4,565	3,625
Local media [Member]
Segment Reporting Information [Line Items]
Total revenues	126,467	124,858
Income from operations	29,327	36,312
Depreciation and amortization	9,978	8,715
Unallocated corporate [Member]
Segment Reporting Information [Line Items]
Income from operations	(23,118)	(12,355)
Depreciation and amortization	$ 537	$ 429