UPDATE 2-Meredith swings to loss on writedown

* Q4 profit of $0.55/shr ex-items beats $0.54 analyst view

* Q4 FCC license writedown pushes company to net loss

* Q1 EPS forecast $0.30-$0.35

* Full year 2010 EPS forecast $1.60-$2.00 (Adds debt, writedown details, analyst estimates)

NEW YORK, July 29 (Reuters) - Magazine publisher and local television station owner Meredith Corp (MDP.N) posted a quarterly loss on Wednesday after writing down the value of its U.S. government-issued broadcasting licenses.

The publisher of Family Circle and Better Homes and Gardens said it expected the recession to hurt advertising sales in its 2010 fiscal year, which began on July 1, even as ad performance at its magazines improved in the second half of fiscal 2009.

Meredith's net loss was $163.7 million, or $3.64 a share, in the fiscal fourth quarter ended June 30, compared with a profit of $19.2 million, or 41 cents a share, a year earlier.

Excluding charges, profit was 55 cents a share from continuing operations, beating the average analyst forecast of 54 cents, according to Reuters Estimates.

The charges included a $185 million after-tax non-cash writedown for its Federal Communications Commission broadcast licenses and goodwill, along with a $3.4 million after-tax charge for layoffs.

Meredith also paid off $100 million in debt on June 30, bringing its debt balance to $380 million, down 22 percent from a year ago.

Revenue fell 8 percent to $346 million. Ad revenue in the company's publishing division fell 9.5 percent. In the broadcast division, ad revenue fell more than 55 percent in the fourth quarter and was down 45 percent in fiscal 2009.

Other local television broadcasters and publishers, from News Corp (NWSA.O) to Gannett Co Inc (GCI.N), have been experiencing falling ad revenue, most recently as the economic downturn has eroded ad budgets and consumer spending.

Nevertheless, media stocks have rallied in recent weeks as companies reported that ad declines are beginning to ease.

Meredith forecast fiscal first-quarter earnings of 30 cents to 35 cents per share, and fiscal 2010 earnings of $1.60 to $2.00 per share. (Reporting by Robert MacMillan; editing by John Wallace and Ted Kerr)