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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Withdrawal from the EU would lead to "suffering" in the creative industries, according to an open letter signed by 220 thought-leaders in the literary world, including 2015 Baileys winner Ali Smith and Granta editor Max Porter, recent winner of the International Dylan Thomas Prize. Continue reading at The Bookseller
[ The Bookseller | 2016-06-14 00:00:00 UTC ]
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The German publisher continues to focus on building its digital subscription business with $250m purchase of research companyAxel Springer has snapped up market research firm eMarketer in a $250m (£173m) deal as the German publisher continues to focus on building its digital subscription... Continue reading at The Guardian
[ The Guardian | 2016-06-10 00:00:00 UTC ]
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Nayana Kakoma has a daughter and 'I cannot find her stuff to read that does not have ponies and long blonde hair.' So she's starting a publishing company in Uganda. The post ‘I Have To Make It Happen’: Uganda’s Newest Publishing House appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2016-06-09 00:00:00 UTC ]
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The publishing business ought to consider its product exports and personnel imports before choosing its side, argues Diane Banks. Continue reading at The Bookseller
[ The Bookseller | 2016-06-09 00:00:00 UTC ]
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The Senate Rules Committee on Thursday voted to recommend that the full Senate approve President Obama's nomination of Carla Hayden as Librarian of Congress. If approved she will become the first woman and the first African American to hold the post. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-09 00:00:00 UTC ]
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Online learning provider Udacity has launched its education and training platform in Germany. Continue reading at The Bookseller
[ The Bookseller | 2016-06-09 00:00:00 UTC ]
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Microsoft has launched an iOS version of its mobile design app, Sprightly, which helps small businesses design snazzy promotional materials without needing a PC or complicated tools.Sprightly helps people create flyers, e-cards, catalogs and price lists on their phones. Designs can then... Continue reading at PC World
[ PC World | 2016-06-08 00:00:00 UTC ]
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For the 2016 Summer Olympics in Rio de Janeiro, one programmatic advertising company wants to help brands that aren't paying the big bucks for an official sponsorship or major TV spot still have a "second chance for gold" by winning the race for the second-screen. Online advertising... Continue reading at AdWeek
[ AdWeek | 2016-06-08 00:00:00 UTC ]
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BookCon, the literary fanfest, will become a part of New York Comic Con 2016 in October; held during the 4 days of NYCC at a separate event space nearby and offer access to fans as part of their NYCC badge. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-08 00:00:00 UTC ]
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As people do more of their reading in social feeds and Facebook clamps down on organic reach, publishers are increasingly relying on paid social to distribute native ads. But fully three-fourths of publishers don't disclose how much paid social they use, according to a new report from Polar.... Continue reading at Digiday
[ Digiday | 2016-06-07 00:00:00 UTC ]
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Have ebook sales plateaued in Germany? The latest Ebook Quarterly Report from the German Publishers and Booksellers Association indicates lower revenue despite growth in sales volume. The post Ebook Sales in Germany Up, Revenue Down appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2016-06-06 00:00:00 UTC ]
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Maria Rodale, the chairwoman and chief executive of the magazine’s publishing company, said that going ad-free would reduce Prevention’s operating expenses by more than 50 percent. Continue reading at The New York Times
[ The New York Times | 2016-06-06 00:00:00 UTC ]
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General Interest magazines are the big winners as the Celebrity and Women's categories, as well as convenience stores, continue to struggle. The post Newsstand Declines Slowed in Q1 of 2016 appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-06-03 00:00:00 UTC ]
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Universities are taking different approaches to handling shrinking budgets, from cutting back on staff to expecting presses to rely more on their own resources. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-03 00:00:00 UTC ]
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[Sponsored] Folio: and Wright's Media team up for a survey about publishers' willingness to embrace brand licensing as a revenue stream. The post An Untapped Well for Alternative Revenue appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-06-03 00:00:00 UTC ]
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Her Last Tomorrow, Adam Croft’s latest DIY thriller, lifted his bedroom business into the sales stratosphere. He talks about paying off his mortgage in weeks and why he’s fine with publishers being ‘sniffy’“Could you murder your wife to save your daughter?” That’s the hook for a novel that has... Continue reading at The Guardian
[ The Guardian | 2016-06-02 00:00:00 UTC ]
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The news is like the ocean. On the surface, everything might seem pretty, but the further down you go, the worse things look. That, at least, is the metaphor behind a new ad from Veja, a popular right-leaning (if not right-wing) Brazilian magazine that featured President Obama as Che Guevara... Continue reading at AdWeek
[ AdWeek | 2016-05-31 00:00:00 UTC ]
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The annual survey, conducted by the Publishers Communication Group (PCG) found that a sputtering global economy is still affecting library budgets. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-05-31 00:00:00 UTC ]
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Independent publisher Myriad Editions is making two editors redundant and cutting back the number of titles it publishes after a “tough” couple of years. Continue reading at The Bookseller
[ The Bookseller | 2016-05-27 00:00:00 UTC ]
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http://www.thebookseller.com/news/missing-hk-bookseller-returns-china-325182The daughter of missing Hong Kong publisher Gui Minhai has called for the US to help secure his release. Continue reading at The Bookseller
[ The Bookseller | 2016-05-26 00:00:00 UTC ]
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