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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An independent publishing company known for releasing books with opposing political viewpoints is buying Regnery, a well-known conservative press. Continue reading at The New York Times
[ The New York Times | 2023-12-22 15:21:07 UTC ]
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The final episode of Digiday’s Oral History of Ad Tech discusses how the digital media industry has moved faster than those charged to keep it in check, with Ana Milicevic of Sparrow Advisers sharing her insights. In this episode, she discusses how the blurred lines between data management... Continue reading at Digiday
[ Digiday | 2023-12-22 05:01:00 UTC ]
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How the digital media industry had to come to grips with growing privacy requirements. Continue reading at Digiday
[ Digiday | 2023-12-22 05:01:00 UTC ]
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England's merged Cambridge University Press & and Assessment reports record revenues and numbers of users in 2022-2023. The post Year End: Cambridge University Press Reports Record £1 Billion in Revenue appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2023-12-12 20:15:01 UTC ]
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David J. Lee, previously of Impossible Foods, has joined Webtoon as its first enterprise-wide CFO and COO, and Yongsoo Kim has been promoted to chief strategy officer. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-12-12 05:00:00 UTC ]
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There are few better placed to critique and narrate the history of the digital media landscape, never mind the sub-sector of ad tech, than Ari Paparo. Continue reading at Digiday
[ Digiday | 2023-12-11 05:01:00 UTC ]
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Her solution? A packaging business that sells ideas for commercial genre fiction featuring characters from broadly diverse backgrounds. Continue reading at The New York Times
[ The New York Times | 2023-12-10 10:00:31 UTC ]
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Arkane Lyon, the developer of Deathloop, is making a game based on Marvel’s resident vampire hunter Blade. There’s a trailer, but it’s just a cinematic with no gameplay. Still, this is very exciting news as Arkane Lyon is the talented team behind Prey and the Dishonored 2. It also made the... Continue reading at Engadget
[ Engadget | 2023-12-08 03:21:48 UTC ]
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Independent book publisher Alberto Bisi brings his meticulous '21lettere' approach to the States, opening his new 26Letters. The post Opening in the States: Italy’s 21lettere Expands With 26Letters appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2023-12-05 23:40:01 UTC ]
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YouTube recently took dramatic action against anyone visiting its site with an ad blocker running — after a few pieces of content, it'll simply stop serving you videos. If you want to get past the wall, that ad blocker will (probably) need to be turned off; and if you want an ad-free experience,... Continue reading at Engadget
[ Engadget | 2023-12-01 14:00:31 UTC ]
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Adweek, the leading source of news, insights and intelligence for the marketing and advertising industry, today announced it has hired former Vice President and General Manager of People, Zoe Ruderman as Chief Content Officer and Drew Schutte, former executive at Conde Nast titles The New... Continue reading at AdWeek
[ AdWeek | 2023-11-30 19:30:00 UTC ]
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After 30 years in business, the company will offer direct-to-consumer sales, marketing, and printing services for what founder and CEO Charles Melcher calls "a focused list of clientele." Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-30 00:00:00 UTC ]
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Our annual industry survey reveals a modest median pay increase and minor improvements in workforce diversity across trade book publishers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-17 05:00:00 UTC ]
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Our annual industry survey reveals a modest median pay increase and minor improvements in workforce diversity across trade book publishers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-17 05:00:00 UTC ]
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Boutique Italian publishing house 21letters is opening an U.S. subsidiary, 26letters, which is publishing its first title, 'Sempé in New York,' a collection of 'New Yorker' magazine covers by the French-born cartoonist Jean-Jacques Sempé, in December. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-13 05:00:00 UTC ]
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The PRH sales veteran has been promoted to the newly created position of chief revenue officer, from president of sales and marketing, at Penguin Random House U.S. The division's Jeff Weber and Michael Rotondo also received promotions. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-09 05:00:00 UTC ]
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The Texas Book Festival, running November 11 and 12 in Austin, will feature more Spanish-language programming, including a dozen Spanish-language authors among the more than 300 authors participating. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-09 05:00:00 UTC ]
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KFC's "Crispy" creative platform, which celebrates the brand's origins, won Kantar's Most Effective TV campaign of 2022. Now the fast-food brand and its French agency, Havas Paris, brings that saga to a close with an ad inspired by science fiction classics Blade Runner and The Fifth Element.... Continue reading at AdWeek
[ AdWeek | 2023-11-07 07:00:00 UTC ]
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Penguin Random House's annual update on its workforce demographics showed modest progress in adding more employees from BIPOC groups despite a rise in hiring of new white workers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-07 05:00:00 UTC ]
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Since its inception in 2019, the children’s publisher has quietly amassed a list of award-winning and bestselling titles with a focus on stories about the Latine experience by Latine creators. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-30 04:00:00 UTC ]
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