Meredith Invests in Marketing Agency iris Worldwide, Rebrands Marketing Group
Meredith Integrated Marketing becomes Meredith Xcelerated Marketing.
Meredith Corp. has made a strategic investment in London-based iris Worldwide, an international marketing agency serving clients such as Shell, Microsoft and Unilever. The investment gives Meredith a global extension to serve its clients.
The company has also rebranded its Meredith Integrated Marketing unit as Meredith Xcelerated Marketing, a marketing positioning that "reflects MXM's ability to create content-fueled, high-velocity marketing programs using a data-driven strategic process that builds customer value and loyalty across multiple channels."
Meredith Corp. says the investment in iris Worldwide will not have a material effect on its financial performance in fiscal 2012. In 2010, Meredith acquired mobile marketing company Hyperfactory.
Merdith Integrated Marketing delivered "record revenues" in fiscal 2011 (ended June 30) and was part of a product mix including books and brand licensing that accounted for 29 percent of revenue for Meredith's National Media Group. Advertising accounted for 47 percent of revenue while circulation accounted for 24 percent. The Meredith National Media Group saw $1.07 billion in revenue for fiscal 2011, down 2 percent from fiscal 2010. Operating profits jumped 6 percent to $179.6 million.