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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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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Almost a year after Facebook rolled out its Canvas ad unit at Cannes, the social network is releasing data about the mobile product, which allows for entire campaigns to be built inside of it. Ford, Target, Nike, Samsung, Little Caesars, Apple, Procter & Gamble and L'Oreal are among the... Continue reading at AdWeek
[ AdWeek | 2016-05-26 00:00:00 UTC ]
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The Kate Nash Literary Agency has made two new appointments, recruiting a new associate agent in Imogen Howson and a new literary assistant in Tom Ashton. Continue reading at The Bookseller
[ The Bookseller | 2016-05-25 00:00:00 UTC ]
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Waterstones is to stop selling ebooks from its website and instead divert customers to Kobo’s reading platform for digital sales. Continue reading at The Bookseller
[ The Bookseller | 2016-05-24 00:00:00 UTC ]
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The In Touch Weekly publisher is the latest to bring GumGum's image-overlaying ad tech to the U.S. market. The post Bauer Media Expands GumGum Partnership appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-05-24 00:00:00 UTC ]
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Readership insights and annual award winners from the CRMA's annual conference in Denver. The post Print Ad Influence Remains Strong Among Regional Magazine Readers appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-05-24 00:00:00 UTC ]
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As the population of people using ad blocking software has grown, publishers are increasingly recognizing that they have to find a way to address those people a different way. Digital Content Next, a trade group for premium publishers, has shared recommendations, which came out of meetings with... Continue reading at Digiday
[ Digiday | 2016-05-23 00:00:00 UTC ]
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The Seattle start-up, which just launched its platform, wants to be the go-to digital audiobook site for indies. Even with the support of the Big Five, it's still not clear how much of a difference it will make for its 85 partner bookstores. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-05-20 00:00:00 UTC ]
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After two years in New York, the consumer book convention landed in the Windy City. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-05-20 00:00:00 UTC ]
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Veronica Roth describes herself as totally “pumped” that BookCon this year is taking place here in the Windy City. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-05-14 00:00:00 UTC ]
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There's something to be said about a printed book. It's easy to read outdoors, you can lend it to a friend and, unlike a top-end Kindle, it doesn't spell disaster if you lose it. E-readers have their place, but today The Publishers Association (PA) h... Continue reading at Engadget
[ Engadget | 2016-05-13 00:00:00 UTC ]
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Adult colouring book craze and 150th anniversary of Alice in Wonderland helped revival in traditional publishing last yearSales of printed books have grown for the first time in four years, lifted by the adult colouring book craze and 150th anniversary of Alice in Wonderland, as ebooks suffered... Continue reading at The Guardian
[ The Guardian | 2016-05-13 00:00:00 UTC ]
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Grammy Award–winning rock-and-roll musician Kenny Loggins isn’t nervous about performing today, at 1 p.m., at the Quarto Publishing Group’s booth (2300, 2301), where the company’s 40th anniversary party will be in full swing. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-05-12 00:00:00 UTC ]
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Scottish Book Trust is replacing its annual Children’s Book Awards with two new prizes; the Bookbug Picture Book Prize and the Scottish Teenage Book Prize. Continue reading at The Bookseller
[ The Bookseller | 2016-05-12 00:00:00 UTC ]
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It’s been two months since Facebook rolled out its five new emoji reactions (love, sad, wow, etc.), to let people express more than just that they “liked” something. NewsWhip looked at their use across 20 publishers over the past two weeks and found that Fox News got the most reactions... Continue reading at Digiday
[ Digiday | 2016-05-12 00:00:00 UTC ]
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Blackstone Audio, the independent audiobook publisher based in Ashland, Ore., has launched Blackstone Publishing, a new imprint devoted to print and ebooks. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-05-11 00:00:00 UTC ]
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One impetus for Jeffrey Brown’s participation in BEA is the new trilogy he’s launching with "Lucy and Andy Neanderthal." Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-05-11 00:00:00 UTC ]
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First quarter financial reports from three of the country's largest trade publishers revealed a continuing decline in ebook sales. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-05-06 00:00:00 UTC ]
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Northern & Shell puts 2015 losses down to cutting prices of Star and Express titles and significant investment in digital publishingRichard Desmond’s Northern & Shell fell to a £25m loss last year after embarking on costly tabloid price cuts and boosting investment in digital... Continue reading at The Guardian
[ The Guardian | 2016-04-29 00:00:00 UTC ]
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Amazon is adding content for children aged nine-12 to its Fire for Kids Unlimited subscription service, including Harry Potter and Dennis the Menace books. Continue reading at The Bookseller
[ The Bookseller | 2016-04-27 00:00:00 UTC ]
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