Anemic Ad Sales Impact Meredith’s Q3 Earnings

After a few days of delay, Meredith released its Q3 earnings, which closed on March 31. Starting with the bottom line, adjusted EBITDA totaled $151.8 million, a 5.5% decline versus the same period last year. The top line illustrates why. Overall, the company’s revenue fell 6.5% versus 2019. Meredith attributes some of the decline to portfolio and title changes. Among those shifts were the rebranding of Rachael Ray In Season, which is now a quarterly newsstand magazine, transitioning Traditional Home to a newsstand-only model, as well as reducing Entertainment Weekly’s frequency to monthly and shuttering Family Circle and Money magazines. Given these changes, the comparable YoY revenue outlook is still down, but only 1.2%. The company also indicates that COVID-19 impacted ad spend as early as March, and among the categories hit hardest were automotive, entertainment and travel. Some categories were more stable, including pharama, pet, and home. CEO and president of Meredith, Tom Harty, did suggest food is beginning to tick back up in this morning's earnings call. That said, he forecasted significant advertising declines to continue into Q4 as a result of the current economic conditions. Advertising, which accounted for $332.1 million in revenue, declined by $36 million in the third quarter, which is a 9.8% total decrease, or 4.8% comparable change YoY. Print advertising took an especially hard hit, comparably down 7.5%, which was an overall decrease of 17.9% YoY. Digital... Continue reading at 'Folio Magazine'

[ Folio Magazine | 2020-05-14 15:44:55 UTC ]
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[ Editor & Publisher | 2013-05-28 00:00:00 UTC ]
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Struggling for Ad Support, Huffington Mag Looks Past iPad

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[ AdWeek | 2013-05-27 00:00:00 UTC ]
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Hot first-week sales for Inferno

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[ The Bookseller | 2013-05-21 00:00:00 UTC ]
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[ The Bookseller | 2013-05-20 00:00:00 UTC ]
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Growth in ebook sales slows in 2012

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[ The Christian Science Monitor | 2013-05-16 00:00:00 UTC ]
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[ The Bookseller | 2013-05-15 00:00:00 UTC ]
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[ The Bookseller | 2013-05-09 00:00:00 UTC ]
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Barnes & Noble drops Nook prices, eyes Mother's Day sales boost

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Book Sales in Bulgaria Up 10% in 2012, Translations Increasing

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[ Publishing Perspectives | 2013-05-02 00:00:00 UTC ]
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Time Warner 1Q earnings climb

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[ Crains New York | 2013-05-02 00:00:00 UTC ]
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Pulitzer Prize: huge sales neither required nor guaranteed

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[ The Christian Science Monitor | 2013-05-01 00:00:00 UTC ]
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Fifty Shades boosts UK book sales

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[ BBC News | 2013-05-01 00:00:00 UTC ]
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[ The Christian Science Monitor | 2013-05-01 00:00:00 UTC ]
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Book sales grew 4% in 2012, says PA

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[ The Bookseller | 2013-05-01 00:00:00 UTC ]
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AOP begins move to standardise mobile ads for publishers

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