Meredith Cuts Salaries, Expands Ad Guarantee to Make Up for Revenue Decline

Facing what it called "a significant decline in advertising revenues" as a result of the COVID-19 pandemic, Meredith Corp. says it's implementing sweeping pay cuts across 60% of its approximately 5,000 employees, suspending quarterly dividends and withdrawing the 2020 fiscal outlook it communicated to investors on its most recent earnings call in early February. Effective May 4 and continuing through early September, 45% of the company (approximately 2,250 staffers) will have their pay reduced by 15%, while an additional group representing about 750 of the company's highest-paid employees will see pay cuts starting at 20% and ranging up to 40% for president and CEO Tom Harty and the Board of Directors. Salaries for the remaining 2,000 or so employees will not be impacted. Additionally, Meredith says those employees whose salaries are being reduced will be given one day of unpaid leave per week until September 4. Effective immediately, the company is also implementing a wage, salary and hiring freeze as well as "a significant reduction in temporary and freelance usage." "The COVID-19 crisis has created an extremely challenging business environment, including significant advertising campaign cancellations and delays," said Harty in a statement. "While our financial position is strong, given the impact on advertising—which represents approximately half of our revenue mix—we are proactively taking aggressive actions to strengthen our liquidity and enhance our financial... Continue reading at 'Folio Magazine'

[ Folio Magazine | 2020-04-20 17:45:12 UTC ]
News tagged with: #monthly magazines #determined based #specific goals #reader clipping #favorable opinion #homes gardens #starch admeasure #magnolia journal #ayesha curry #forthcoming magazine #sweet july #40% year-over-year #renewal orders #$21 million #revolving credit

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Hanley Wood Lays Off Staff and Cuts Salaries, Citing COVID-19 Decline

Hanley Wood, the D.C.-based B2B media company serving the real estate, residential design and construction sectors, laid off several employees last week and implemented salary reductions for others, multiple sources tell Folio:. A Hanley Wood rep declined to provide details, but confirmed the... Continue reading at Folio Magazine

[ Folio Magazine | 2020-05-19 13:43:21 UTC ]
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Meredith Corp. Bought an Ad-Tech Company to Make Grocery Shopping Easier

Women's magazine publisher Meredith Corp. has acquired Grocery Server, a digital firm that powers location-based ads for food and retail brands. Grocery Server was founded in 2008 as an ad platform that pulls location data from grocery stores and CPG brands into ads on publishers' websites.... Continue reading at AdWeek

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Facebook Expands Mobile Ad Net to Make a Run at Google, Yahoo

Facebook's mobile ad network is officially open for business.Five months after the social network formally launched its Audience Network with a small set of app publishers and advertisers, Facebook is opening up the mobile ad network to any media buyer and seller. The company is also adding a... Continue reading at Advertising Age

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Programmatic Trends Depress Digital Ad Revenue at Meredith

Advertising technologies such as real-time bidding and automated auctions are driving digital revenue downward at Meredith Corp.'s National Media Group, which includes the company's magazines like Better Homes & Gardens as well as websites such as AllRecipes.com.Digital ad revenue fell 4% at... Continue reading at Advertising Age

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News Corp. revenue falls as ads decline

News Corp., the publisher of newspapers such as the Wall Street Journal and New York Post, reported a 2.8% decline in first-quarter revenue, hurt by shrinking demand for print advertising.Sales fell to $2.07 billion in the period, which ended on Sept. 30, down from $2.13 billion a year earlier,... Continue reading at Crains New York

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Daily Mail publisher to cut up to 100 jobs as revenues fall

DMGT says quarterly print advertising down 69% and digital income down 17% The publisher of the Daily Mail, Mail on Sunday, the i and Metro is to cut up to 100 roles as the coronavirus pandemic continues to hammer the newspaper and magazine industry.Daily Mail & General Trust, which also... Continue reading at The Guardian

[ The Guardian | 2020-08-13 11:23:11 UTC ]
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TikTok Tells Brands Not to ‘Make Ads’ at First-Ever NewFronts

Ahead of TikTok's presentation at the 2020 Digital Content NewFronts, the company released a new umbrella brand called TikTok for Business for its advertiser offerings. TikTok, a newcomer to NewFronts, adapted its vertical-first format for a horizontal presentation. The main message to brands in... Continue reading at AdWeek

[ AdWeek | 2020-06-25 21:01:24 UTC ]
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Informa Forecasts 31% Revenue Decline in 2020

London-based Informa plc will officially resume its in-person events business with a three-day beauty expo in China during the second week of July, but says its overall revenues will likely decline by about a third this year as the timeline for the return of large gatherings in North America,... Continue reading at Folio Magazine

[ Folio Magazine | 2020-06-12 17:17:56 UTC ]
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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.... Continue reading at Folio Magazine

[ Folio Magazine | 2020-05-14 15:44:55 UTC ]
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Vox Solicits Reader Contributions to Keep Its Content Free Amid Ad Declines

The near-simultaneous rush among publishers with subscription businesses to loosen their paywalls and provide free access to reporting on the COVID-19 pandemic has reignited long-standing debates about whether the news should fundamentally be free, even as ad-supported journalism (with some... Continue reading at Folio Magazine

[ Folio Magazine | 2020-04-10 16:17:19 UTC ]
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Macmillan Lays Off Some Staff, Temporarily Cuts Some Salaries

Macmillan Publishers has laid off an undisclosed number of employees across all divisions, temporarily reduced pay for select employees, and implemented a hiring freeze, effective today. Continue reading at Publishers Weekly

[ Publishers Weekly | 2020-04-02 04:00:00 UTC ]
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Informa bosses to take major salary cuts during coronavirus period

At Informa, parent company of Taylor & Francis, top bosses are to take salary cuts "through the current period of uncertainty created by Covid-19", the company has announced. Continue reading at The Bookseller

[ The Bookseller | 2020-03-27 06:47:25 UTC ]
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Sports Publisher Minute Media Makes Half Its Revenue from Licensing Tech

Many digital publishers looking for alternative revenue streams to advertising turn to subscriptions and commerce. But Minute mMedia, home to Continue reading at Editor & Publisher

[ Editor & Publisher | 2020-03-03 18:30:12 UTC ]
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Digital Media’s Future Lies Beyond Ads and With Direct Consumer Revenue

The long-predicted digital media consolidation has finally come to pass. More than 100 online publishing companies are on pace to be sold this year, highlighted by the recent purchases of Refinery29, PopSugar and New York Magazine. The impetus for the sudden deal velocity is the direct result of... Continue reading at AdWeek

[ AdWeek | 2019-11-11 16:49:21 UTC ]
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Meredith’s Vision for the Future Includes Growth in Print Advertising, Newsstand Revenue

Just two months after the company's fiscal 2019 earnings report saw its share price tumble 23% in a single day, Meredith Corp. revealed a somewhat optimistic forecast for the company's print magazine business in its Q1 2020 report, covering the period from July 1 to September 30. On an earnings... Continue reading at Folio Magazine

[ Folio Magazine | 2019-11-07 19:16:37 UTC ]
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A year after facing steep declines, NFL ad pricing is on the rebound

Welcome to another edition of Ad Age Sports Media Brief, a weekly roundup of news from every zone of the sports media spray chart, including the latest on broadcast/cable/streaming, sponsorships, endorsements, gambling and tech. Back in Black NFL ad pricing has rebounded after last year’s drop,... Continue reading at Advertising Age

[ Advertising Age | 2019-09-06 09:00:00 UTC ]
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Meredith Corp. Makes Digital-Side Promotions | People on the Move

Meredith Corp. announced several promotions within its Digital Content Group this week:  [caption id="attachment_170397" align="alignright" width="150"] Jessica Plautz[/caption] Jessica Plautz was promoted to the director of content operations, succeeding Ron Kelly, who departed the company in... Continue reading at Folio Magazine

[ Folio Magazine | 2019-08-29 18:50:41 UTC ]
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Cutting Print: Making It Work When Publishing Days Must Go

When a large U.S. newspaper cuts print publication days or curtails home delivery, headlines may scream media apocalypse. But for Continue reading at Editor & Publisher

[ Editor & Publisher | 2019-08-27 15:09:04 UTC ]
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One Year In, Hearst Digital Media’s Revamped Global Ad Team Doubled Its Revenue

To make booking and running global campaigns easier for clients, magazine company Hearst has built up its centralized, global digital Continue reading at Editor & Publisher

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