TO BUSINESS EDITOR:

DES MOINES, Iowa, Aug. 13 /PRNewswire-FirstCall/ -- The Meredith Corporation (NYSE: MDP) Board of Directors today declared a dividend of nine and a half (9.5) cents per share, payable September 15, 2003 to shareholders of record on August 29, 2003. Meredith has increased its dividend in each of the last 10 years and has paid dividends for 56 consecutive years.

About Meredith Corporation

Meredith Corporation ( www.meredith.com ) is one of the nation's leading media and marketing companies with businesses centering on magazine and book publishing, television broadcasting, integrated marketing, and interactive media. The Meredith Publishing Group, the country's foremost home and family authority, features 17 magazine brands, including Better Homes and Gardens, Ladies' Home Journal and American Baby, and approximately 170 special interest publications. Meredith owns 11 television stations -- including properties in top 25 markets such as Atlanta, Phoenix and Portland.

Meredith has nearly 300 books in print and has established marketing relationships with some of America's leading companies, including The Home Depot, DaimlerChrysler, and Carnival Cruise Lines. Meredith's consumer database, which contains more than 75 million names, is the largest domestic database among media companies and enables magazine and television advertisers to precisely target marketing campaigns. Additionally, Meredith has an extensive Internet presence, including 24 web sites, and strategic alliances with leading Internet destinations.

SOURCE  Meredith Corporation