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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More than 50 jobs may be lost at Glasgow's libraries after £2.4m worth of cuts have to be made. Continue reading at The Bookseller
[ The Bookseller | 2015-11-10 00:00:00 UTC ]
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Daniel Clowes didn't finish his new graphic novel in time for Comic Arts Brooklyn, but everyone came away happy any way. The weekend small press show also offered appearances by Jillian Tamaki, Charles Burns, Yumi Sakugawa, Andrea Tsurumi, and Denis Kitchen. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-11-10 00:00:00 UTC ]
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Softening sales for digital books have impacted the bottom lines at HarperCollins and Simon & Schuster, according to both companies' recent earnings reports. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-11-06 00:00:00 UTC ]
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Axel Springer, the German publishing and digital media group, on Wednesday raised its forecast for 2015 revenues as increasing sales of digital classified advertising offset continued declines in print circulation and other revenues. The impro ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-11-04 00:00:00 UTC ]
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Double digit growth in its general merchandise operation plus increases in its core book business led to a 8.8% increase in revenue at Indigo for its second quarter ended September 26, 2015 compared to last year’s second period. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-11-03 00:00:00 UTC ]
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This year, the expedited holiday shipping program Random House initiated for indie booksellers in 2011 will feature frontlist and backlist titles published by Penguin. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-11-03 00:00:00 UTC ]
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Books by Michael Morpugo, Francesca Simon and Tony Ross have been shortlisted for this year's Children's Book Awards. The awards are divided into three categories: books for younger children, books for younger readers and books for older readers. Continue reading at The Bookseller
[ The Bookseller | 2015-11-03 00:00:00 UTC ]
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Touting strong early performances of its Carousel ads, Instagram has opened up the option to buy the multi-photo campaigns through its self-service interfaces. Carousel lets marketers use up to five still images in a single ad, as viewers can swipe through them like virtual magazine pages. ... Continue reading at AdWeek
[ AdWeek | 2015-10-31 00:00:00 UTC ]
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Chronicle Books will handle distribution of about 20 Quadrille titles per season, starting with the fall 2015 list. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-10-30 00:00:00 UTC ]
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Expanded regional publishing group will be able to increase digital investment and also present digital advertisers with a larger audience across the UKSo Trinity Mirror has become the UK’s biggest regional newspaper publisher by acquiring full ownership of Local World.The deal has been... Continue reading at The Guardian
[ The Guardian | 2015-10-28 00:00:00 UTC ]
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German publisher Axel Springer and Adblock Plus have entered a new round in their fight over ad blocking. Adblock Plus accused the publisher of quashing discussion about how to get around Axel Springer's newly erected wall that keeps ad-block users from accessing the site of its tabloid,... Continue reading at Digiday
[ Digiday | 2015-10-27 00:00:00 UTC ]
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Lena Dunham's female-focused newsletter Lenny isn't a celebrity side project. The creator of HBO's "Girls" is turning it into a money-making media company with help from Hearst.Introduced in September by Ms. Dunham and "Girls" showrunner Jenni Konner, Lenny's twice-weekly newsletter has carried... Continue reading at Advertising Age
[ Advertising Age | 2015-10-27 00:00:00 UTC ]
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Apple's recent flipping of the switch to allow for ad-blocking apps has sent the digital publishing world into a full-blown crisis, as the number of consumers fed up with ads that clutter and slow down websites—and doing something about it—has reached critical mass. While ad blocking has been... Continue reading at AdWeek
[ AdWeek | 2015-10-26 00:00:00 UTC ]
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Everyone’s to blame for the state of digital advertising, but ad blocking is a problem that’s landed right in publishers’ laps. The post Playing Hot Potatoes With Ad Blocking appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2015-10-26 00:00:00 UTC ]
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Adult readership is down 4% from 2013, with 72% of American adults having read a book in the past year according to a new Pew survey. Young adults, meanwhile, were revealed as the nation's most avid readers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-10-23 00:00:00 UTC ]
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Video is increasingly becoming part of the stock-in-trade for traditional publishers like The New York Times. Now, pure plays in the new media industry, including BuzzFeed, Vice Media and Huffington Post, are, as The Wall Street Journa ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-10-23 00:00:00 UTC ]
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With an iOS update expanding ad-blocking's reach, experts say smaller publishers and bloggers have fewer means of survival.As the debate over online ad blocking heats up with the arrival of iOS 9, experts say the biggest casualties of the online ad war may be small publishers and bloggers with... Continue reading at Fast Company
[ Fast Company | 2015-10-22 00:00:00 UTC ]
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According to our 2015 salary survey, publishing is 89% caucasian. What can the industry do to make the workforce more diverse? Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-10-20 00:00:00 UTC ]
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WPP chief says publishers cannot rely solely on digital advertising, adding that his marketing services group is re-evaluating its spend on Google and FacebookSir Martin Sorrell has said that the slowdown in digital newspaper advertising growth is proof that publishers should have... Continue reading at The Guardian
[ The Guardian | 2015-10-19 00:00:00 UTC ]
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From editorial assistants to senior VP’s, this is how much people who work in publishing reported earning last year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-10-16 00:00:00 UTC ]
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