DES MOINES, IA/NEW YORK, N.Y., OCTOBER 12, 2011 – Meredith Corporation (NYSE:MDP, http://www.meredith.com ) announced today that it has reached agreement in principle with author and television personality Rachael Ray for Meredith to acquire Every Day with Rachael Ray magazine and its related digital media assets from the Reader’s Digest Association. The transaction is expected to close later this fall. The acquisition will include the very popular and award-winning magazine that’s published 10 times annually and reaches an audience of 7.3 million with a ratebase of 1.7 million, as well as a robust website (www.rachaelraymag.com). Every Day with Rachael Ray has received numerous honors including being named Magazine Launch of the Year by Advertising Age, and to both Advertising Age’s A-List and ADWEEK’s Hot List of top titles.

In the past year, Meredith has strengthened its position as the leader in food content with the:

• Launch of Recipe.com, a multi-channel food brand that pairs recipes with digital coupons and savings;

• Acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating;

• Introduction of six new Special Interest Media food titles, bringing the total to nearly 40; and

• Expansion of food content in its leading portfolio of brands – including Better Homes and Gardens, Family Circle, Parents and Fitness – across a broad array of tablet products including the iPad, NOOK Color, and the upcoming Kindle Fire.