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 ]
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Jojo Moyes has scored a second week in the Official UK Top 50 number one spot as After You (Penguin) sold 47,872 copies for £180,513. Continue reading at The Bookseller
[ The Bookseller | 2016-07-13 00:00:00 UTC ]
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After six straight years of growth, North American digital comics sales dropped 10% in 2015, to $90 million. The decline, documented in a new report issued by the pop culture trade news site ICv2, mirrors a similar decline in the sales of prose ebooks. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-07-12 00:00:00 UTC ]
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Libraries across the country continue to be threatened with closure, with councils proposing to close 22 venues altogether across Swindon, Gateshead and Coventry. Continue reading at The Bookseller
[ The Bookseller | 2016-07-08 00:00:00 UTC ]
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Egmont Publishing has promoted three members of its team, with Sarah Bates, Ali Dougal and John Packard taking on new director positions. Continue reading at The Bookseller
[ The Bookseller | 2016-07-07 00:00:00 UTC ]
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Chancellor George Osborne has pledged to cut corporation tax from 20% to 15% to encourage businesses to keep investing in the UK, according to news reports. Continue reading at The Bookseller
[ The Bookseller | 2016-07-05 00:00:00 UTC ]
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How the tie-in cookbook to the Emmy Award-winning animated series, which has sold more than 40,000 copies since it went on sale in March, came to be. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-07-05 00:00:00 UTC ]
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In a move that will help publishers, retailers and librarians to more precisely describe and categorize children's and YA graphic novels, BISG will offer an expanded number of BISAC codes and subject headings for the category beginning in January 2017. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-07-01 00:00:00 UTC ]
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Vintage has partnered with MBNA Thames Clippers boats to mark the publication of Ruth Ware’s new thriller, The Woman in Cabin 10 (Harvill Secker). Continue reading at The Bookseller
[ The Bookseller | 2016-06-30 00:00:00 UTC ]
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Axel Springer and ad blocking company Eyeo have clashed in several court battles. Most recently, the German publisher was handed a slight victory; the ad block company cannot accept a fee from the publisher to be on its acceptable ads initiative. This is encouraging for U.K. publishers; however,... Continue reading at Digiday
[ Digiday | 2016-06-29 00:00:00 UTC ]
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Advertising Age is now accepting submissions for its annual Media Mavens honors recognizing the people who reshaping media and marketing today. Who do you think should be recognized in the class of 2016?Previous honorees include TV chiefs pushing their networks forward, marketers deftly steering... Continue reading at Advertising Age
[ Advertising Age | 2016-06-28 00:00:00 UTC ]
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Skip ahead. Skip backward. Roam as you please. Then go back to where you were in a jiffy.The advantages that ebooks have over their dead-tree forebears are so many and varied that I'm not going to bother detailing them here.Read Full Story Continue reading at Fast Company
[ Fast Company | 2016-06-28 00:00:00 UTC ]
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What's the perfect manuscript? The authors of the forthcoming 'The Bestseller Code' assessed some 20,000 works to find that a 2013 novel by Dave Eggers had all the attributes of a book destined for literary success. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-27 00:00:00 UTC ]
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In early April, Medium, the platform founded by Ev Williams, made a pitch to the publishing community: come to Medium, and we'll help you make money. There's not a publisher these days that isn't looking for new revenue streams, so it's not surprising that nearly 400 publishers have applied to... Continue reading at Advertising Age
[ Advertising Age | 2016-06-24 00:00:00 UTC ]
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HarperCollins fiction imprint The Borough Press has made several changes to its editorial team, hiring Holly Ainley as commissioning editor. Continue reading at The Bookseller
[ The Bookseller | 2016-06-22 00:00:00 UTC ]
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A recent campaign success story for Feeding America could shed light on how consumers are using devices and which publishers are actually driving traffic. Working with the Ad Council and Facebook's Atlas measurement platform, the Chicago-based nonprofit launched an eight-week digital campaign... Continue reading at AdWeek
[ AdWeek | 2016-06-20 00:00:00 UTC ]
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Limitations of reading devices and "digital fatigue" are cited as causes for the decline in ebook sales. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-17 00:00:00 UTC ]
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With the resurgence of print formats, indie booksellers are testing new business models, scouting new locations, and starting mini-chains. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-17 00:00:00 UTC ]
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A new report that used eye tracking to understand user engagement with mobile video suggests certain types of video ads on publishers' websites perform better than those on social media. According to a study by Teads, a video technology platform that works with many of the world's top... Continue reading at AdWeek
[ AdWeek | 2016-06-16 00:00:00 UTC ]
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Pew Research Center reports print circulation fell an average of just two percent last year for 14 of the largest news magazines. The post News Magazines Resist Print Declines; Digital Editions Show Growth appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-06-15 00:00:00 UTC ]
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Reuters Institute for the Study of Journalism report also finds importance of TV news is waning among young peoplePeople are increasingly heading to social media such as Facebook for news, making it more difficult for publishers to attract and make money from readers, according to an influential... Continue reading at The Guardian
[ The Guardian | 2016-06-15 00:00:00 UTC ]
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