Recommendation
Meredith Corporation's (MDP) stock price has been decimated since the acquisition of Time Inc. The stock has dropped over 75% since the release of FY19 earnings, and it became clear the acquisition had destroyed value. In addition, the pandemic added to its woes as the advertising world hit a pause in March.
However, advertising has started to pick back up again, and the TV station business gives MDP a solid cash generator rarely seen in a company trading at such a distressed level. Current year's earnings are skewed due to a large goodwill impairment,