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: #homes gardens #magnolia journal #sweet july

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Measurement Companies Are Making ‘Big Data’ Moves Ahead of NewFronts and Upfronts

Measurement companies are looking to measure up ahead of the upfront season, with Nielsen making "big data" announcements and the Joint Industry Committee (JIC) certifying Comscore and VideoAmp. To explain exactly what's going on in measurement, ADWEEK went to great... Continue reading at AdWeek

[ AdWeek | 2024-04-04 19:17:06 UTC ]
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Spotify Expands Its Premium Audiobooks Offer: Canada, Ireland, New Zealand

As Bologna Book Plus prepares to stage its first Audio Forum, Spotify's audiobook catalogue jumps from 200,000 t0 250,000 titles. The post Spotify Expands Its Premium Audiobooks Offer: Canada, Ireland, New Zealand appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives

[ Publishing Perspectives | 2024-04-02 20:34:05 UTC ]
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Dreamscape's Audiobook Program Expands Its Ambit

A shift of focus on libraries to retail channels and an aggressive acquisition of new titles—including, recently, works by John LeCarré and Jon Fosse—led to nearly $30 million in revenue in 2023, a 39% jump for the Ohio-based audiobook publisher. Continue reading at Publishers Weekly

[ Publishers Weekly | 2024-03-21 04:00:00 UTC ]
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MoCCA 2024 Makes a Splash

This year's MoCCA Arts Fest, an annual indie comics and graphic novel festival held March 16-17, drew large and enthusiastic crowds to New York City's Metropolitan Pavilion. Continue reading at Publishers Weekly

[ Publishers Weekly | 2024-03-19 04:00:00 UTC ]
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Approaching 90, Pat Boone Still Makes the Case for God, Country, Grits

At last month's Christian Product Expo, the iconic crooner of the 1950's and '60's and a prolific author, continued to talk conservative politics while rebranding himself as a country singer at 89. Continue reading at Publishers Weekly

[ Publishers Weekly | 2024-03-05 05:00:00 UTC ]
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Lots of People Make Money on Fanfic. Just Not the Authors

Next year, SenLinYu’s Harry Potter fic Manacled will disappear from Archive of Our Own. They don’t want to take it down, but it’s the only way to keep others from profiting off of the work. Continue reading at Wired

[ Wired | 2024-02-28 20:42:17 UTC ]
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Google sued for $2.3bn by European media groups over digital ad losses

Lawsuit filed by publishers including Axel Springer allege Google ‘abused its dominant position’ in digital ad-techAlphabet’s Google was hit with a €2.1bn ($2.3bn) lawsuit by 32 media groups including Axel Springer and Schibsted on Wednesday, alleging that they had suffered losses due to the... Continue reading at The Guardian

[ The Guardian | 2024-02-28 19:24:36 UTC ]
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National Book Awards Expand Eligibility to Non–U.S. Citizens

Beginning this year, authors who "maintain their primary, long-term home in the U.S., U.S. territories, or Tribal lands," in addition to those with U.S. citizenship, will be eligible for consideration in all categories of the National Book Awards. Continue reading at Publishers Weekly

[ Publishers Weekly | 2024-02-15 05:00:00 UTC ]
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Here’s what a $7M, 30-second Super Bowl ad can purchase in digital media in 2024

Let’s once again put that cost in perspective and take a look at what $7 million can afford a buyer elsewhere elsewhere in the media landscape. Continue reading at Digiday

[ Digiday | 2024-02-06 05:01:00 UTC ]
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Nielsen Expands OOH Panel in Push for Complete U.S. Household Coverage

Nielsen is extending coverage of its national TV out-of-home (OOH) panel this year, which the measurement company says will account for 100% of U.S. TV households. Top line The company's OOH reporting system currently monitors 44 markets, and Nielsen's expansion will now... Continue reading at AdWeek

[ AdWeek | 2024-02-01 20:46:18 UTC ]
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Two novelists have cut ties with PEN over its Mayim Bialik event and Gaza silence.

Two prominent novelists have broken with PEN America over the organization’s decision to platform controversial actor and outspoken ceasefire opponent Mayim Bialik, as well as its relative silence on the unfolding genocide in Gaza (which so far has claimed the lives of at least 120 writers,... Continue reading at Literrary Hub

[ Literrary Hub | 2024-01-31 20:56:06 UTC ]
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How The Midst Taps Into the Midlife and Perimenopause Ad Market With She Media

Independent publisher The Midst launched on its new website Tuesday, after more than four years of chronicling perimenopause and the modern midlife experience as a personal blog called Jumble and Flow. The publisher is one of a growing number of media companies to plant... Continue reading at AdWeek

[ AdWeek | 2024-01-23 13:42:51 UTC ]
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