PRC Directs Postal Service to Address Compliance Issues with Pricing and Service: Flat-shaped mail and service performance continue to be major areas of concern

FY23 first quarter service performance scores covering Oct. 1 through Dec. 9 included: *First-Class Mail: 91.7 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 1.4 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of one percentage point compared to the same period in the FY22 peak holiday season. *Marketing Mail: 94.1 percent of Marketing Mail delivered on time against the USPS service standard, a slight decrease of 0.7 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 1.9 percentage points compared to the same period in the FY22 peak holiday season. *Periodicals: 85.5 percent of Periodicals delivered on time against the USPS service standard, a decrease of 1.3 percentage points from the fiscal fourth quarter. The current data reflects a year over year increase of 3.5 percentage points compared to the same period in the FY22 peak holiday season.

Meredith Corporation announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Time Inc. for $18.50 per share in an all-cash transaction valued at $2.8 billion. The Offer will now expire one minute after 11:59 p.m. (Eastern Time) on January 25, 2018, per terms of the merger agreement, unless further extended. All other terms and conditions of the Offer remain unchanged. Computershare Trust Company, N.A., the depository for the Offer, has advised Meredith that as of the close of business (Eastern Time) on January 10, 2018, approximately 59,024,324 shares of common stock of Time (not including 4,812,404 shares tendered by notice of guaranteed delivery for which shares have not yet been delivered) have been validly tendered and not properly withdrawn pursuant to the Offer, representing approximately 58.7% of the outstanding shares of common stock of Time. Click Read More below for additional information.

**Net sales increased 9% to $127.4 billion in the first quarter, compared with $116.4 billion in first quarter 2022. Excluding the $2.4 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with first quarter 2022. *North America segment sales increased 11% year-over-year to $76.9 billion. *International segment sales increased 1% year-over-year to $29.1 billion, or increased 9% excluding changes in foreign exchange rates. *AWS segment sales increased 16% year-over-year to $21.4 billion. **Operating income increased to $4.8 billion in the first quarter, compared with $3.7 billion in first quarter 2022. First quarter 2023 operating income includes approximately $0.5 billion of charges related to estimated severance costs. *North America segment operating income was $0.9 billion, compared with operating loss of $1.6 billion in first quarter 2022. *International segment operating loss was $1.2 billion, compared with operating loss of $1.3 billion in first quarter 2022. *AWS segment operating income was $5.1 billion, compared with operating income of $6.5 billion in first quarter 2022.