Meredith (MDP, Financial), an Iowa-based media conglomerate, issued new senior secured notes during the quarter that subordinated the unsecured notes we own, negatively impacting their value. Separately, Moody’s downgraded Meredith on expectations for ongoing negative impacts from the Covid-19 pandemic on media and entertainment companies.
From First Eagle Investment (Trades, Portfolio)'s Global Income Builder Fund's second-quarter 2020 letter.
