Television broadcaster and magazine advertiser, Meredith Corporation (MDP, Financial) declined -32.54% in the quarter following a material reduction in financial guidance for full year 2020, which left investors struggling to reconcile the expected cost synergies from the TIME acquisition. While we acknowledge the challenging fundamentals in its businesses, we believe MDP’s profitable local television stations provide a margin of safety at today’s valuation level.
From John Rogers (Trades, Portfolio)' Ariel Fund third-quarter commentary.
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