Meredith Corp. on Thursday reported a third-quarter loss of $289 million, due primarily to noncash impairments of goodwill and intangible assets of $296 million, as revenues declined by 6% from the year-ago quarter to $702 million. “Our performance for the fiscal 2020 third quarter was largely in-line with our expectations until mid-March when the outbreak of COVID-19 created an extremely challenging advertising environment,” Meredith President and CEO Tom Harty said in an earnings release. “In response, we took a series of proactive steps to strengthen our liquidity and enhance our financial flexibility in the near-term to effectively navigate the current environment.” The company took steps to maximize its free cash flow, ensure ample liquidity and heighten its financial flexibility. Those steps included pausing its common stock dividend and reducing pay for its board of directors, executives and other employees who in total make up 60% of its workforce. The company also significantly reduced capital expenditures and is working with customers and suppliers to optimize working capital. Among several encouraging trends are “robust traffic to our digital properties, strong upticks in our ecommerce activities, increased viewership to our local newscasts, and solid subscription metrics,” Harty said. “We remain confident in the strength and resilience of the diversified business model we have built.”