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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Media General and Meredith Corp. are combining to form the third biggest TV broadcaster. What you need to know: This is the latest in a TV consolidation wave as broadcasters seek a hedge against declining audiences and a shift to digital and try to capitalize on political ad spending. It looks... Continue reading at Digiday
[ Digiday | 2015-09-08 00:00:00 UTC ]
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When the concept of native advertising first gained widespread attention in 2012, it was expected to lift publishers' fortunes and rescue digital advertising from the perpetual downward slide of display ad rates.Fast-forward three years, and native has largely delivered on that promise.... Continue reading at Advertising Age
[ Advertising Age | 2015-09-04 00:00:00 UTC ]
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As the digital media and advertising industries come to grips with the rise of ad blocking, so is one of the industry's more prominent organizing bodies.A month before Apple revealed in June that later this year it would enable ad blocking on its mobile Safari browser, the Interactive... Continue reading at Advertising Age
[ Advertising Age | 2015-09-04 00:00:00 UTC ]
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Revenue at Educational Development Corp. jumped 205% in August over August 2014, hitting just over $5 million. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-09-04 00:00:00 UTC ]
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Nord Compo, a French publishing technology company looking to expand in the U.S., offers a variety of prepress services. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-09-03 00:00:00 UTC ]
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After two months of speculation, AOL has acquired mobile ad network Millennial Media for $238 million, or about $1.75 per share. The Millennial deal is the newest step in building out AOL's tools to compete in mobile advertising against behemoths like Facebook, Yahoo and Google. With the deal,... Continue reading at AdWeek
[ AdWeek | 2015-09-03 00:00:00 UTC ]
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Mogul receives fewer stock awards after company plunges to $149m loss, as it is revealed he met Scottish first minister Nicola Sturgeon in New York in JuneRupert Murdoch took a 40% pay cut for the year ending 30 June as his total package for being executive chairman of News Corp fell from $8.7m... Continue reading at The Guardian
[ The Guardian | 2015-09-02 00:00:00 UTC ]
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Photographer Amanda Jones talks to Co.Create about her book, Dog Years, in which she revisits her canine photo subjects after 12 years.A parody video last year called Cathood teased the idea of Richard Linklater's real-time aging epic Boyhood, if it were about pets. A new coffee table book... Continue reading at Fast Company
[ Fast Company | 2015-09-01 00:00:00 UTC ]
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Like all traditional publishers, Condé Nast has had to adapt its brands as readers and advertisers shift their habits and spending to digital platforms. The changes haven’t gone unnoticed by ad buyers. They applauded Condé Nast’s greater flexibility, manifest in its native ad platform 23 Stories... Continue reading at Digiday
[ Digiday | 2015-08-31 00:00:00 UTC ]
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From user-made clips to content from big media properties, video is all over Facebook (and more people than ever are using the social network). Along with that trend comes the problem of piracy: plenty of video publishers are seeing their work dist... Continue reading at Engadget
[ Engadget | 2015-08-28 00:00:00 UTC ]
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BuzzFeed, the fast-growing media site, and GroupM, the world's largest buyer of online advertising, announced a partnership Thursday that underscores the rising lure of digital publishing to leading brands. Continue reading at Los Angeles Times
[ Los Angeles Times | 2015-08-27 00:00:00 UTC ]
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From virtual reality films to self-published books, the entertainment world is full of exciting new ideas. The post 6 Rules for Making Movies in the VR Age appeared first on WIRED. Continue reading at Wired
[ Wired | 2015-08-26 00:00:00 UTC ]
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A longtime print magazine sales executive may not be the obvious choice to run ad sales for a digital video network aimed at millennial women. But that's the choice StyleHaul has made with the appointment of former Meredith exec Dick Porter as its cheif revenue officer. He fills a position... Continue reading at Advertising Age
[ Advertising Age | 2015-08-26 00:00:00 UTC ]
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Traditional and online publishers are struggling to cash in on their surging mobile traffic, raising questions about their future growth as consumers increasingly turn to smartphones and tablets for media. Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-08-24 00:00:00 UTC ]
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One sobering new study suggests print revenues will outgross digital for many years to come – even as newsprint sales steadily declineTwo expert reports – one taking the long view, the other dripping blood on the carpet – define the problems newspapers face as summer fades. The long view comes... Continue reading at The Guardian
[ The Guardian | 2015-08-23 00:00:00 UTC ]
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Gabriel Urza, author of 'All That Followed,' talks to his editor, Sarah Bowlin, about the editing process. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-08-21 00:00:00 UTC ]
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In November 2014, then Twitter CEO Dick Costolo touted the idea that around 500 million people consume the microblogging platform's tweets even though they don't have an account on it. During an earnings call at the time, Costolo was trying to explain why the company's persistent user-growth... Continue reading at AdWeek
[ AdWeek | 2015-08-20 00:00:00 UTC ]
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Starting today, some 300 Fantagraphics titles will be available on Amazon’s Kindle Store, as the publisher has renewed and expanded its distribution deal with Comixology and Amazon. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-08-19 00:00:00 UTC ]
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Corporation also said it would have to shut local radio stations if Treasury did not provide funds to offset the cost of free TV licences for over-75s, claims new bookThe BBC warned George Osborne it would have to close BBC2 and BBC4 if the government did not provide extra funds to offset the... Continue reading at The Guardian
[ The Guardian | 2015-08-18 00:00:00 UTC ]
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It was only a matter of time before marketers started squeezing native ads into every nook of a publisher's site, and now Condé Nast, The Wall Street Journal, CNN and Fox News can sell promos that pop up in story comments. Today, Livefyre—a tech company that powers online discussions—is... Continue reading at AdWeek
[ AdWeek | 2015-08-17 00:00:00 UTC ]
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