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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Canvas ads mimic the features of Facebook's Instant Articles platform.Facebook has officially rolled out its Canvas ad platform. Canvas has been in testing since last year and has often been referred to as "instant ads" because of the way it mimics Facebook's Instant Articles platform for... Continue reading at Fast Company
[ Fast Company | 2016-02-26 00:00:00 UTC ]
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Nineteen-year-old women's lifestyle magazine to shutter after April issue as Meredith elects to "align resources against more profitable activities." The post Meredith Shuts Down More Magazine appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-02-25 00:00:00 UTC ]
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Special-interest publisher looks to expand media business by covering the growing UAV industry in print. The post Kalmbach Expands Drone360 with Bimonthly Print Edition appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-02-23 00:00:00 UTC ]
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BARCELONA, Spain—Adobe is trying to make it easier for companies to quickly make mobile apps with visually appealing content by combining and expanding two existing services. The San Jose, California-based company's new Adobe Experience Manager Mobile merges Adobe's existing Mobile Digital... Continue reading at AdWeek
[ AdWeek | 2016-02-22 00:00:00 UTC ]
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Property website Domain increases digital revenue by 37% and continues to prop up Fairfax’s overall profit as editorial restructure is announcedFairfax Media, publishers of the Age and the Sydney Morning Herald, have returned a net profit of $27.4m for the first half of the financial year... Continue reading at The Guardian
[ The Guardian | 2016-02-19 00:00:00 UTC ]
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Move to ‘give customers more control, choice and greater transparency’ will prompt concern among digital publishers and advertisersMobile company Three is to introduce ad blocking across its UK and Italian networks, making it the first major European operator to do so.Three has struck a deal... Continue reading at The Guardian
[ The Guardian | 2016-02-19 00:00:00 UTC ]
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Like other publishers, Tasting Table is growing on Facebook, where it did 13.6 million views in January. But while Facebook might offer reach, it doesn’t yet present a revenue opportunity, which is why the company is also focusing on distributing content on its own website and new Apple TV app.... Continue reading at Digiday
[ Digiday | 2016-02-18 00:00:00 UTC ]
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The Grammy Awards averaged 24.95 million viewers on CBS, off slightly from last year's telecast, according to Nielsen. The TV audience for the ceremony held at the Staples Center, which featured performances by Taylor Swift, Lady Gaga, Adele and Kendrick Lamar, was 1.5% below the 25.3 million... Continue reading at Los Angeles Times
[ Los Angeles Times | 2016-02-17 00:00:00 UTC ]
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'Reedsy for Publishers' is on the way, as the 2-year-old UK startup rolls out its Reedsy Book Editor with collaborative functionality to come. The post Reedsy on a Roll: The UK Startup Expands To Serve Publishers appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2016-02-16 00:00:00 UTC ]
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The rise of ad blocking has forced publishers to re-examine not just their advertising, but also their paid models. Micropayments had a flurry of interest over the last few years, which went in hand with the rise of platforms like Blendle, but have so far failed to make any real difference to... Continue reading at Digiday
[ Digiday | 2016-02-10 00:00:00 UTC ]
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Tech publisher Wired, which found that more than 20 percent of its daily readers use ad-blocking software, thinks it's found a way to recoup some of that lost advertising revenue: start charging users for blocking ads. This morning, Wired began telling readers who use ad blockers it will... Continue reading at AdWeek
[ AdWeek | 2016-02-09 00:00:00 UTC ]
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Snapchat is getting closer to forking over the data that advertisers want, and the stats will be coming in the form of mobile app-install ads. Today, a short video ad promoting SGN's mobile game Cookie Jam is running within iHeartRadio's Discover channel—the app's hub of daily content from... Continue reading at AdWeek
[ AdWeek | 2016-02-04 00:00:00 UTC ]
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More than 30 jobs set to be axed across parent company Johnston Press’s Scottish operationStaff at the Scotsman are gearing up for strike action as more than 30 jobs look set to go across parent company Johnston Press’s Scottish operation.The regional newspaper publisher is seeking to cut about... Continue reading at The Guardian
[ The Guardian | 2016-02-04 00:00:00 UTC ]
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Amazon-owned online retailer the Book Depository is to expand in Australia, adding more than 25,000 titles to its offer. Continue reading at The Bookseller
[ The Bookseller | 2016-02-03 00:00:00 UTC ]
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Digital publisher Bookouture is expanding its editorial team by hiring Kirsty Greenwood as an associate publisher, promoting Keshini Naidoo as a second associate publisher, and hiring Natasha Hodgson as an editor. Continue reading at The Bookseller
[ The Bookseller | 2016-02-03 00:00:00 UTC ]
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Meredith Corp. has considered splitting its broadcast and publishing units, perhaps uniting one with a strategic partner, Chief Executive Officer Stephen Lacy said.The idea is one of several possibilities the company is considering after its plan to merge with Media General fell through, Mr.... Continue reading at Advertising Age
[ Advertising Age | 2016-02-03 00:00:00 UTC ]
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If you believe what you read, and what you hear at events like the IAB's Annual Leadership Meeting, ad blocking is an existential crisis for the advertising industry, and even more so for the content publishing industry. At the aforementioned meeting, Article 19 of the Universal Declaration of... Continue reading at Advertising Age
[ Advertising Age | 2016-02-03 00:00:00 UTC ]
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Amazon.com Inc. is ramping up its investment in podcasts and other radio-style shows to expand the types of programming it offers via Audible, the audio book company it acquired in 2008.Audible has recruited well-known comedians, along with radio and podcast producers for the initiative, and job... Continue reading at Advertising Age
[ Advertising Age | 2016-01-30 00:00:00 UTC ]
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Department heads, director-level staffers among those laid off as turbulence continues at the health and wellness publisher. The post Rodale Cuts 40 More Staffers appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-01-29 00:00:00 UTC ]
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The latest report from the Association of American Publishers has revealed adult book revenues in the US shot up 2.9% for the first three quarters of 2015 - and up more than 7% in September - while children's and YA takings for the period dipped slightly. Continue reading at The Bookseller
[ The Bookseller | 2016-01-29 00:00:00 UTC ]
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