|Company Name||Meredith Corporation|
On September 5, 2019, the Company expected fiscal 2020 adjusted EBITDA in the range of $640 million to $675 million, which is well below analysts’ expectations of $793 million. Meredith planned to increase spending to improve operations of Time Inc., which the Company had acquired for $1.8 billion, because the business was not as profitable as expected.
On this news, Meredith’s shares fell as much as $11.57, or over 26%, during intraday trading on September 5, 2019, thereby injuring investors.
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