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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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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Gawker Media CEO Nick Denton told Recode that the publisher, which used to view Facebook warily, is now "going all in" on Facebook Instant Articles. He's now come around to the idea that Facebook can simply provide a better user experience and even monetize better than the options publishers... Continue reading at Digiday
[ Digiday | 2016-01-28 00:00:00 UTC ]
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Meredith Corp. is close to walking away from its attempt to merge with Media General, allowing Nexstar Broadcasting Group to acquire the TV station owner after months of negotiation, according to people familiar with the matter.Meredith, the owner of broadcast stations and magazines like Better... Continue reading at Advertising Age
[ Advertising Age | 2016-01-27 00:00:00 UTC ]
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In the age of Facebook, new publishers have thrived when it comes to building traffic quickly. More difficult, however, has been building brands. Facebook has excelled at getting people to be loyal to Facebook, not the publishers on its platform. As a result, many publishers are trying out ways... Continue reading at Digiday
[ Digiday | 2016-01-25 00:00:00 UTC ]
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Elizabeth McKenzie, author of 'The Portable Veblen,' talks to her editor, Ed Park, about the editing process. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-01-22 00:00:00 UTC ]
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World’s biggest education publisher aims to make £350m in cost savings by the end of 2017Pearson is to cut 4,000 jobs after issuing its second profit warning in three months. The world’s biggest education publisher said it aimed for annual savings of £350m by the end of 2017 and it would end its... Continue reading at The Guardian
[ The Guardian | 2016-01-21 00:00:00 UTC ]
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Following protests from writers and publishers, plans to cut £374,000 from the Welsh Book Council's budget have been axed. Continue reading at The Bookseller
[ The Bookseller | 2016-01-21 00:00:00 UTC ]
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90 staff to go as Postmedia deals with falling revenue by creating joint operationsCanada’s largest newspaper chain, Postmedia Network, is cutting 90 staff and merging newsrooms to cope with declining revenue and heavy indebtedness.In Vancouver, Calgary, Edmonton and Ottawa – cities where... Continue reading at The Guardian
[ The Guardian | 2016-01-20 00:00:00 UTC ]
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The manga publisher and anime distributor has reached an agreement to expand its offerings in Walmart and, for the first time, sell its titles at Best Buy. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-01-20 00:00:00 UTC ]
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Adult magazine Penthouse will expand its website to include daily updates and more interactive content as traditional print publications continue to pivot to growing online readership. ------------FOR THE RECORD4:25 p.m.: An earlier version of this story said Penthouse would close its print... Continue reading at Los Angeles Times
[ Los Angeles Times | 2016-01-20 00:00:00 UTC ]
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Sourcepoint, a New York-based content compensation platform for publishers, recently released new data on the effects of ad blockers on its clients' sites. "As the threat of ad blocking is becoming more prevalent, publishers are working hard to identify sustainable ways of being compensated for... Continue reading at AdWeek
[ AdWeek | 2016-01-19 00:00:00 UTC ]
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The Chinese government has broken its silence on the disappearance of five Hong Kong booksellers widely suspected of being detained by the authorities over the publication of controversial books critical of China's elite. Continue reading at The Bookseller
[ The Bookseller | 2016-01-19 00:00:00 UTC ]
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Facebook is lowering the price it costs advertisers to join Anthology, which matches brands and top publishers like Vice and Vox, which help create content for promotion in the news feed. Anthology had set the minimum advertising commitment at several million dollars, according to sources, but... Continue reading at Digiday
[ Digiday | 2016-01-18 00:00:00 UTC ]
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Exclusive Books has redesigned its flagship Johannesburg store, with the result breaking “the shackles and restraints of the chain-store mentality” in order to make books “sexy” again. Continue reading at The Bookseller
[ The Bookseller | 2016-01-16 00:00:00 UTC ]
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User experience is about empathy for the end user, Barbarian Group's Colin Nagy said on the Digiday Podcast. Many publishers miss that as they strive to churn pageviews and banner ad impressions. The result: navigating digital media is like walking on a sticky movie theater floor. The post... Continue reading at Digiday
[ Digiday | 2016-01-15 00:00:00 UTC ]
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There's no panacea to combat ad blocking, but that hasn't stopped publishers from trying a variety of approaches. Several detailed their strategies at Digiday's one-day WTF Ad Blocking course Jan. 14. While Forbes and The Washington Post have tried to make people disable their ad blockers,... Continue reading at Digiday
[ Digiday | 2016-01-15 00:00:00 UTC ]
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Conde Nast didn't have to go too far find talent for a new advertising campaign about creativity, called "Create. Connect. Cond Nast."On Thursday, Conde Nast kicked off the initiative with a series of short videos on social media channels in which employees from across the company's suite of... Continue reading at Advertising Age
[ Advertising Age | 2016-01-14 00:00:00 UTC ]
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Tough conditions in UK libraries and international markets led Connect Books’ total revenue to decline by 0.8% in the last quarter, however sales were up 1.2% on a like-for-like basis. Continue reading at The Bookseller
[ The Bookseller | 2016-01-14 00:00:00 UTC ]
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Advertising decreases cause a £2m quarterly loss for Postmedia NetworkCanada’s largest newspaper publisher, Postmedia Network, is instituting a programme of cost-cutting. Why? The sobering figures tell the story.Revenue for the quarter that ended on 30 November 2015 showed a 13.1% decrease on... Continue reading at The Guardian
[ The Guardian | 2016-01-14 00:00:00 UTC ]
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How do you like 2016 so far? Not that long ago, in a #FutureChat not that far away, we asked you what you considered to have been the high points of 2015 for publishing. Continue reading at The Bookseller
[ The Bookseller | 2016-01-09 00:00:00 UTC ]
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