Hawkeye Acquisition (MDP) 10-Q 9 Nov 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2018	Oct. 31, 2018
Document Information [Line Items]
Entity Registrant Name	MEREDITH CORP
Entity Central Index Key	65,011
Document Type	10-Q
Document Type	Sep. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		39,879,039
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,105,920

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2018	Jun. 30, 2018
Current assets
Cash and cash equivalents	$ 144	$ 437.6
Accounts receivable, net	552.9	542
Inventories	50.3	44.2
Current portion of subscription acquisition costs	116.4	118.1
Current portion of broadcast rights	18	9.8
Assets held-for-sale	691.8	713.1
Other current assets	105.2	114.3
Total current assets	1,678.6	1,979.1
Property, plant, and equipment	862.1	861.4
Less accumulated depreciation	(398.4)	(377.6)
Net property, plant, and equipment	463.7	483.8
Subscription acquisition costs	102.6	61.1
Broadcast rights	9.4	18.9
Other assets	269.8	263.3
Intangible assets, net	1,966.3	2,005.2
Goodwill	1,926.7	1,915.8
Total assets	6,417.1	6,727.2
Current liabilities
Current portion of long-term debt	0	17.7
Current portion of long-term broadcast rights payable	17.4	8.9
Accounts payable	161.4	194.7
Accrued expenses and other liabilities	344	410.2
Current portion of unearned revenues	360.5	360.4
Liabilities associated with assets held-for-sale	186.5	198.4
Total current liabilities	1,069.8	1,190.3
Long-term debt	2,937.4	3,117.9
Long-term broadcast rights payable	11.5	20.8
Unearned revenues	155.6	124.1
Deferred income taxes	433.6	437
Other noncurrent liabilities	203.3	217
Total liabilities	4,811.2	5,107.1
Redeemable, convertible Series A preferred stock, par value $1 per share, $1,000 per share liquidation preference	526.9	522.6
Shareholders' equity
Series preferred stock, par value $1 per share	0	0
Additional paid-in capital	207.5	199.5
Retained earnings	865.1	889.8
Accumulated other comprehensive loss	(38.6)	(36.7)
Total shareholders' equity	1,079	1,097.5
Total liabilities, redeemable convertible preferred stock, and shareholders' equity	6,417.1	6,727.2
Common Stock
Shareholders' equity
Common stock, par value $1 per share	39.9	39.8
Class B Common Stock
Shareholders' equity
Common stock, par value $1 per share	$ 5.1	$ 5.1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Jun. 30, 2018
Class of Stock [Line Items]
Common stock, par value (in usd per share)	$ 1	$ 1
Series A Preferred Stock
Class of Stock [Line Items]
Redeemable, convertible Series A preferred stock, par value (in dollars per share)	1	1
Redeemable, convertible Series A preferred stock, liquidation preference (in dollars per share)	1,000	1,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in usd per share)	$ 1	$ 1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Revenues
Total revenues	$ 756.7	$ 392.8
Operating expenses
Production, distribution, and editorial	286.1	156.6
Selling, general, and administrative	336.1	170.7
Acquisition, disposition, and restructuring related activities	17.1	(3.3)
Depreciation and amortization	63.7	12.6
Total operating expenses	703	336.6
Income from operations	53.7	56.2
Non-operating income, net	7.3	0.6
Interest expense, net	(41.4)	(5.1)
Earnings from continuing operations before income taxes	19.6	51.7
Income tax expense	(3.6)	(18.3)
Earnings from continuing operations	16	33.4
Income from discontinued operations, net of income taxes	1	0
Net earnings	17	33.4
Earnings (loss) attributable to common shareholders	$ (2.6)	$ 33.4
Basic earnings (loss) per share attributable to common shareholders
Basic earnings per share for continuing operations (in usd per share)	$ (0.08)	$ 0.75
Basic earnings per share for discontinued operations (in usd per share)	0.02	0
Basic (loss) income per share (in usd per share)	$ (0.06)	$ 0.75
Weighted average common shares outstanding (in shares)	45.1	44.8
Diluted earnings (loss) per share attributable to common shareholders
Diluted earnings per share for continuing operations (in usd per share)	$ (0.08)	$ 0.73
Diluted earnings per share for discontinued operations (in usd per share)	0.02	0
Diluted earnings (loss) per common share (in usd per share)	$ (0.06)	$ 0.73
Diluted average shares outstanding (in shares)	45.1	45.6
Advertising related
Revenues
Total revenues	$ 422.7	$ 209.2
Consumer related
Revenues
Total revenues	301.2	149.6
Other
Revenues
Total revenues	$ 32.8	$ 34

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net earnings	$ 17	$ 33.4
Other comprehensive income (loss), net of income taxes
Pension and other postretirement benefit plans activity	0.4	0.3
Unrealized foreign currency translation loss, net	(2.3)	0
Unrealized gain on interest rate swaps	0	0.3
Other comprehensive income (loss), net of income taxes	(1.9)	0.6
Comprehensive income	$ 15.1	$ 34

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Class B Common Stock	Series A Preferred Stock	Common StockCommon Stock	Common StockClass B Common Stock	Additional Paid-in Capital	Retained Earnings	Retained EarningsCommon Stock	Retained EarningsClass B Common Stock	Retained EarningsSeries A Preferred Stock	Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment for adoption of Accounting Standards Update 2014-09	$ 0.4						$ 1	$ (0.6)
Beginning balance at Jun. 30, 2017	996				$ 39.4	$ 5.1	54.8	915.7				$ (19)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	33.4							33.4
Other comprehensive loss, net of income taxes	0.6											0.6
Shares issued under incentive plans, net of forfeitures	12				0.5		11.5
Purchases of Company stock	(17.7)				(0.3)		(17.4)
Share-based compensation	6.7						6.7
Dividends paid		$ (20.9)	$ (2.7)						$ (20.9)	$ (2.7)
Ending balance at Sep. 30, 2017	1,007.8				39.6	5.1	56.6	924.9				(18.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment for adoption of Accounting Standards Update 2014-09	2.4						0	2.4
Beginning balance at Jun. 30, 2018	1,097.5				39.8	5.1	199.5	889.8				(36.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	17							17
Other comprehensive loss, net of income taxes	(1.9)											(1.9)
Shares issued under incentive plans, net of forfeitures	1.1				0.2		0.9
Purchases of Company stock	(3.2)				(0.1)		(3.1)
Share-based compensation	10.2						10.2
Dividends paid		$ (23)	$ (2.8)	$ (14)					$ (23)	$ (2.8)	$ (14)
Accretion of Series A preferred stock				$ (4.3)							$ (4.3)
Ending balance at Sep. 30, 2018	$ 1,079				$ 39.9	$ 5.1	$ 207.5	$ 865.1				$ (38.6)

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018
Common stock, par value (in usd per share)	$ 1		$ 1
Common Stock
Common stock, par value (in usd per share)	1	$ 1
Common Stock, Dividends, Per Share, Cash Paid	0.545	0.520
Class B Common Stock
Common stock, par value (in usd per share)	1	1	$ 1
Common Stock, Dividends, Per Share, Cash Paid	0.545	$ 0.520
Series A Preferred Stock
Preferred Stock, Dividends, Per Share, Cash Paid	$ 21.49

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net earnings	$ 17	$ 33.4
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities
Depreciation	24.9	7.9
Amortization	38.8	4.7
Share-based compensation	10.2	6.7
Deferred income taxes	(9.6)	12.7
Amortization of original issue discount and debt issuance costs	2.2	0
Amortization of broadcast rights	5.4	4.9
Payments for broadcast rights	(4.9)	(5.5)
Net gain on disposition of assets	(10.2)	(3.3)
Fair value adjustments to contingent consideration	(0.1)	(0.2)
Changes in assets and liabilities	(109.7)	(10.7)
Net cash provided by (used in) operating activities	(36)	50.6
Cash flows from investing activities
Acquisitions of and investments in businesses, net of cash acquired	(1.8)	(1)
Proceeds from disposition of assets, net of cash sold	13.4	2.2
Additions to property, plant, and equipment	(7.5)	(20.6)
Net cash provided by (used in) investing activities	4.1	(19.4)
Cash flows from financing activities
Proceeds from issuance of long-term debt	0	20
Repayments of long-term debt	(200)	(13.2)
Dividends paid	(39.8)	(23.6)
Purchases of Company stock	(3.2)	(17.7)
Proceeds from common stock issued	1.1	12
Payment of acquisition-related contingent consideration	(19.3)	(3.2)
Net cash used in financing activities	(261.2)	(25.7)
Effect of exchange rate changes on cash and cash equivalents	(1.7)	0
Change in cash held-for-sale	1.2	0
Net increase (decrease) in cash and cash equivalents	(293.6)	5.5
Cash and cash equivalents at beginning of period	437.6	22.3
Cash and cash equivalents at end of period	$ 144	$ 27.8

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation —The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly-owned and majority-owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements. The financial position and operating results of our foreign operations are consolidated using primarily the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Translation gains or losses on assets and liabilities are included as a component of accumulated other comprehensive loss. 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 (U.S. 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 (Form 10-K) for the year ended June 30, 2018 , filed with the SEC. The condensed consolidated financial statements as of September 30, 2018 , and for the three months ended September 30, 2018 and 2017 , are unaudited but, in management's opinion, include all adjustments necessary for a fair presentation of the results of interim periods. All such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet as of June 30, 2018 , was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year. Reclassification —Certain prior year amounts have been reclassified to conform to fiscal 2019 presentation. Adopted Accounting Pronouncements — ASU 2014-09—In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) (ASC 606) that updated and replaced existing revenue recognition guidance. The guidance includes a five-step framework to determine the timing and amount of revenue to recognize related to contracts with customers. Additionally, the guidance requires new and significantly enhanced disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows from customer contracts as well as judgments made by a company when following the framework. The Company adopted the standard including all updates made to the standard since original issuance, on July 1, 2018, using the modified retrospective method. We applied the standard to all contracts open as of July 1, 2018. The cumulative prior period effect of applying ASC 606 was $2.4 million , which resulted in an increase to retained earnings upon adoption. The standard does not change the timing or pattern of revenue recognition for most of our revenue contracts with the exception of contracts with value-added items or those that require combination under the standard. Refer to Note 11 for further discussion on the impacts of the adoption of this accounting standard. We utilized various practical expedients offered by the guidance in our implementation. For the Company's contracts that have an original duration of twelve months or less, the Company does not impute interest to account for a financing element. For all contracts with an original term of twelve months or less and for performance obligations tied to sales-based or usage-based royalties, the Company has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. Finally, consistent with historical practice, the Company excludes amounts collected from customers for sales taxes from its transaction prices. ASU 2016-01—In January 2016, the FASB issued guidance to improve and simplify accounting for financial instruments. The updated guidance includes several provisions that are not applicable to the Company’s consolidated financial statements, with the exception of changes to fair value disclosure. Under the new guidance, public entities are no longer required to disclose the methods and significant assumptions used to estimate fair value of financial instruments measured at amortized cost on the consolidated balance sheets. It also requires public entities to use the exit price when measuring the fair value of financial instruments for disclosure purposes. The guidance was adopted in the first quarter of fiscal 2019. The adoption of this guidance required a change in our disclosures only and did not have an impact on our financial position, results of operations, or cash flows. ASU 2016-15—In August 2016, the FASB issued an accounting standards update clarifying the classification of certain cash receipts and payments in the statement of cash flows. The update is intended to reduce the diversity in practice regarding how certain transactions are classified within the statement of cash flows. The update was effective beginning in our first quarter of fiscal 2019 and was adopted retrospectively as required by the ASU. As a result of the update, the Company reclassified a cash outflow of $0.8 million from financing activities to operating activities in the three months ended September 30, 2017, related to contingent considerations paid in excess of that recognized as a liability on the date of acquisition. The update will not have a material impact on the classification of our future cash flows. ASU 2017-01—In January 2017, the FASB issued an accounting standards update that clarifies the definition of a business and adds guidance to assist entities in the determination of whether an acquisition (or disposal) represents assets or a business. The update provides a test to determine whether or not an acquisition is a business. If substantially all of the fair value of the assets acquired is concentrated in a single asset or a group of similar identifiable assets, the acquired assets do not represent a business. If this test is not met, the update provides further guidance to evaluate if the acquisition represents a business. The Company prospectively adopted the guidance in the first quarter of fiscal 2019. The adoption did not have an impact to the Company’s condensed consolidated financial statements. ASU 2017-07—In March 2017, the FASB issued an accounting standards update on the presentation of net periodic pension and postretirement benefit costs. This guidance revises how employers that sponsor defined benefit pension and other postretirement plans present the net periodic benefit costs in their income statement and requires that the service cost component of net periodic benefit costs be presented in the same line items as other employee compensation costs. The other components of net periodic benefit costs must be presented separately from the line items that include the service cost and outside of the income from operations subtotal. As required by the standard, we retrospectively adopted the update on July 1, 2018, which resulted in an increase in Production, distribution, and editorial expense of $ 0.8 million and a decrease in Selling, general, and administrative expense of $0.2 million . Non-operating income of $0.6 million was established in the three months ended September 30, 2017, as this financial statement line was not previously included. We elected the practical expedient allowed by the update and utilized our previously disclosed components of net periodic benefit costs from the pension and other postretirement benefit plan note in our June 30, 2018, Form 10-K. For the three months ended September 30, 2018, the implementation of this guidance resulted in an increase in Selling, general, and administrative expense and an increase in non-operating income, net of $3.9 million , compared to that which would have been reported under previous guidance. ASU 2017-09—In May 2017, the FASB issued additional guidance related to changes in terms or conditions of a share-based payment award. This update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Accounting Standards Codification (ASC) 718 – Compensation – Stock Compensation . This guidance was adopted in the first quarter of fiscal 2019. The adoption did not have a material impact on our financial position, results of operations, cash flows, or disclosures. ASU 2018-15—In August 2018, the FASB issued guidance on accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in the update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The guidance is effective for the Company beginning in the first quarter of fiscal 2021 with early adoption permitted. The amendments in the update can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this guidance prospectively, effective July 1, 2018. The adoption did not have a material impact on our consolidated financial statements. In August 2018, the SEC issued a final rule that amends certain of its disclosure requirements. Specifically, the final rule modifies or eliminates disclosures that are redundant, duplicative, overlapping, outdated, or superseded in light of other SEC or U.S. GAAP disclosure requirements or changes in the information environment. Several aspects of the final rule are applicable to the Company but do not have a material impact on our consolidated financial statements. The amendments were effective November 5, 2018, and were implemented in the first quarter of fiscal 2019. Pending Accounting Pronouncements — ASU 2018-14—In August 2018, the FASB issued an accounting standards update which adds, removes, and modifies disclosure requirements related to defined benefit pension and other postretirement plans. The update amends only annual disclosure requirements. Retrospective adoption of the update is required in fiscal 2022 with early adoption permitted. The adoption of this guidance requires a change in our disclosures only and is not expected to have an impact on our consolidated financial statements. ASU 2018-13—In August 2018, the FASB issued an accounting standards update which changes the fair value measurement disclosure requirements. The update removes, modifies, and adds certain additional disclosures. The effective date is the first quarter of fiscal 2021, with early adoption permitted for any eliminated or modified disclosures. The adoption of this guidance requires a change in our disclosures only and is not expected to have an impact on our consolidated financial statements. ASU 2016-02—In February 2016, the FASB issued an accounting standards update that replaces existing lease accounting standards. The new standard requires lessees to recognize on the balance sheet a right-of use asset, representing its right to use the underlying asset for the lease term, and a lease liability for all leases with terms greater than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. Treatment of lease payments in the statement of earnings and statement of cash flows is relatively unchanged from previous guidance. This standard is required to be applied using a modified retrospective approach, which gives the option of applying the new guidance as of the effective date with enhanced disclosure requirements for comparative periods presented under prior lease guidance, or applying the new standard at the beginning of the earliest comparative period presented. The FASB continues to issue amendments to further clarify provisions of this guidance. The standard, including the amendments made since initial issuance, is effective for the Company beginning July 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating our existing lease portfolios, including accumulating all of the necessary information required to properly account for the leases under the new standard. As such, the Company is currently evaluating the effect the guidance will have on our consolidated financial statements.

Acquisition

Acquisition	3 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Acquisition	2. Acquisition On January 31, 2018, Meredith completed the acquisition of all the outstanding shares of Time Inc. (Time). The fair values of the assets acquired and liabilities assumed were based on management’s preliminary estimates of the fair values of Time’s net assets. The estimated fair values of net assets and resulting goodwill are subject to the Company finalizing its analysis of the fair value of Time’s assets and liabilities as of the acquisition date, and are subject to change pending the final valuation of these assets and liabilities. In addition, information unknown at the time of the Time acquisition could result in adjustments to the respective fair values and resulting goodwill. Differences between the preliminary and final estimated fair values could be material. As additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), the Company will refine its estimates of fair value and reallocate the purchase price. In the first quarter of fiscal 2019, the Company recorded purchase price allocation adjustments relating to the Time acquisition that increased goodwill by $10.9 million , reduced assets held-for-sale by $6.0 million and increased deferred income taxes by $4.9 million . These adjustments resulted from new information about facts and circumstances that existed at the time of the acquisition. Estimated fair values of assets held-for-sale are preliminary and are expected to be finalized upon completion of the sales, which are expected to occur within fiscal 2019. See additional information for assets held-for-sale in Note 4 .

Inventories

Inventories	3 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Inventories	3. Inventories Major components of inventories are summarized below. (In millions) September 30, 2018 June 30, 2018 Raw materials $ 32.4 $ 32.1 Work in process 15.7 9.6 Finished goods 2.2 2.5 Inventories $ 50.3 $ 44.2

Discontinued Operations _ Asset

Discontinued Operations / Assets Held-for-Sale	3 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations / Assets Held-for-Sale	4. Assets Held for Sale, Discontinued Operations, and Dispositions Assets Held-for-Sale and Discontinued Operations The Company announced after the acquisition of Time that it was exploring the sale of the TIME, Sports Illustrated, Fortune, and Money and affiliated brands and its investment in Viant Technology LLC (Viant). In September 2018, Meredith entered into a definitive agreement to sell the TIME brand to an unrelated third party for $190.0 million in cash. This sale closed on October 31, 2018. In November 2018, Meredith entered into a definitive agreement to sell the Fortune brand to an unrelated third party for $150.0 million in cash. This sale is expected to close in calendar 2018. Management expects sales of the remaining brands and Viant to close during fiscal 2019. In accordance with accounting guidance, a business that, on acquisition, or within a short period following the acquisition (usually within three months), meets the criteria to be classified as held-for-sale is considered a discontinued operation. As all of the required criteria for held-for-sale classification were met, the assets and liabilities related to these operations have been included as assets held-for-sale and liabilities associated with assets held-for-sale in the Condensed Consolidated Balance Sheets as of June 30, 2018 and September 30, 2018. The associated assets and liabilities that are deemed held-for-sale are classified as current based on the anticipated disposal date. The revenue and expenses, along with associated taxes, for these operations were included in the income from discontinued operations, net of income taxes line on the Condensed Consolidated Statements of Earnings. All discontinued operations relate to the national media segment. The following table presents the major components which are included in assets held-for-sale and liabilities associated with assets held-for-sale (including the TIME, Sports Illustrated, Fortune, Money, and affiliated brands, and the investment in Viant): (in millions) September 30, June 30, Current assets Cash and cash equivalents $ 3.5 $ 2.3 Accounts receivable, net 76.6 94.6 Inventories 1.0 1.1 Other current assets 10.4 9.4 Total current assets 91.5 107.4 Net property, plant, and equipment 14.1 14.1 Other assets 1.6 1.0 Intangible assets, net 113.1 113.1 Goodwill 471.5 477.5 Total assets held-for-sale $ 691.8 $ 713.1 Current liabilities Accounts payable $ 43.7 $ 45.2 Accrued expenses and other liabilities 11.7 15.1 Current portion of unearned revenues 103.9 109.4 Total current liabilities 159.3 169.7 Unearned revenues 26.6 28.0 Other noncurrent liabilities 0.6 0.7 Total liabilities associated with assets held-for-sale $ 186.5 $ 198.4 The Company does not allocate interest to discontinued operations unless the interest is directly attributable to the discontinued operations or is interest on debt that is required to be repaid as a result of the disposal transaction. Interest expense included in discontinued operations reflects an estimate of interest expense related to the debt that will be repaid with the proceeds from the sale of the TIME, Sports Illustrated, Fortune, Money, and affiliated brands and the investment in Viant. Amounts applicable to discontinued operations in the Condensed Consolidated Statements of Earnings are as follows: Three months ended September 30, 2018 (In millions except per share data) Revenues $ 125.5 Costs and expenses (117.6 ) Interest expense (6.6 ) Earnings before income taxes 1.3 Income taxes (0.3 ) Income from discontinued operations, net of income taxes $ 1.0 Earnings per share from discontinued operations Basic $ 0.02 Diluted 0.02 The discontinued operations did not have depreciation, amortization, or significant non-cash investing items for the three months ended September 30, 2018. Share based compensation expense related to discontinued operations of $0.5 million is included in the calculation of net cash provided by (used in) operating activities and capital expenditures of $2.2 million are included in cash provided by (used in) investing activities in the Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2018. Dispositions On July 1, 2017, Meredith's national media segment sold a 70 percent interest in Charleston Tennis LLC, which operates the Family Circle Tennis Center, to an unrelated third party. In return, Meredith received $0.6 million in cash and a note receivable for $8.5 million . The note receivable was due in annual installments over a period of 8 years . At June 30, 2018, there was $3.2 million in unamortized discount and an allowance of $3.0 million recorded against the note. This transaction generated a gain of $3.3 million , which was recorded in the acquisition, disposition, and restructuring related activities line of the Condensed Consolidated Statements of Earnings. Of this gain, $1.0 million related to the remeasurement of the retained investment. As Meredith retained a 30 percent interest, had a seat on the board, and had approval rights over certain limited matters, Meredith accounted for this investment under the equity method of accounting. In September 2018, Meredith sold its remaining 30 percent interest in Charleston Tennis LLC to an unrelated third party. In return, Meredith received cash of $13.3 million , of which $5.1 million was for the Company's remaining 30 percent interest and $8.2 million was repayment of the principal and interest accrued on the note receivable received upon the Company's sale of a 70 percent interest in July 2017. The Company recognized a gain on the sale of $10.4 million , of which $4.1 million represented a gain on our 30 percent interest and is recorded in the non-operating income, net line of the Condensed Consolidated Statements of Earnings, while the remainder is recorded in the acquisition, disposition, and restructuring related activities line of the Condensed Consolidated Statement of Earnings, as such represents recovery of a previously impaired note receivable.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	5. Intangible Assets and Goodwill Intangible assets consisted of the following: September 30, 2018 June 30, 2018 (In millions) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 213.4 $ (49.0 ) $ 164.4 $ 212.3 $ (41.1 ) $ 171.2 Publisher relationships 125.0 (11.9 ) 113.1 125.0 (7.4 ) 117.6 Partner relationships 95.0 (10.6 ) 84.4 95.0 (6.6 ) 88.4 Customer relationships 67.5 (22.0 ) 45.5 67.5 (14.0 ) 53.5 Other 22.0 (12.8 ) 9.2 22.0 (11.9 ) 10.1 Local media Network affiliation agreements 229.3 (150.3 ) 79.0 229.3 (148.6 ) 80.7 Advertiser relationships 12.5 (2.8 ) 9.7 25.0 (3.5 ) 21.5 Retransmission agreements 27.9 (16.0 ) 11.9 27.9 (14.9 ) 13.0 Other 1.7 (0.9 ) 0.8 1.7 (0.8 ) 0.9 Total $ 794.3 $ (276.3 ) 518.0 $ 805.7 $ (248.8 ) 556.9 Intangible assets not subject to amortization National media Trademarks 765.3 765.3 Internet domain names 7.8 7.8 Local media FCC licenses 675.2 675.2 Total 1,448.3 1,448.3 Intangible assets, net $ 1,966.3 $ 2,005.2 Amortization expense was $38.8 million and $4.7 million for the three months ended September 30, 2018 and 2017 , respectively. Annual amortization expense for intangible assets is expected to be as follows: $155.0 million in fiscal 2019 , $140.3 million in fiscal 2020 , $86.9 million in fiscal 2021 , $41.0 million in fiscal 2022 , and $39.0 million in fiscal 2023 . Changes in the carrying amount of goodwill were as follows: Three months ended September 30, 2018 2017 (In millions) National Local Total National Local Total Balance at beginning of period Goodwill $ 1,800.0 $ 115.8 $ 1,915.8 $ 943.8 $ 80.6 $ 1,024.4 Accumulated impairment losses — — — (116.9 ) — (116.9 ) Total goodwill 1,800.0 115.8 1,915.8 826.9 80.6 907.5 Activity during the period Acquisition adjustments 10.9 — 10.9 0.1 — 0.1 Balance at end of period Goodwill 1,810.9 115.8 1,926.7 943.9 80.6 1,024.5 Accumulated impairment losses — — — (116.9 ) — (116.9 ) Total goodwill $ 1,810.9 $ 115.8 $ 1,926.7 $ 827.0 $ 80.6 $ 907.6

Restructuring Accrual

Restructuring Accrual	3 Months Ended
	Sep. 30, 2018
Restructuring and Related Activities [Abstract]
Restructuring Accrual	6. Restructuring Accrual During fiscal 2018 and the first quarter of 2019, management committed to and continued to execute upon several performance improvement plans, including those related to the integration of Time as well as other smaller restructurings. As part of the Company's plan to realize cost synergies from the Time acquisition, management committed to a performance improvement plan to reduce headcount, which is anticipated to be substantially complete by January 2019. In addition to the Time acquisition related plan under which restructuring costs continue to be incurred in fiscal 2019, additional performance improvement plans were made and executed upon in the first quarter of fiscal 2019 related to the strategic decisions to merge Cooking Light magazine with EatingWell , transition Coastal Living from a subscription magazine to a special interest publication, to consolidate much of our local media's digital advertising functions with MNI Targeted Media, and to outsource newsstand sales and marketing operations. The first quarter fiscal 2019 performance improvement plans affected approximately 250 people, approximately 175 in the national media segment, approximately 25 in the local media segment, and the remainder in unallocated corporate. In connection with these plans, in the first quarter of fiscal 2019 the Company recorded pre-tax restructuring charges of $12.5 million for severance and related benefit costs related to the involuntary termination of employees. These costs are recorded in the acquisition, disposition, and restructuring related activities line of the Condensed Consolidated Statements of Earnings. Details of the severance and related benefit costs by segment for this performance improvement plan are as follows: For the three months ended September 30, 2018 Amount Accrued in the Period Total Amount Expected to be Incurred (in millions) National media $ 6.0 $ 7.0 Local media 1.5 1.5 Unallocated Corporate 5.0 6.5 $ 12.5 $ 15.0 Details of changes in the Company's restructuring accrual are as follows: Employee Terminations Other Exit Costs Total Employee Terminations Three months ended September 30, 2018 2018 2018 2017 (In millions) Balance at beginning of period $ 101.3 $ 6.3 $ 107.6 $ 8.7 Accruals 12.5 10.1 22.6 — Cash payments (20.7 ) (9.4 ) (30.1 ) (3.0 ) Other accruals (0.5 ) — (0.5 ) — Reversal of excess accrual (2.9 ) (0.7 ) (3.6 ) — Balance at end of period $ 89.7 $ 6.3 $ 96.0 $ 5.7 As of September 30, 2018, of the $96.0 million liability, $91.4 million was classified as current liabilities on the Condensed Consolidated Balance Sheet, with the remaining $4.6 million classified as noncurrent liabilities. Amounts classified as noncurrent liabilities are expected to be paid through 2020 and relate primarily to severance costs.

Long-term Debt

Long-term Debt	3 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Long-term Debt	7. Long-term Debt Long-term debt consisted of the following: September 30, 2018 June 30, 2018 (In millions) Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Variable-rate credit facility Senior credit facility term loan, due 1/31/2025 $ 1,595.5 $ (32.3 ) $ 1,563.2 $ 1,795.5 $ (33.4 ) $ 1,762.1 Revolving credit facility of $350 million, due 1/31/2023 — — — — — — Senior Unsecured Notes 6.875% senior notes, due 2/1/2026 1,400.0 (25.8 ) 1,374.2 1,400.0 (26.5 ) 1,373.5 Total long-term debt 2,995.5 (58.1 ) 2,937.4 3,195.5 (59.9 ) 3,135.6 Current portion of long-term debt — — — (18.0 ) 0.3 (17.7 ) Long-term debt $ 2,995.5 $ (58.1 ) $ 2,937.4 $ 3,177.5 $ (59.6 ) $ 3,117.9 The variable-rate senior credit facility term loan (Term Loan B) matures in 2025 and was originally scheduled to amortize at 1.0 percent per annum in equal quarterly installments until the final maturity date, at which time the remaining principal and interest are due and payable. However, $200.0 million was paid on the Term Loan B in the first quarter of fiscal 2019, therefore, there are no future amortization requirements under the credit agreement. The original interest rate under the Term Loan B was based on the London Interbank Offered Rate (LIBOR) plus a spread of 3.0 percent . The Company repriced the Term Loan B effective October 26, 2018. The new interest rate under the Term Loan B is based on LIBOR plus a spread of 2.75 percent as of the repricing date until maturity. In addition, when the Company's leverage ratio drops below 2.25 to 1 , the spread will decrease to 2.50 percent .

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes For the first quarter of fiscal 2019, Meredith recorded tax expense on earnings from continuing operations of $3.6 million for an effective tax rate of 18.4 percent . In the prior year first quarter, the Company recorded income tax expense of $18.3 million for an effective tax rate of 35.4 percent . The effective tax rate for the three months ended September 30, 2018, was lower than the prior-year quarter primarily due to reduction in the statutory federal tax rate resulting from the Tax Cuts and Jobs Act of 2017 (Tax Reform Act). In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, which provides guidance regarding how a company is to reflect provisional amounts when necessary information is not yet available, prepared, or analyzed sufficiently to complete its accounting for the effect of the changes in the Tax Reform Act. The Company accounted for the effects of the Tax Reform Act in the its fiscal 2018 second quarter. During the quarter ended September 30, 2018, the Company did not make any adjustments to the provisional estimates previously recorded as a result of the Tax Reform Act. The Company continues to assess new guidance issued by tax authorities as well as the Company's ability to change certain methods of accounting and expects to finalize the accounting for the provision of the Tax Reform Act within the measurement period.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Lease Guarantee In March 2018, the Company sold Time Inc. (UK) Ltd. (TIUK), a United Kingdom (U.K.) multi-platform publisher. In connection with the sale of TIUK, the Company recognized a liability in other liabilities in connection with a lease of office space in the U.K. through December 31, 2025, which is guaranteed by Time. The lease guarantee liability is being amortized into earnings over the life of the lease. The carrying value of the lease guarantee was $8.5 million at September 30, 2018. The Company is only obligated to pay for the lease guarantee in the event that TIUK fails to perform under the lease agreement. If TIUK fails to perform under the lease agreement, the maximum lease guarantee obligation for which the Company would be liable is approximately $76.0 million as of September 30, 2018. The Company has assessed that it is unlikely that TIUK will not perform its obligations under the lease. Legal Proceedings In the ordinary course of business, we are defendants in or parties to various legal claims, actions, and proceedings. These claims, actions and proceedings are at varying stages of investigation, arbitration, or adjudication, and involve a variety of areas of law. Time, which is now a wholly-owned subsidiary, previously reported on, and the Company updates below, the following legal proceedings. On October 26, 2010, the Canadian Minister of National Revenue denied the claims by Time Inc. Retail (formerly Time/Warner Retail Sales & Marketing, Inc.) (TIR) for input tax credits in respect of goods and services tax that TIR had paid on magazines it imported into and had displayed at retail locations in Canada during the years 2006 to 2008, on the basis that TIR did not own those magazines and issued Notices of Reassessment in the amount of approximately C $52.0 million . On January 21, 2011, TIR filed an objection to the Notices of Reassessment with the Chief of Appeals of the Canada Revenue Agency (CRA), arguing that TIR claimed input tax credits only in respect of goods and services tax it actually paid and, regardless of whether its payment of the goods and services tax was appropriate or in error, it is entitled to a rebate for such payments. On September 13, 2013, TIR received Notices of Reassessment in the amount of C $26.9 million relating to the disallowance of input tax credits claimed by TIR for goods and services tax that TIR had paid on magazines it imported into and had displayed at retail locations in Canada during the years 2009 to 2010. On October 22, 2013, TIR filed an objection to the Notices of Reassessment received on September 13, 2013 with the Chief of Appeals of the CRA, asserting the same arguments made in the objection TIR filed on January 21, 2011. Beginning in 2015, the collections department of the CRA requested payment of both assessments plus accrued interest or the posting of sufficient security. In each instance, TIR responded by stating that collection should remain stayed pending resolution of the issues raised by TIR’s objection. On February 8, 2016, the Company filed an application for a remission order with the International Trade Policy Division of Finance Canada to seek relief from the assessments and the CRA’s collection efforts. The matter is currently subject to a proceeding in the Tax Court of Canada to resolve the issue of whether TIR or the publishers are entitled to the input tax credits. On March 31, 2017, the Company and the CRA jointly proposed a timetable for the completion of certain pre-trial steps related to this matter, which was approved by the Tax Court. In accordance with the timetable, on April 28, 2017, TIR filed an Amended Notice of Appeal of the assessments. In June 2017, the CRA filed a Reply to TIR's Amended Notice of Appeal and the Company filed an answer to the CRA reply in July 2017. The parties are currently engaged in discovery. The Company denies liability and intends to vigorously defend itself and pursue all defenses available to eliminate or mitigate liability. In July 2017 and November 2017, Time received subpoenas from the Enforcement Division of the staff of the SEC requiring Time to provide documents relating to its accounting for goodwill and asset impairments, restructuring and severance costs, and its analysis and reporting of Time's segments. The Company is cooperating with the SEC in the investigation. Management cannot at this time predict the eventual scope or outcome of this matter. We establish an accrued liability for specific matters, such as a legal claim, when the Company determines that both a loss is probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. In view of the inherent difficulty of predicting the outcome of litigation, claims and other matters, we often cannot predict what the eventual outcome of a pending matter will be, or what the timing or results of the ultimate resolution of a matter will be. Accordingly, for the matters described above, we are unable to predict the outcome or reasonably estimate a range of possible loss.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	We 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 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 not measured at fair value on a recurring basis: September 30, 2018 June 30, 2018 (In millions) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 28.9 $ 26.5 $ 29.7 $ 27.4 Total long-term debt 2,937.4 3,053.0 3,135.6 3,179.8 The fair value of broadcast rights payable was determined utilizing Level 3 inputs. The fair value of total long-term debt is based on information obtained from a non-active market, therefore is included as a Level 2 measurement. The following table sets forth the assets and liabilities measured at fair value on a recurring basis: (In millions) September 30, 2018 June 30, 2018 Accrued expenses and other liabilities Contingent consideration $ 5.1 $ 24.6 Deferred compensation plans 9.5 8.4 Other noncurrent liabilities Contingent consideration 0.9 0.8 Deferred compensation plans 18.6 21.0 The fair value of deferred compensation plans is derived from quotes from observable market information, and thus represents a Level 2 measurement. The fair value of contingent consideration is based on significant inputs not observable in the market and thus represent a Level 3 measurement. Details of changes in the Level 3 fair value of contingent consideration and corporate airplanes that were held-for-sale are as follows: Three months ended September 30, 2018 2017 (in millions) Contingent consideration Balance at beginning of period $ 25.4 $ 34.2 Payments (19.3 ) (4.0 ) Change in present value of contingent consideration (0.1 ) (0.2 ) Balance at end of period $ 6.0 $ 30.0 Corporate airplanes, held-for-sale Balance at beginning of period $ — $ 1.9 Sale of corporate airplanes — (1.9 ) Balance at end of period $ — $ — The fair value adjustment of contingent consideration is the change in the estimated earn out payments based on projections of performance and the amortization of the present value discount. The fair value adjustment of contingent consideration is included in selling, general, and administrative line on the Condensed Consolidated Statements of Earnings. The Company had two corporate airplanes which were marked to fair value in fiscal 2016 when the Company committed to a plan to sell them. The final sale took place in the first quarter of fiscal 2018.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	11. Revenue Recognition Meredith disaggregates revenue from contracts with customers by types of goods and services. A reconciliation of disaggregated revenue to segment revenue (as provided in Note 15 ) is as follows. Three months ended September 30, 2018 National Media Local Media Intersegment Elimination Total (In millions) Advertising related Print $ 182.7 $ — $ — $ 182.7 Non-political spot — 74.9 — 74.9 Political spot — 36.1 — 36.1 Digital 84.6 3.9 — 88.5 Third party sales 17.1 24.0 (0.6 ) 40.5 Total advertising related 284.4 138.9 (0.6 ) 422.7 Consumer related Subscription 135.9 — — 135.9 Retransmission — 73.3 — 73.3 Newsstand 39.0 — — 39.0 Affinity marketing 23.3 — — 23.3 Licensing 23.7 — — 23.7 Digital consumer driven 6.0 — — 6.0 Total consumer related 227.9 73.3 — 301.2 Other Projects based 9.4 — — 9.4 Other 21.2 2.2 — 23.4 Total other 30.6 2.2 — 32.8 Total revenues $ 542.9 $ 214.4 $ (0.6 ) $ 756.7 As a result of the adoption of ASC 606, we have determined that certain barter revenue and expense will no longer be recognized. As a result, $1.9 million of the current portion of broadcast rights and the current portion of broadcast rights payable and $8.2 million of the noncurrent portion of broadcast rights and the noncurrent portion of broadcast rights payable were written off. Other impacts from the adoption of ASC 606 on the condensed consolidated financial statements were immaterial. CONTRACT BALANCES The timing of Meredith’s performance under its various contracts often differs from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset is recognized when a good or service is transferred to a customer and the Company does not have the contractual right to bill for the related performance obligations. A contract liability is recognized when consideration is received from the customer prior to the transfer of goods or services. Current portion of contract liabilities were $360.9 million at July 1, 2018 and $360.5 million at September 30, 2018, and are presented as current portion of unearned revenues on the Condensed Consolidated Balance Sheets. Noncurrent contract liabilities were $124.1 million and $155.6 million at July 1, 2018 and September 30, 2018, respectively, and are reflected as unearned revenues on the Condensed Consolidated Balance Sheets. Substantially all of the $135.9 million of subscription revenue recognized in the three months ended September 30, 2018, was in contract liabilities at the beginning of the period. An additional $1.6 million of revenue recognized in the first quarter of fiscal 2019 was related to the liability balance as of the beginning of the period. NATURE OF PERFORMANCE OBLIGATIONS At contract inception, Meredith assesses the obligations promised in its contracts with customers and identifies a performance obligation for each promise to transfer a good or service or bundle that is distinct. To identify the performance obligations, the Company considers all the promises in the contract, whether explicitly stated or implied based on customary business practices. For a contract that has more than one performance obligation, the Company allocates the total contract consideration to each distinct performance obligation on a relative standalone selling price basis. Revenue is recognized when, or as, the performance obligations are satisfied and control is transferred to the customer. Print Advertising —The Company provides advertisement placements in print media directly to advertisers or through advertising agencies. The Company’s performance obligations related to print advertising are satisfied when the magazine in which an advertisement appears is published, which is defined as an issue’s on-sale date. The customer is invoiced the agreed-upon price when the advertisements are published under normal industry trade terms. The agreed upon price is adjusted for estimated provisions for rebates, rate adjustments, and discounts. As part of the Company’s customary business practices, print advertising contracts include guaranteed circulation levels of magazines, referred to as rate base, and a number of sales incentives to its customers including volume discounts, rebates, bonus pages, etc. For all such contracts that include these types of variable consideration, the Company estimates such when determining the transaction price. Non-political and Political Spot Advertising —The Company sells commercial time directly to political and non-political advertisers or through advertising agencies. The Company’s performance obligations related to spot advertising are satisfied when the advertisement is aired by the broadcasting station. Rates for spot advertising are influenced primarily by the market size, number and type of competitors, audience share, and audience demographics. The customer is invoiced the agreed-upon price at the end of the month in which the advertisements were aired under normal trade terms. Political spot advertisements require payment in advance of airing. The agreed upon price may be adjusted for estimated provisions for rebates, rate adjustments, and discounts. As part of the Company’s customary business practices, broadcast television advertising contracts may include gross rating points goals and/or sales incentives to its customers. For all such contracts that include these types of variable consideration, the Company estimates the variable consideration and factors in such an estimate when determining the transaction price. Digital Advertising —The Company sells digital advertising inventory on its websites directly to advertisers or through advertising agencies. The Company’s performance obligations related to digital advertising are generally satisfied when the advertisement is run on owned or operated websites. The price for digital advertising is determined by an agreed-upon pricing model such as CPC (cost per click), CPM (cost per 1,000 impressions), or flat fees. Revenue from sale of digital advertising space is recognized when the advertisements are delivered based on the respective pricing model or ratably over the contract period for flat fee advertisements. The customer is invoiced the agreed-upon price in the month following the month that the advertisements are delivered with normal trade terms. The agreed upon price is adjusted for estimated provisions for rebates, rate adjustments, and discounts. As part of the Company’s customary business practices, digital advertising contracts may include a guaranteed number of impressions and sales incentives to its customers including volume discounts, rebates, value added impressions, etc. For all such contracts that include these types of variable consideration, the Company estimates the variable consideration and factors in such an estimate when determining the transaction price. Third-Party Sales —The Company sells a variety of advertising products to our advertising customers that are placed on third-party platforms. The Company’s performance obligations related to these sales are generally satisfied, and revenue is recognized, when the advertisement is run by the third parties, or a print product is placed on-sale, due to our obligation to reach a targeted audience demographic. The transaction price represents the cost of the purchased media plus a mark-up. The customer is invoiced the agreed-upon price shortly after the advertisements appear under normal trade terms. The agreed upon price is adjusted for estimated provisions for rebates, rate adjustments, and discounts. As part of the Company’s customary business practices, contracts may include guaranteed audience targets and a number of sales incentives to its customers including volume discounts, rebates, value added impressions, etc. For all such contracts that include these types of variable consideration, the Company estimates the variable consideration in determining the transaction price. Subscription —Meredith sells magazines, books, and online memberships to consumers through subscriptions. Each copy of a magazine and book is determined to be a distinct performance obligation that is satisfied when the publication is sent to the customer. Each online membership is determined to be a distinct performance obligation that is satisfied over the membership period, not exceeding twelve months. The majority of the Company’s subscription sales are prepaid at the time of order. Subscriptions may be canceled at any time for a refund of the price paid for remaining issues. As the contract may be canceled at any time for a full refund of the unserved copies or remaining membership period, the contract term is determined to be on an issue-to-issue basis, for magazines and books, and month-by-month for online memberships, as these contracts do not have substantive termination penalties. Revenues from subscriptions are deferred and recognized proportionately as subscribers are served. Some magazine subscription offers contain more than one magazine title in a bundle. Meredith allocates the total contract consideration to each distinct performance obligation, or magazine title, based on a standalone-selling price basis. Retransmission —Meredith's local media segment has entered into agreements with cable, satellite, and telecommunications service providers for licenses to access Meredith’s television station signals for retransmission. These licenses are functional licenses under which revenue is recognized at a point-in-time when access to the completed content is granted to the service provider. The transaction price for retransmission agreements generally are on a per subscriber basis. The recognition pattern for retransmission contracts mirrors over-time revenue recognition as Meredith delivers the signal to the service provider, which represents completed content, on an on-going basis during the license period. Newsstand —Meredith sells single copy magazines, or bundles of single copy magazines, to wholesalers for ultimate resale on newsstands primarily at major retailers and grocery/drug stores, and in digital form on tablets and other electronic devices. Publications sold to magazine wholesalers are sold with the right to receive credit from the Company for magazines returned to the wholesaler by retailers. Revenue is recognized on the issue's on-sale date as the date aligns most closely with the date that control is transferred to the customer. The Company bases its estimates for returns on historical experience and current marketplace conditions. Affinity Marketing —Meredith partners with third parties to market and place magazine subscriptions for both Meredith titles and third-party publisher magazine titles. Meredith acts as an agent in sales of third-party magazine subscriptions and recognizes revenue in the net amount of consideration retained after paying the third-party publishers. Meredith assumes credit risk related to refunds on these sales, for which a reserve is established. The reserve is based on historical statistics at the time the cash is collected, which is after a risk-free trial period is over. Revenue from the acquisition of a subscriber is recognized when the subscriber name has been provided to the publisher and after any risk-free trial period has expired, if applicable. Licensing —Meredith has entered into various licensing agreements that provide third-party partners the right to utilize the Company’s intellectual property. Licensing agreements include both symbolic and functional licenses. Symbolic licenses include direct-to-retail partnerships that create branded products based on our national media brands, a branded real estate program, and international magazine partnerships. Functional licenses in national media consist of content licensing. Revenues from symbolic licenses are in the form of a royalty based on the sale or usage of the branded product, which is recognized over time at the later of when the sale or use occurs, under the sales or usage-based royalty exception. Revenues from functional licenses are recognized at a point-in-time when access to the completed content is granted to the partner. Digital Consumer Driven —Various digital consumer products utilize Meredith brands to drive responses from individual customers resulting in the generation of revenue. Digital consumer driven revenue is primarily commission-based. It is earned as consumer responses are generated through various programs and delivered to the program's third-party sponsor. Revenue is recognized at the point-in-time Meredith has fully satisfied the obligations to the third-party sponsor. Projects Based —Meredith’s national media segment contains several business lines that are business-to-business and project based. Such revenue may relate to any one or combination of the following activities; custom publishing, content strategy and development, email marketing, social media, database marketing, and search engine optimization. The products and services delivered under these contracts are customized to each client and therefore, do not have alternative uses to Meredith or other clients. As a result, revenue under such contracts are generally recognized over time based on project milestones until the delivery of the final product to the customer. Other —Other revenue primarily includes revenues derived from third-party magazine fulfillment and third-party newsstand sales and marketing support, both of these services are expected to cease by the end of the fiscal year. The remaining revenues within this category are management fees and revenues from other small programs, which are generally recognized at a point-in-time as the performance obligations are transferred to the customer. SIGNIFICANT JUDGMENTS - TIMING OF SATISFACTION OF PERFORMANCE OBLIGATIONS Point-in-Time Performance Obligations —For performance obligations related to sales of print, political and non-political spot, and certain digital advertising space, the Company determines that the customer can direct the use of and obtain substantially all the benefits from the advertising products on the issue’s on-sale date, when aired by the broadcasting station, or as the digital impressions are served. For performance obligations related to sales of magazines through subscriptions, the customer obtains control when each magazine issue is mailed to the customer on or before the issue’s on-sale date. For sales of single copy magazines on newsstands, revenue is recognized on the issue’s on-sale date as the date aligns most closely with the date that control is transferred to the customer. Exclusive content licensing is a functional license under which revenue is recognized at a point-in-time when the access is granted to the customer as that is the point at which the customer gains access to completed content. Retransmission agreements also represent a functional license and are recognized at a point-in-time. However, as the content licensed is continuously added, the revenue recognition pattern mimics an over-time recognition. Finally, revenue from acquisition of subscribers to non-Meredith magazine titles by our affinity marketers is recognized at a point-in-time, once the subscriber name has been provided to the third-party publisher. Similarly, revenue from commission-based digital consumer generated sources is recognized at a point-in-time once Meredith has fulfilled its obligation to connect a consumer to a third-party product or service. Determining when control transfers requires management to make judgments that affect the timing of revenue recognized. The Company has determined that recognition of revenue at a point-in-time for these products and services provides a faithful depiction of the transfer of control to the customer. Over-Time Performance Obligations —For performance obligations related to sales of project based and certain digital advertising space, the Company transfers control and recognizes revenue over time by measuring progress towards complete satisfaction using the most appropriate method, i.e. either the "Input Method" or the "Output Method." For performance obligations related to digital advertising, the Company satisfies its performance obligations on some flat-fee digital advertising placements over time using a time-elapsed output method. Determining a measure of progress requires management to make judgments that affect the timing of revenue recognized. The Company has determined that the above method provides a faithful depiction of the transfer of goods or services to the customer. For performance obligations recognized using a time-elapsed output method, the Company’s efforts are expended evenly throughout the period. We made various judgments that affect the amount and timing of revenue from contracts with customers. Our judgments exercised in determining the transaction price and satisfaction of performance obligations are discussed within this note. Determining the Transaction Price —Certain advertising contracts contain variable components of the transaction price, such as volume discounts and rebates. Meredith has sufficient historical data and has established processes to reliably estimate these variable components of the transaction price. Certain spot advertising contracts contain a guarantee of ratings performance that requires Meredith to compensate the advertiser with additional advertising if the guaranteed ratings are not met. Meredith has established a reserve based on the rating points due advertisers at the end of each fiscal quarter valued at the average market cost per point. The Company typically does not offer any type of variable consideration in standard magazine subscription contracts. For these contracts, the transaction price is fixed upon establishment of the contract that contains the final terms of the sale including description, quantity and price of each subscription purchased. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for these contracts. A right of return exists for newsstand contracts. Meredith has sufficient historical data to estimate the final amount of returns and reduces the transaction price at contract inception for the expected return reserve. Revenue from symbolic licenses is based on a percentage of revenue generated through the sale of the branded products representing a sales-or-usage-based royalty. Therefore, revenue is recorded based on actual results at the later of when the sale or usage occurs rather than estimated at contract inception. Revenue under contracts that contain minimum guarantees to be paid by the retailer to Meredith is recognized straight line each month until the royalty exceeds the guarantee at which time the excess is recognized. There is no variable consideration related to functional licenses. Variable consideration related to project based revenue is limited to discounts for overages and reimbursement of out of pocket costs that are not separable from the performance obligation. Both are evaluated or estimated at contract inception and throughout the contract, based on similar projects and historical experience and are considered in the transaction price. Meredith’s contracts for affinity marketing, and digital consumer generated revenue do not contain variable consideration. Meredith’s contracts do not have significant financing components. Estimating Standalone Selling Prices —For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation on a relative standalone selling price basis. The standalone selling price is the price at which the Company would sell a promised good or service separately to the customer. In situations in which an obligation is bundled with other obligations and the total amount of consideration does not reflect the sum of individual observable prices, the Company allocates the discount to (1) a single obligation if the discount is attributable to that obligation or (2) prorates across all obligations if the discount relates to the bundle. When standalone selling price is not directly observable, the Company estimates and considers all the information that is reasonably available to the Company, including market conditions, entity-specific factors, customer information, etc. The Company maximizes the use of observable inputs and applies estimation methods consistently in similar circumstances. Measuring Obligations for Returns and Refunds —The Company accepts product returns in some cases. The Company establishes provisions for estimated returns concurrently with the recognition of revenue. The provisions are established based upon consideration of a variety of factors, including, among other things, recent and historical return rates for both specific products and distributors and the impact of any new product releases and projected economic conditions. CONTRACT COSTS Assets Recognized from Contract Costs —The Company recognizes an asset for the incremental costs of obtaining a contract with a customer, paid to external parties, if it expects to recover those costs. The Company has determined that sales commissions paid on all third party agent sales of subscriptions are direct and incremental and therefore meet the capitalization criteria. These capitalized costs are amortized as revenue is recognized or over the term of the agreement. Direct mail costs meet the requirements to be capitalized as assets if they are proven to be recoverable. As of September 30, 2018, the balances recognized from the costs incurred to obtain contracts with customers was $ 219.0 million , $116.4 million of which was recorded in current portion of subscription acquisition costs and $102.6 million was recorded in subscription acquisition costs on the Condensed Consolidated Balance Sheets. The amount of amortization that the Company recognized for the three-month period ended September 30, 2018, was $ 37.7 million . There were no impairments of contract assets recognized in the three-month period ended September 30, 2018.

Pension and Postretirement Bene

Pension and Postretirement Benefit Plans	3 Months Ended
	Sep. 30, 2018
Retirement Benefits [Abstract]
Pension and Postretirement Benefit Plans	The following table presents the components of net periodic benefit costs for Meredith's pension and postretirement benefit plans: Three months ended September 30, 2018 2017 (In millions) Domestic Pensions Benefits Service cost $ 2.9 $ 3.3 Interest cost 1.6 1.5 Expected return on plan assets (2.4 ) (2.7 ) Prior service cost amortization 0.1 0.1 Actuarial loss amortization 0.5 0.5 Net periodic benefit costs $ 2.7 $ 2.7 International Pensions Benefits Interest cost $ 4.3 $ — Expected return on plan assets (8.0 ) — Net periodic benefit credit $ (3.7 ) $ — Postretirement Benefits Interest cost $ 0.1 $ 0.1 Prior service credit amortization — (0.1 ) Actuarial gain amortization (0.1 ) (0.1 ) Net periodic benefit credit $ — $ (0.1 ) The components of net periodic benefit credit, other than the service cost component, are included in Non-operating income, net on the accompanying Condensed Consolidated Statements of Earnings. The amortization of amounts related to unrecognized prior service costs and net actuarial gain/loss was reclassified out of other comprehensive income as components of net periodic benefit costs.

Redeemable Series A Preferred S

Redeemable Series A Preferred Stock	3 Months Ended
	Sep. 30, 2018
Temporary Equity Disclosure [Abstract]
Redeemable Series A Preferred Stock	13. Redeemable Series A Preferred Stock Meredith has outstanding 650,000 shares of perpetual convertible redeemable non-voting Series A preferred stock (the Series A preferred stock). The Series A preferred stock becomes convertible on January 31, 2025, the seventh anniversary of the issuance date. Therefore, no shares were converted in the first quarter of fiscal 2019.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	14. Earnings (Loss) Per Common Share The following table presents the calculations of basic earnings (loss) per common share: Three months ended September 30, 2018 2017 (In millions except per share data) Net earnings $ 17.0 $ 33.4 Participating warrant dividend (0.9 ) — Preferred stock dividend (14.0 ) — Accretion of redeemable, convertible Series A preferred stock (4.3 ) — Other securities dividends (0.4 ) — Basic earnings (loss) attributable to common shareholders $ (2.6 ) $ 33.4 Weighted average common shares outstanding 45.1 44.8 Basic earnings (loss) per common share $ (0.06 ) $ 0.75 Diluted earnings (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effects of these share-based awards were computed using the two-class method. Three months ended September 30, 2018 2017 (In millions except per share data) Basic weighted-average common shares outstanding 45.1 44.8 Dilutive effect of stock options and equivalents — 0.8 Diluted weighted-average shares outstanding 45.1 45.6 Diluted earnings (loss) attributable to common shareholders $ (2.6 ) $ 33.4 Diluted earnings (loss) per common share (0.06 ) 0.73 For the three months ended September 30, 2018 , 0.7 million convertible preferred shares, 1.6 million warrants, 0.2 million options, 0.3 million common stock equivalents, and 0.2 million shares of restricted stock were not included in the computation of dilutive loss per share. These securities have an antidilutive effect on the loss per share calculation (the diluted loss per share becoming less negative than the basic loss per share). Therefore, these securities are not taken into account in determining the weighted average number of shares for the calculation of diluted loss per share for the three months ended September 30, 2018 . For the three months ended September 30, 2018 and 2017 antidilutive options excluded from the above calculations totaled 2.7 million (with a weighted average exercise price of $63.24 ) and 0.5 million (with a weighted average exercise price of $56.14 ), respectively. In the three months ended September 30, 2018 , a minimal number of options were exercised to purchase common shares while 0.3 million options were exercised to purchase common shares in the three months ended September 30, 2017 .

Financial Information about Ind

Financial Information about Industry Segments	3 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Financial Information about Industry Segments	Meredith is a diversified media company that utilizes multiple platforms, including broadcast television, print, digital, mobile and video, to deliver the content consumers desire and to deliver the messages of advertising and marketing partners. 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, 2018 . There have been no material intersegment transactions. There are two principal financial measures reported to the chief executive officer (the chief operating decision maker) for use in assessing segment performance and allocating resources. Those measures are operating profit and earnings 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, 2018 2017 (In millions) Revenues National media $ 542.9 $ 239.0 Local media 214.4 153.8 Total revenues, gross 757.3 392.8 Intersegment revenue elimination (0.6 ) — Total revenues $ 756.7 $ 392.8 Segment profit National media $ 17.6 $ 27.5 Local media 67.5 40.3 Unallocated corporate (31.4 ) (11.6 ) Income from operations 53.7 56.2 Non-operating income, net 7.3 0.6 Interest expense, net (41.4 ) (5.1 ) Earnings from continuing operations before income taxes $ 19.6 $ 51.7 Depreciation and amortization National media $ 52.3 $ 4.0 Local media 9.1 8.0 Unallocated corporate 2.3 0.6 Total depreciation and amortization $ 63.7 $ 12.6

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The condensed consolidated financial statements include the accounts of Meredith Corporation and its wholly-owned and majority-owned subsidiaries (Meredith or the Company), after eliminating all significant intercompany balances and transactions. Meredith does not have any off-balance sheet arrangements.
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 (U.S. 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 (Form 10-K) for the year ended June 30, 2018 , filed with the SEC. The condensed consolidated financial statements as of September 30, 2018 , and for the three months ended September 30, 2018 and 2017 , are unaudited but, in management's opinion, include all adjustments necessary for a fair presentation of the results of interim periods. All such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet as of June 30, 2018 , was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year. Reclassification —Certain prior year amounts have been reclassified to conform to fiscal 2019 presentation
Adopted and Pending Accounting Pronouncements	Adopted Accounting Pronouncements — ASU 2014-09—In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) (ASC 606) that updated and replaced existing revenue recognition guidance. The guidance includes a five-step framework to determine the timing and amount of revenue to recognize related to contracts with customers. Additionally, the guidance requires new and significantly enhanced disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows from customer contracts as well as judgments made by a company when following the framework. The Company adopted the standard including all updates made to the standard since original issuance, on July 1, 2018, using the modified retrospective method. We applied the standard to all contracts open as of July 1, 2018. The cumulative prior period effect of applying ASC 606 was $2.4 million , which resulted in an increase to retained earnings upon adoption. The standard does not change the timing or pattern of revenue recognition for most of our revenue contracts with the exception of contracts with value-added items or those that require combination under the standard. Refer to Note 11 for further discussion on the impacts of the adoption of this accounting standard. We utilized various practical expedients offered by the guidance in our implementation. For the Company's contracts that have an original duration of twelve months or less, the Company does not impute interest to account for a financing element. For all contracts with an original term of twelve months or less and for performance obligations tied to sales-based or usage-based royalties, the Company has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. Finally, consistent with historical practice, the Company excludes amounts collected from customers for sales taxes from its transaction prices. ASU 2016-01—In January 2016, the FASB issued guidance to improve and simplify accounting for financial instruments. The updated guidance includes several provisions that are not applicable to the Company’s consolidated financial statements, with the exception of changes to fair value disclosure. Under the new guidance, public entities are no longer required to disclose the methods and significant assumptions used to estimate fair value of financial instruments measured at amortized cost on the consolidated balance sheets. It also requires public entities to use the exit price when measuring the fair value of financial instruments for disclosure purposes. The guidance was adopted in the first quarter of fiscal 2019. The adoption of this guidance required a change in our disclosures only and did not have an impact on our financial position, results of operations, or cash flows. ASU 2016-15—In August 2016, the FASB issued an accounting standards update clarifying the classification of certain cash receipts and payments in the statement of cash flows. The update is intended to reduce the diversity in practice regarding how certain transactions are classified within the statement of cash flows. The update was effective beginning in our first quarter of fiscal 2019 and was adopted retrospectively as required by the ASU. As a result of the update, the Company reclassified a cash outflow of $0.8 million from financing activities to operating activities in the three months ended September 30, 2017, related to contingent considerations paid in excess of that recognized as a liability on the date of acquisition. The update will not have a material impact on the classification of our future cash flows. ASU 2017-01—In January 2017, the FASB issued an accounting standards update that clarifies the definition of a business and adds guidance to assist entities in the determination of whether an acquisition (or disposal) represents assets or a business. The update provides a test to determine whether or not an acquisition is a business. If substantially all of the fair value of the assets acquired is concentrated in a single asset or a group of similar identifiable assets, the acquired assets do not represent a business. If this test is not met, the update provides further guidance to evaluate if the acquisition represents a business. The Company prospectively adopted the guidance in the first quarter of fiscal 2019. The adoption did not have an impact to the Company’s condensed consolidated financial statements. ASU 2017-07—In March 2017, the FASB issued an accounting standards update on the presentation of net periodic pension and postretirement benefit costs. This guidance revises how employers that sponsor defined benefit pension and other postretirement plans present the net periodic benefit costs in their income statement and requires that the service cost component of net periodic benefit costs be presented in the same line items as other employee compensation costs. The other components of net periodic benefit costs must be presented separately from the line items that include the service cost and outside of the income from operations subtotal. As required by the standard, we retrospectively adopted the update on July 1, 2018, which resulted in an increase in Production, distribution, and editorial expense of $ 0.8 million and a decrease in Selling, general, and administrative expense of $0.2 million . Non-operating income of $0.6 million was established in the three months ended September 30, 2017, as this financial statement line was not previously included. We elected the practical expedient allowed by the update and utilized our previously disclosed components of net periodic benefit costs from the pension and other postretirement benefit plan note in our June 30, 2018, Form 10-K. For the three months ended September 30, 2018, the implementation of this guidance resulted in an increase in Selling, general, and administrative expense and an increase in non-operating income, net of $3.9 million , compared to that which would have been reported under previous guidance. ASU 2017-09—In May 2017, the FASB issued additional guidance related to changes in terms or conditions of a share-based payment award. This update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Accounting Standards Codification (ASC) 718 – Compensation – Stock Compensation . This guidance was adopted in the first quarter of fiscal 2019. The adoption did not have a material impact on our financial position, results of operations, cash flows, or disclosures. ASU 2018-15—In August 2018, the FASB issued guidance on accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in the update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The guidance is effective for the Company beginning in the first quarter of fiscal 2021 with early adoption permitted. The amendments in the update can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this guidance prospectively, effective July 1, 2018. The adoption did not have a material impact on our consolidated financial statements. In August 2018, the SEC issued a final rule that amends certain of its disclosure requirements. Specifically, the final rule modifies or eliminates disclosures that are redundant, duplicative, overlapping, outdated, or superseded in light of other SEC or U.S. GAAP disclosure requirements or changes in the information environment. Several aspects of the final rule are applicable to the Company but do not have a material impact on our consolidated financial statements. The amendments were effective November 5, 2018, and were implemented in the first quarter of fiscal 2019. Pending Accounting Pronouncements — ASU 2018-14—In August 2018, the FASB issued an accounting standards update which adds, removes, and modifies disclosure requirements related to defined benefit pension and other postretirement plans. The update amends only annual disclosure requirements. Retrospective adoption of the update is required in fiscal 2022 with early adoption permitted. The adoption of this guidance requires a change in our disclosures only and is not expected to have an impact on our consolidated financial statements. ASU 2018-13—In August 2018, the FASB issued an accounting standards update which changes the fair value measurement disclosure requirements. The update removes, modifies, and adds certain additional disclosures. The effective date is the first quarter of fiscal 2021, with early adoption permitted for any eliminated or modified disclosures. The adoption of this guidance requires a change in our disclosures only and is not expected to have an impact on our consolidated financial statements. ASU 2016-02—In February 2016, the FASB issued an accounting standards update that replaces existing lease accounting standards. The new standard requires lessees to recognize on the balance sheet a right-of use asset, representing its right to use the underlying asset for the lease term, and a lease liability for all leases with terms greater than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. Treatment of lease payments in the statement of earnings and statement of cash flows is relatively unchanged from previous guidance. This standard is required to be applied using a modified retrospective approach, which gives the option of applying the new guidance as of the effective date with enhanced disclosure requirements for comparative periods presented under prior lease guidance, or applying the new standard at the beginning of the earliest comparative period presented. The FASB continues to issue amendments to further clarify provisions of this guidance. The standard, including the amendments made since initial issuance, is effective for the Company beginning July 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating our existing lease portfolios, including accumulating all of the necessary information required to properly account for the leases under the new standard. As such, the Company is currently evaluating the effect the guidance will have on our consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Major components of inventories are summarized below. (In millions) September 30, 2018 June 30, 2018 Raw materials $ 32.4 $ 32.1 Work in process 15.7 9.6 Finished goods 2.2 2.5 Inventories $ 50.3 $ 44.2

Discontinued Operations _ Ass_2

Discontinued Operations / Assets Held-for-Sale (Tables)	3 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Major Components of Assets and Liabilities Held-for-Sale	The following table presents the major components which are included in assets held-for-sale and liabilities associated with assets held-for-sale (including the TIME, Sports Illustrated, Fortune, Money, and affiliated brands, and the investment in Viant): (in millions) September 30, June 30, Current assets Cash and cash equivalents $ 3.5 $ 2.3 Accounts receivable, net 76.6 94.6 Inventories 1.0 1.1 Other current assets 10.4 9.4 Total current assets 91.5 107.4 Net property, plant, and equipment 14.1 14.1 Other assets 1.6 1.0 Intangible assets, net 113.1 113.1 Goodwill 471.5 477.5 Total assets held-for-sale $ 691.8 $ 713.1 Current liabilities Accounts payable $ 43.7 $ 45.2 Accrued expenses and other liabilities 11.7 15.1 Current portion of unearned revenues 103.9 109.4 Total current liabilities 159.3 169.7 Unearned revenues 26.6 28.0 Other noncurrent liabilities 0.6 0.7 Total liabilities associated with assets held-for-sale $ 186.5 $ 198.4
Amounts Applicable to Discontinued Operations in Income	Amounts applicable to discontinued operations in the Condensed Consolidated Statements of Earnings are as follows: Three months ended September 30, 2018 (In millions except per share data) Revenues $ 125.5 Costs and expenses (117.6 ) Interest expense (6.6 ) Earnings before income taxes 1.3 Income taxes (0.3 ) Income from discontinued operations, net of income taxes $ 1.0 Earnings per share from discontinued operations Basic $ 0.02 Diluted 0.02

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following: September 30, 2018 June 30, 2018 (In millions) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 213.4 $ (49.0 ) $ 164.4 $ 212.3 $ (41.1 ) $ 171.2 Publisher relationships 125.0 (11.9 ) 113.1 125.0 (7.4 ) 117.6 Partner relationships 95.0 (10.6 ) 84.4 95.0 (6.6 ) 88.4 Customer relationships 67.5 (22.0 ) 45.5 67.5 (14.0 ) 53.5 Other 22.0 (12.8 ) 9.2 22.0 (11.9 ) 10.1 Local media Network affiliation agreements 229.3 (150.3 ) 79.0 229.3 (148.6 ) 80.7 Advertiser relationships 12.5 (2.8 ) 9.7 25.0 (3.5 ) 21.5 Retransmission agreements 27.9 (16.0 ) 11.9 27.9 (14.9 ) 13.0 Other 1.7 (0.9 ) 0.8 1.7 (0.8 ) 0.9 Total $ 794.3 $ (276.3 ) 518.0 $ 805.7 $ (248.8 ) 556.9 Intangible assets not subject to amortization National media Trademarks 765.3 765.3 Internet domain names 7.8 7.8 Local media FCC licenses 675.2 675.2 Total 1,448.3 1,448.3 Intangible assets, net $ 1,966.3 $ 2,005.2
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consisted of the following: September 30, 2018 June 30, 2018 (In millions) Gross Accumulated Net Gross Accumulated Net Intangible assets subject to amortization National media Advertiser relationships $ 213.4 $ (49.0 ) $ 164.4 $ 212.3 $ (41.1 ) $ 171.2 Publisher relationships 125.0 (11.9 ) 113.1 125.0 (7.4 ) 117.6 Partner relationships 95.0 (10.6 ) 84.4 95.0 (6.6 ) 88.4 Customer relationships 67.5 (22.0 ) 45.5 67.5 (14.0 ) 53.5 Other 22.0 (12.8 ) 9.2 22.0 (11.9 ) 10.1 Local media Network affiliation agreements 229.3 (150.3 ) 79.0 229.3 (148.6 ) 80.7 Advertiser relationships 12.5 (2.8 ) 9.7 25.0 (3.5 ) 21.5 Retransmission agreements 27.9 (16.0 ) 11.9 27.9 (14.9 ) 13.0 Other 1.7 (0.9 ) 0.8 1.7 (0.8 ) 0.9 Total $ 794.3 $ (276.3 ) 518.0 $ 805.7 $ (248.8 ) 556.9 Intangible assets not subject to amortization National media Trademarks 765.3 765.3 Internet domain names 7.8 7.8 Local media FCC licenses 675.2 675.2 Total 1,448.3 1,448.3 Intangible assets, net $ 1,966.3 $ 2,005.2
Schedule of Goodwill	Changes in the carrying amount of goodwill were as follows: Three months ended September 30, 2018 2017 (In millions) National Local Total National Local Total Balance at beginning of period Goodwill $ 1,800.0 $ 115.8 $ 1,915.8 $ 943.8 $ 80.6 $ 1,024.4 Accumulated impairment losses — — — (116.9 ) — (116.9 ) Total goodwill 1,800.0 115.8 1,915.8 826.9 80.6 907.5 Activity during the period Acquisition adjustments 10.9 — 10.9 0.1 — 0.1 Balance at end of period Goodwill 1,810.9 115.8 1,926.7 943.9 80.6 1,024.5 Accumulated impairment losses — — — (116.9 ) — (116.9 ) Total goodwill $ 1,810.9 $ 115.8 $ 1,926.7 $ 827.0 $ 80.6 $ 907.6

Restructuring Accrual (Tables)

Restructuring Accrual (Tables)	3 Months Ended
	Sep. 30, 2018
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	Details of the severance and related benefit costs by segment for this performance improvement plan are as follows: For the three months ended September 30, 2018 Amount Accrued in the Period Total Amount Expected to be Incurred (in millions) National media $ 6.0 $ 7.0 Local media 1.5 1.5 Unallocated Corporate 5.0 6.5 $ 12.5 $ 15.0 Details of changes in the Company's restructuring accrual are as follows: Employee Terminations Other Exit Costs Total Employee Terminations Three months ended September 30, 2018 2018 2018 2017 (In millions) Balance at beginning of period $ 101.3 $ 6.3 $ 107.6 $ 8.7 Accruals 12.5 10.1 22.6 — Cash payments (20.7 ) (9.4 ) (30.1 ) (3.0 ) Other accruals (0.5 ) — (0.5 ) — Reversal of excess accrual (2.9 ) (0.7 ) (3.6 ) — Balance at end of period $ 89.7 $ 6.3 $ 96.0 $ 5.7

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consisted of the following: September 30, 2018 June 30, 2018 (In millions) Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Principal Balance Unamortized Discount and Debt Issuance Costs Carrying Variable-rate credit facility Senior credit facility term loan, due 1/31/2025 $ 1,595.5 $ (32.3 ) $ 1,563.2 $ 1,795.5 $ (33.4 ) $ 1,762.1 Revolving credit facility of $350 million, due 1/31/2023 — — — — — — Senior Unsecured Notes 6.875% senior notes, due 2/1/2026 1,400.0 (25.8 ) 1,374.2 1,400.0 (26.5 ) 1,373.5 Total long-term debt 2,995.5 (58.1 ) 2,937.4 3,195.5 (59.9 ) 3,135.6 Current portion of long-term debt — — — (18.0 ) 0.3 (17.7 ) Long-term debt $ 2,995.5 $ (58.1 ) $ 2,937.4 $ 3,177.5 $ (59.6 ) $ 3,117.9

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following table sets forth the carrying value and the estimated fair value of the Company's financial instruments not measured at fair value on a recurring basis: September 30, 2018 June 30, 2018 (In millions) Carrying Value Fair Value Carrying Value Fair Value Broadcast rights payable $ 28.9 $ 26.5 $ 29.7 $ 27.4 Total long-term debt 2,937.4 3,053.0 3,135.6 3,179.8
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table sets forth the assets and liabilities measured at fair value on a recurring basis: (In millions) September 30, 2018 June 30, 2018 Accrued expenses and other liabilities Contingent consideration $ 5.1 $ 24.6 Deferred compensation plans 9.5 8.4 Other noncurrent liabilities Contingent consideration 0.9 0.8 Deferred compensation plans 18.6 21.0
Changes in Fair Value of Level 3 Contingent Consideration and Corporate Airplanes	Details of changes in the Level 3 fair value of contingent consideration and corporate airplanes that were held-for-sale are as follows: Three months ended September 30, 2018 2017 (in millions) Contingent consideration Balance at beginning of period $ 25.4 $ 34.2 Payments (19.3 ) (4.0 ) Change in present value of contingent consideration (0.1 ) (0.2 ) Balance at end of period $ 6.0 $ 30.0 Corporate airplanes, held-for-sale Balance at beginning of period $ — $ 1.9 Sale of corporate airplanes — (1.9 ) Balance at end of period $ — $ —

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	A reconciliation of disaggregated revenue to segment revenue (as provided in Note 15 ) is as follows. Three months ended September 30, 2018 National Media Local Media Intersegment Elimination Total (In millions) Advertising related Print $ 182.7 $ — $ — $ 182.7 Non-political spot — 74.9 — 74.9 Political spot — 36.1 — 36.1 Digital 84.6 3.9 — 88.5 Third party sales 17.1 24.0 (0.6 ) 40.5 Total advertising related 284.4 138.9 (0.6 ) 422.7 Consumer related Subscription 135.9 — — 135.9 Retransmission — 73.3 — 73.3 Newsstand 39.0 — — 39.0 Affinity marketing 23.3 — — 23.3 Licensing 23.7 — — 23.7 Digital consumer driven 6.0 — — 6.0 Total consumer related 227.9 73.3 — 301.2 Other Projects based 9.4 — — 9.4 Other 21.2 2.2 — 23.4 Total other 30.6 2.2 — 32.8 Total revenues $ 542.9 $ 214.4 $ (0.6 ) $ 756.7

Pension and Postretirement Be_2

Pension and Postretirement Benefit Plans (Tables)	3 Months Ended
	Sep. 30, 2018
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Costs	The following table presents the components of net periodic benefit costs for Meredith's pension and postretirement benefit plans: Three months ended September 30, 2018 2017 (In millions) Domestic Pensions Benefits Service cost $ 2.9 $ 3.3 Interest cost 1.6 1.5 Expected return on plan assets (2.4 ) (2.7 ) Prior service cost amortization 0.1 0.1 Actuarial loss amortization 0.5 0.5 Net periodic benefit costs $ 2.7 $ 2.7 International Pensions Benefits Interest cost $ 4.3 $ — Expected return on plan assets (8.0 ) — Net periodic benefit credit $ (3.7 ) $ — Postretirement Benefits Interest cost $ 0.1 $ 0.1 Prior service credit amortization — (0.1 ) Actuarial gain amortization (0.1 ) (0.1 ) Net periodic benefit credit $ — $ (0.1 )

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the calculations of basic earnings (loss) per common share: Three months ended September 30, 2018 2017 (In millions except per share data) Net earnings $ 17.0 $ 33.4 Participating warrant dividend (0.9 ) — Preferred stock dividend (14.0 ) — Accretion of redeemable, convertible Series A preferred stock (4.3 ) — Other securities dividends (0.4 ) — Basic earnings (loss) attributable to common shareholders $ (2.6 ) $ 33.4 Weighted average common shares outstanding 45.1 44.8 Basic earnings (loss) per common share $ (0.06 ) $ 0.75 Diluted earnings (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effects of these share-based awards were computed using the two-class method. Three months ended September 30, 2018 2017 (In millions except per share data) Basic weighted-average common shares outstanding 45.1 44.8 Dilutive effect of stock options and equivalents — 0.8 Diluted weighted-average shares outstanding 45.1 45.6 Diluted earnings (loss) attributable to common shareholders $ (2.6 ) $ 33.4 Diluted earnings (loss) per common share (0.06 ) 0.73

Financial Information about I_2

Financial Information about Industry Segments (Tables)	3 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents financial information by segment: Three months ended September 30, 2018 2017 (In millions) Revenues National media $ 542.9 $ 239.0 Local media 214.4 153.8 Total revenues, gross 757.3 392.8 Intersegment revenue elimination (0.6 ) — Total revenues $ 756.7 $ 392.8 Segment profit National media $ 17.6 $ 27.5 Local media 67.5 40.3 Unallocated corporate (31.4 ) (11.6 ) Income from operations 53.7 56.2 Non-operating income, net 7.3 0.6 Interest expense, net (41.4 ) (5.1 ) Earnings from continuing operations before income taxes $ 19.6 $ 51.7 Depreciation and amortization National media $ 52.3 $ 4.0 Local media 9.1 8.0 Unallocated corporate 2.3 0.6 Total depreciation and amortization $ 63.7 $ 12.6

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to retained earnings	$ 865.1		$ 889.8
Impact of Change | Retained Earnings | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase to retained earnings			$ 2.4
Production, distribution, and editorial
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component		$ 0.8
Selling, General, and Administrative Expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	$ 3.9	(0.2)
Nonoperating Income (Expense)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component		(0.6)
Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amount reclassified out of financing activities		0.8
Amount reclassified into operating activities		$ 0.8

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Business Acquisition [Line Items]
Acquisition adjustments	$ 10.9	$ 0.1
Time, Inc.
Business Acquisition [Line Items]
Acquisition adjustments	10.9
Reduction in assets held-for-sale	6
Increase in deferred income taxes	$ 4.9

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jun. 30, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 32.4	$ 32.1
Work in process	15.7	9.6
Finished goods	2.2	2.5
Inventories	$ 50.3	$ 44.2

Discontinued Operations _ Ass_3

Discontinued Operations / Assets Held-for-Sale - Narrative (Details) - USD ($) $ in Millions	Nov. 09, 2018	Sep. 19, 2018	Jul. 01, 2017	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Share-based compensation					$ 10.2	$ 6.7
Net gain on disposition of assets					10.2	3.3
Proceeds from disposition of assets, net of cash sold					13.4	$ 2.2
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Share-based compensation							$ 0.5
Capital expenditures							2.2
Time, Inc. | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from other disposition				$ 190
Charleston Tennis LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from other disposition			$ 0.6
Ownership percentage interest		30.00%	70.00%
Note receivable from other disposition			$ 8.5
Note receivable from other disposition, installment period			8 years
Note receivable from other disposition, unamortized discount							3.2
Note receivable from other disposition, allowance							3
Remeasurement gain (loss) on disposition of assets							1
Proceeds from divestiture of businesses and interests in affiliates		$ 13.3
Proceeds from disposition of assets, net of cash sold		5.1
Proceeds from Collection of Notes Receivable		$ 8.2
Charleston Tennis LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Selling, General, and Administrative Expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on disposition of assets					10.4		$ 3.3
Charleston Tennis LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Nonoperating Income (Expense)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal					$ 4.1
Subsequent Event | Fortune | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from other disposition	$ 150

Discontinued Operations _ Ass_4

Discontinued Operations / Assets Held-for-Sale - Major Components of Assets and Liabilities Held-for-Sale (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jun. 30, 2018
Current assets
Total current assets	$ 691.8	$ 713.1
Current liabilities
Total current liabilities	186.5	198.4
Discontinued Operations, Held-for-sale
Current assets
Cash and cash equivalents	3.5	2.3
Accounts receivable, net	76.6	94.6
Inventories	1	1.1
Other current assets	10.4	9.4
Total current assets	91.5	107.4
Net property, plant, and equipment	14.1	14.1
Other assets	1.6	1
Intangible assets, net	113.1	113.1
Goodwill	471.5	477.5
Total assets held-for-sale	691.8	713.1
Current liabilities
Accounts payable	43.7	45.2
Accrued expenses and other liabilities	11.7	15.1
Current portion of unearned revenues	103.9	109.4
Total current liabilities	159.3	169.7
Unearned revenues	26.6	28
Other noncurrent liabilities	0.6	0.7
Total liabilities associated with assets held-for-sale	$ 186.5	$ 198.4

Discontinued Operations _ Ass_5

Discontinued Operations / Assets Held-for-Sale - Amounts Applicable to Discontinued Operations in Income (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations, net of income taxes	$ 1	$ 0
Basic earnings per share for discontinued operations (in usd per share)	$ 0.02	$ 0
Diluted earnings per share for discontinued operations (in usd per share)	$ 0.02	$ 0
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 125.5
Costs and expenses	(117.6)
Interest expense	(6.6)
Earnings before income taxes	1.3
Income taxes	(0.3)
Income from discontinued operations, net of income taxes	$ 1
Basic earnings per share for discontinued operations (in usd per share)	$ 0.02
Diluted earnings per share for discontinued operations (in usd per share)	$ 0.02

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	$ 794.3		$ 805.7
Intangible assets subject to amortization, accumulated amortization	(276.3)		(248.8)
Intangible assets subject to amortization, net amount	518		556.9
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	1,448.3		1,448.3
Intangible assets, net	1,966.3		2,005.2
Amortization expense	38.8	$ 4.7
Future amortization expense for intangible assets [Abstract]
Future amortization expense, fiscal 2019	155
Future amortization expense, fiscal 2020	140.3
Future amortization expense, fiscal 2021	86.9
Future amortization expense, fiscal 2022	41
Future amortization expense, fiscal 2023	39
Trademarks | National media
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	765.3		765.3
Internet domain names | National media
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	7.8		7.8
FCC licenses | Local media
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	675.2		675.2
Advertiser relationships | National media
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	213.4		212.3
Intangible assets subject to amortization, accumulated amortization	(49)		(41.1)
Intangible assets subject to amortization, net amount	164.4		171.2
Advertiser relationships | Local media
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	12.5		25
Intangible assets subject to amortization, accumulated amortization	(2.8)		(3.5)
Intangible assets subject to amortization, net amount	9.7		21.5
Publisher relationships | National media
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	125		125
Intangible assets subject to amortization, accumulated amortization	(11.9)		(7.4)
Intangible assets subject to amortization, net amount	113.1		117.6
Partner relationships | National media
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	95		95
Intangible assets subject to amortization, accumulated amortization	(10.6)		(6.6)
Intangible assets subject to amortization, net amount	84.4		88.4
Customer relationships | National media
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	67.5		67.5
Intangible assets subject to amortization, accumulated amortization	(22)		(14)
Intangible assets subject to amortization, net amount	45.5		53.5
Other | National media
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	22		22
Intangible assets subject to amortization, accumulated amortization	(12.8)		(11.9)
Intangible assets subject to amortization, net amount	9.2		10.1
Other | Local media
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	1.7		1.7
Intangible assets subject to amortization, accumulated amortization	(0.9)		(0.8)
Intangible assets subject to amortization, net amount	0.8		0.9
Network affiliation agreements | Local media
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	229.3		229.3
Intangible assets subject to amortization, accumulated amortization	(150.3)		(148.6)
Intangible assets subject to amortization, net amount	79		80.7
Retransmission agreements | Local media
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross amount	27.9		27.9
Intangible assets subject to amortization, accumulated amortization	(16)		(14.9)
Intangible assets subject to amortization, net amount	$ 11.9		$ 13

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,915.8	$ 1,024.4
Accumulated impairment loss	0	(116.9)
Total goodwill	1,915.8	907.5
Acquisition adjustments	10.9	0.1
Goodwill, ending balance	1,926.7	1,024.5
Accumulated impairment loss	0	(116.9)
Total goodwill	1,926.7	907.6
National media
Goodwill [Roll Forward]
Goodwill, beginning balance	1,800	943.8
Accumulated impairment loss	0	(116.9)
Total goodwill	1,800	826.9
Acquisition adjustments	10.9	0.1
Goodwill, ending balance	1,810.9	943.9
Accumulated impairment loss	0	(116.9)
Total goodwill	1,810.9	827
Local media
Goodwill [Roll Forward]
Goodwill, beginning balance	115.8	80.6
Accumulated impairment loss	0	0
Total goodwill	115.8	80.6
Acquisition adjustments	0	0
Goodwill, ending balance	115.8	80.6
Accumulated impairment loss	0	0
Total goodwill	$ 115.8	$ 80.6

Restructuring Accrual - Narrati

Restructuring Accrual - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2018USD ($)employee	Sep. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2017USD ($)
Restructuring Cost and Reserve [Line Items]
Number of employees affected | employee	250
Pre-tax restructuring charges	$ 22.6
Restructuring liability	96		$ 107.6	$ 96
Restructuring liability, current portion	91.4			91.4
Restructuring liability, noncurrent portion	4.6			$ 4.6
Employee Severance
Restructuring Cost and Reserve [Line Items]
Pre-tax restructuring charges	12.5	$ 0
Restructuring liability	$ 89.7	$ 5.7	$ 101.3		$ 8.7
National media
Restructuring Cost and Reserve [Line Items]
Number of employees affected | employee	175
Local media
Restructuring Cost and Reserve [Line Items]
Number of employees affected | employee	25

Restructuring Accrual - Severan

Restructuring Accrual - Severance and Related Benefit Costs by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Restructuring Cost and Reserve [Line Items]
Accruals	$ 22.6
Employee Severance
Restructuring Cost and Reserve [Line Items]
Accruals	12.5	$ 0
Total Amount Expected to be Incurred	15
Employee Severance | National media
Restructuring Cost and Reserve [Line Items]
Accruals	6
Total Amount Expected to be Incurred	7
Employee Severance | Local media
Restructuring Cost and Reserve [Line Items]
Accruals	1.5
Total Amount Expected to be Incurred	1.5
Employee Severance | Corporate
Restructuring Cost and Reserve [Line Items]
Accruals	5
Total Amount Expected to be Incurred	$ 6.5

Restructuring Accrual - Changes

Restructuring Accrual - Changes in Restructuring Accrual (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 107.6
Accruals	22.6
Cash payments	(30.1)
Other accruals	(0.5)
Reversal of excess accrual	(3.6)
Balance at end of period	96
Restructuring liability, current portion	91.4		$ 91.4
Restructuring liability, noncurrent portion	4.6		$ 4.6
Employee Terminations
Restructuring Reserve [Roll Forward]
Balance at beginning of period	101.3	$ 8.7
Accruals	12.5	0
Cash payments	(20.7)	(3)
Other accruals	(0.5)	0
Reversal of excess accrual	(2.9)	0
Balance at end of period	89.7	$ 5.7
Other Exit Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	6.3
Accruals	10.1
Cash payments	(9.4)
Other accruals	0
Reversal of excess accrual	(0.7)
Balance at end of period	$ 6.3

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
Principal Balance
Principal balance of long-term debt, including current maturities	$ 2,995,500,000	$ 3,195,500,000
Current portion of long-term debt	0	(18,000,000)
Principal balance of long-term debt, excluding current maturities	2,995,500,000	3,177,500,000
Unamortized Discount and Debt Issuance Costs
Unamortized discount and debt issuance costs, including current maturities	(58,100,000)	(59,900,000)
Current portion of long-term debt	0	300,000
Unamortized discount and debt issuance costs, excluding current maturities	(58,100,000)	(59,600,000)
Carrying Value
Long-term debt, including current maturities	2,937,400,000	3,135,600,000
Current portion of long-term debt	0	(17,700,000)
Carrying value of long-term debt, excluding current maturities	2,937,400,000	3,117,900,000
Senior Notes | 6.875% senior notes, due 2/1/2026
Principal Balance
Principal balance of long-term debt, including current maturities	1,400,000,000	1,400,000,000
Unamortized Discount and Debt Issuance Costs
Unamortized discount and debt issuance costs, including current maturities	(25,800,000)	(26,500,000)
Carrying Value
Long-term debt, including current maturities	$ 1,374,200,000	$ 1,373,500,000
Debt instrument, stated interest rate	6.875%	6.875%
Variable-rate credit facilities | Line of Credit | Senior credit facility term loan, due 1/31/2025
Principal Balance
Principal balance of long-term debt, including current maturities	$ 1,595,500,000	$ 1,795,500,000
Unamortized Discount and Debt Issuance Costs
Unamortized discount and debt issuance costs, including current maturities	(32,300,000)	(33,400,000)
Carrying Value
Long-term debt, including current maturities	1,563,200,000	1,762,100,000
Variable-rate credit facilities | Line of Credit | Revolving credit facility of $350 million, due 1/31/2023
Principal Balance
Principal balance of long-term debt, including current maturities	0	0
Unamortized Discount and Debt Issuance Costs
Unamortized discount and debt issuance costs, including current maturities	0	0
Carrying Value
Long-term debt, including current maturities	0	0
Maximum borrowing capacity	$ 350,000,000	$ 350,000,000

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) - Secured Debt - Senior Secured Term Loan Due 2025 $ in Millions	Jan. 31, 2018	Sep. 30, 2018USD ($)
Debt Instrument [Line Items]
Amortization rate percentage	1.00%
Repayments of debt		$ 200
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%	2.75%
Pro Forma | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Maximum
Debt Instrument [Line Items]
Leverage ratio		2.25
Minimum
Debt Instrument [Line Items]
Leverage ratio		1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 3.6	$ 18.3
Effective tax rate	18.40%	35.40%

Commitments and Contingencies -

Commitments and Contingencies - Lease Guarantee (Details) - Performance Guarantee - Discontinued Operations, Disposed of by Sale $ in Millions	Sep. 30, 2018USD ($)
Loss Contingencies [Line Items]
Guarantee obligations, current carrying amount	$ 8.5
Time Inc. (UK) Ltd
Loss Contingencies [Line Items]
Maximum lease guarantee obligation	$ 76

Commitments and Contingencies_2

Commitments and Contingencies - Legal Proceedings (Details) - CAD ($) $ in Millions	Sep. 13, 2013	Oct. 26, 2010
Time, Inc. | TIR vs. Canadian Prime Minister Of National Revenue | Pending Litigation
Loss Contingencies [Line Items]
Estimate of possible loss	$ 26.9	$ 52

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jun. 30, 2018
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Broadcast rights payable	$ 28.9	$ 29.7
Total long-term debt	2,937.4	3,135.6
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Broadcast rights payable	26.5	27.4
Total long-term debt	$ 3,053	$ 3,179.8

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - Measured at fair value on recurring basis - USD ($) $ in Millions	Sep. 30, 2018	Jun. 30, 2018
Accrued expenses and other liabilities | Level 3
Current liabilities
Contingent consideration	$ 5.1	$ 24.6
Accrued expenses and other liabilities | Level 2
Current liabilities
Deferred compensation plans	9.5	8.4
Other noncurrent liabilities | Level 3
Liabilities, Noncurrent [Abstract]
Contingent consideration	0.9	0.8
Other noncurrent liabilities | Level 2
Liabilities, Noncurrent [Abstract]
Deferred compensation plans	$ 18.6	$ 21

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Contingent Consideration (Details) - Level 3 - Measured at fair value on recurring basis - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Corporate airplanes, held-for-sale
Fair Value Assets [Roll Forward]
Balance at beginning of period	$ 0	$ 1.9
Sale of corporate airplanes	0	(1.9)
Balance at end of period	0	0
Contingent consideration
Fair Value Liabilities [Roll Forward]
Balance at beginning of period	25.4	34.2
Payments	(19.3)	(4)
Change in present value of contingent consideration	(0.1)	(0.2)
Balance at end of period	$ 6	$ 30

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 756.7	$ 392.8
Total advertising related
Disaggregation of Revenue [Line Items]
Total revenues	422.7	209.2
Print
Disaggregation of Revenue [Line Items]
Total revenues	182.7
Non-political spot
Disaggregation of Revenue [Line Items]
Total revenues	74.9
Political spot
Disaggregation of Revenue [Line Items]
Total revenues	36.1
Digital
Disaggregation of Revenue [Line Items]
Total revenues	88.5
Third party sales
Disaggregation of Revenue [Line Items]
Total revenues	40.5
Total consumer related
Disaggregation of Revenue [Line Items]
Total revenues	301.2	149.6
Subscription
Disaggregation of Revenue [Line Items]
Total revenues	135.9
Retransmission
Disaggregation of Revenue [Line Items]
Total revenues	73.3
Newsstand
Disaggregation of Revenue [Line Items]
Total revenues	39
Affinity marketing
Disaggregation of Revenue [Line Items]
Total revenues	23.3
Licensing
Disaggregation of Revenue [Line Items]
Total revenues	23.7
Digital consumer driven
Disaggregation of Revenue [Line Items]
Total revenues	6
Total other
Disaggregation of Revenue [Line Items]
Total revenues	32.8	34
Projects based
Disaggregation of Revenue [Line Items]
Total revenues	9.4
Other
Disaggregation of Revenue [Line Items]
Total revenues	23.4
Operating segments
Disaggregation of Revenue [Line Items]
Total revenues	757.3	392.8
Operating segments | National media
Disaggregation of Revenue [Line Items]
Total revenues	542.9	239	$ 542.9
Operating segments | National media | Total advertising related
Disaggregation of Revenue [Line Items]
Total revenues	284.4
Operating segments | National media | Print
Disaggregation of Revenue [Line Items]
Total revenues	182.7
Operating segments | National media | Non-political spot
Disaggregation of Revenue [Line Items]
Total revenues	0
Operating segments | National media | Political spot
Disaggregation of Revenue [Line Items]
Total revenues	0
Operating segments | National media | Digital
Disaggregation of Revenue [Line Items]
Total revenues	84.6
Operating segments | National media | Third party sales
Disaggregation of Revenue [Line Items]
Total revenues	17.1
Operating segments | National media | Total consumer related
Disaggregation of Revenue [Line Items]
Total revenues	227.9
Operating segments | National media | Subscription
Disaggregation of Revenue [Line Items]
Total revenues	135.9
Operating segments | National media | Retransmission
Disaggregation of Revenue [Line Items]
Total revenues	0
Operating segments | National media | Newsstand
Disaggregation of Revenue [Line Items]
Total revenues	39
Operating segments | National media | Affinity marketing
Disaggregation of Revenue [Line Items]
Total revenues	23.3
Operating segments | National media | Licensing
Disaggregation of Revenue [Line Items]
Total revenues	23.7
Operating segments | National media | Digital consumer driven
Disaggregation of Revenue [Line Items]
Total revenues	6
Operating segments | National media | Total other
Disaggregation of Revenue [Line Items]
Total revenues	30.6
Operating segments | National media | Projects based
Disaggregation of Revenue [Line Items]
Total revenues	9.4
Operating segments | National media | Other
Disaggregation of Revenue [Line Items]
Total revenues	21.2
Operating segments | Local media
Disaggregation of Revenue [Line Items]
Total revenues	214.4	153.8	$ 214.4
Operating segments | Local media | Total advertising related
Disaggregation of Revenue [Line Items]
Total revenues	138.9
Operating segments | Local media | Print
Disaggregation of Revenue [Line Items]
Total revenues	0
Operating segments | Local media | Non-political spot
Disaggregation of Revenue [Line Items]
Total revenues	74.9
Operating segments | Local media | Political spot
Disaggregation of Revenue [Line Items]
Total revenues	36.1
Operating segments | Local media | Digital
Disaggregation of Revenue [Line Items]
Total revenues	3.9
Operating segments | Local media | Third party sales
Disaggregation of Revenue [Line Items]
Total revenues	24
Operating segments | Local media | Total consumer related
Disaggregation of Revenue [Line Items]
Total revenues	73.3
Operating segments | Local media | Subscription
Disaggregation of Revenue [Line Items]
Total revenues	0
Operating segments | Local media | Retransmission
Disaggregation of Revenue [Line Items]
Total revenues	73.3
Operating segments | Local media | Newsstand
Disaggregation of Revenue [Line Items]
Total revenues	0
Operating segments | Local media | Affinity marketing
Disaggregation of Revenue [Line Items]
Total revenues	0
Operating segments | Local media | Licensing
Disaggregation of Revenue [Line Items]
Total revenues	0
Operating segments | Local media | Digital consumer driven
Disaggregation of Revenue [Line Items]
Total revenues	0
Operating segments | Local media | Total other
Disaggregation of Revenue [Line Items]
Total revenues	2.2
Operating segments | Local media | Projects based
Disaggregation of Revenue [Line Items]
Total revenues	0
Operating segments | Local media | Other
Disaggregation of Revenue [Line Items]
Total revenues	2.2
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(0.6)	$ 0
Intersegment eliminations | Total advertising related
Disaggregation of Revenue [Line Items]
Total revenues	(0.6)
Intersegment eliminations | Print
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Non-political spot
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Political spot
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Digital
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Third party sales
Disaggregation of Revenue [Line Items]
Total revenues	(0.6)
Intersegment eliminations | Total consumer related
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Subscription
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Retransmission
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Newsstand
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Affinity marketing
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Licensing
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Digital consumer driven
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Total other
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Projects based
Disaggregation of Revenue [Line Items]
Total revenues	0
Intersegment eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 0

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Write-off of current portion of broadcast rights	$ (18,000,000)	$ (9,800,000)
Write-off of noncurrent portion of broadcast rights	(9,400,000)	(18,900,000)
Write-off of noncurrent portion of broadcast rights payable	(17,400,000)	(8,900,000)
Write-off of noncurrent portion of broadcast rights payable	(11,500,000)	(20,800,000)
Contract liabilities, current	360,500,000	360,900,000
Unearned revenues	155,600,000	124,100,000
Revenue recognized	1,600,000
Cost to obtain contract	219,000,000
Current portion of subscription acquisition costs	116,400,000	118,100,000
Noncurrent portion of subscription acquisition costs	102,600,000	$ 61,100,000
Contract amortization	37,700,000
Impairment of contract assets	0
Subscription
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 135,900,000
Performance obligation, expected timing of satisfaction	12 months
Without Adoption of ASC 606
Disaggregation of Revenue [Line Items]
Write-off of current portion of broadcast rights	$ 1,900,000
Write-off of noncurrent portion of broadcast rights	8,200,000
Restatement Adjustment
Disaggregation of Revenue [Line Items]
Write-off of noncurrent portion of broadcast rights payable	1,900,000
Write-off of noncurrent portion of broadcast rights payable	7,500,000
Subscription Acquisition Costs, Current
Disaggregation of Revenue [Line Items]
Current portion of subscription acquisition costs	116,400,000
Subscription Acquisition Costs, Noncurrent
Disaggregation of Revenue [Line Items]
Noncurrent portion of subscription acquisition costs	$ 102,600,000

Pension and Postretirement Be_3

Pension and Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Pension Benefits | Domestic Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 2.9	$ 3.3
Interest cost	1.6	1.5
Expected return on plan assets	(2.4)	(2.7)
Prior service cost amortization	0.1	0.1
Actuarial loss (gain) amortization	0.5	0.5
Net periodic benefit costs (credit)	2.7	2.7
Pension Benefits | Foreign Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	4.3	0
Expected return on plan assets	(8)	0
Net periodic benefit costs (credit)	(3.7)	0
Postretirement Benefits | Domestic Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	0.1	0.1
Prior service cost amortization	0	(0.1)
Actuarial loss (gain) amortization	(0.1)	(0.1)
Net periodic benefit costs (credit)	$ 0	$ (0.1)

Redeemable Series A Preferred_2

Redeemable Series A Preferred Stock - Narrative (Details) - Series A Preferred Stock	3 Months Ended
	Sep. 30, 2018shares
Temporary Equity [Line Items]
Preferred stock outstanding (in shares)	650,000
Preferred stock converted (in shares)	0

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net earnings	$ 17	$ 33.4
Participating warrant dividend	(0.9)	0
Preferred stock dividend	(14)	0
Accretion of redeemable, convertible Series A preferred stock	(4.3)	0
Other securities dividends	(0.4)	0
Basic earnings (loss) attributable to common shareholders	$ (2.6)	$ 33.4
Weighted average common shares outstanding (in shares)	45.1	44.8
Basic (loss) income per share (in usd per share)	$ (0.06)	$ 0.75
Dilutive effect of stock options and equivalents (in shares)	0	0.8
Diluted average shares outstanding (in shares)	45.1	45.6
Diluted earnings (loss) attributable to common shareholders	$ (2.6)	$ 33.4
Diluted earnings (loss) per common share (in usd per share)	$ (0.06)	$ 0.73

Earnings (Loss) Per Common Sh_4

Earnings (Loss) Per Common Share - Narrative (Details) - $ / shares shares in Millions	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Option exercise purchases		0.3
Convertible Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive options excluded from calculation of earnings per share, number of options	0.7
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive options excluded from calculation of earnings per share, number of options	1.6
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive options excluded from calculation of earnings per share, number of options	0.2
Common Stock Equivalents
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive options excluded from calculation of earnings per share, number of options	0.3
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive options excluded from calculation of earnings per share, number of options	0.2
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive options excluded from calculation of earnings per share, number of options	2.7	0.5
Antidilutive options excluded from calculation of earnings per share, weighted average exercise price (in usd per share)	$ 63.24	$ 56.14

Financial Information about I_3

Financial Information about Industry Segments (Details) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)segmentmeasure	Sep. 30, 2017USD ($)	Jun. 30, 2018USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Number of principal financial measures | measure	2
Total revenues	$ 756.7	$ 392.8
Income from operations	53.7	56.2
Non-operating income, net	7.3	0.6
Interest expense, net	(41.4)	(5.1)
Earnings from continuing operations before income taxes	19.6	51.7
Depreciation and amortization	63.7	12.6
Operating segments
Segment Reporting Information [Line Items]
Total revenues	757.3	392.8
Operating segments | National media
Segment Reporting Information [Line Items]
Total revenues	542.9	239	$ 542.9
Income from operations	17.6	27.5
Depreciation and amortization	52.3	4
Operating segments | Local media
Segment Reporting Information [Line Items]
Total revenues	214.4	153.8	$ 214.4
Income from operations	67.5	40.3
Depreciation and amortization	9.1	8
Unallocated corporate
Segment Reporting Information [Line Items]
Income from operations	(31.4)	(11.6)
Depreciation and amortization	2.3	0.6
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ (0.6)	$ 0