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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Nick Poole, chief executive of the Chartered Institute of Library & Information Professionals (CILIP), has written an open letter to Birmingham City Council, urging it to keep its libraries open and professionally staffed. Continue reading at The Bookseller
[ The Bookseller | 2015-08-15 00:00:00 UTC ]
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The chief executive of The Quarto Group, Marcus Leaver, said the company achieved a “solid” set of results in the first half of the year, with revenues rising 1% compared to the same period a year earlier. For the six months ending 30th June 2015, revenues totalled $66.2m (£42.4m), 1% higher... Continue reading at The Bookseller
[ The Bookseller | 2015-08-14 00:00:00 UTC ]
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Despite a 45% increase in revenue from its Domain real estate advertising, publisher of the Sydney Morning Herald was unable to offset print decline• News Corp sees strong growth in digital real estate services and book publishingFairfax Media has reported a 62.9% drop in full-year profit to... Continue reading at The Guardian
[ The Guardian | 2015-08-13 00:00:00 UTC ]
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If you're already annoyed with the autoplay video ads in your Facebook timeline, you might want to brace yourself. The social network is opening up that advertising tech to outside apps, or more specifically, to publishers who leverage Menlo Park's... Continue reading at Engadget
[ Engadget | 2015-08-12 00:00:00 UTC ]
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Eleven months of results from Harlequin helped to offset the strong performance of Divergent in fiscal 2014 giving HarperCollins a 16% increase in revenue for the fiscal year ended June 30, 2015 over fiscal 2014 while EBITDA rose 12%. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-08-12 00:00:00 UTC ]
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Computer-generated fiction might seem a tipping point for artificial intelligence, but it could help us to understand the world we live inIn 1983, William Chamberlain and Thomas Etter released a book called The Policeman’s Beard Is Half Constructed, described as the “early fiction” of a computer... Continue reading at The Guardian
[ The Guardian | 2015-08-10 00:00:00 UTC ]
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Barnes & Noble Education, the company which was officially spun off from B&N in August, reported first quarter revenues of $239 million for BNE, an increase of $13.3 million (or 5.9%) over the same period a year ago. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-08-09 00:00:00 UTC ]
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I am not what you would call an unprepared traveler. I scour guidebooks, investigate websites, talk to friends. Forewarned, as they say, is forearmed. But Scotland still surprised me. Because this trip included a stop in Edinburgh for a film festival and a visit to the Inverness/Nairn area of... Continue reading at Los Angeles Times
[ Los Angeles Times | 2015-08-08 00:00:00 UTC ]
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Revenues for Simon and Schuster's global operations dropped 5.7% year on year in the second quarter of 2015, its parent company CBS has reported. The total for the quarter stood at $199m, a drop of $12m. However operating income was $25m, up 9% from $23m in the second quarter of 2014, with CBS... Continue reading at The Bookseller
[ The Bookseller | 2015-08-07 00:00:00 UTC ]
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Indigo Books & Music reported a strong first quarter for fiscal 2016, with sales growth of 2.3% and a C$5 million reduction in its loss. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-08-05 00:00:00 UTC ]
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Marketers continue to boost spending in the U.S. Hispanic media market, with 2014 advertising outlays growing by 12.0%, far ahead of the estimated 4.9% growth for overall U.S. major-media ad spending. As usual, internet spending (up 18.3%) and TV (up 14.7%) fueled that growth. Newspapers eked... Continue reading at Advertising Age
[ Advertising Age | 2015-08-03 00:00:00 UTC ]
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Reviews editor Everett Jones recommends Michael Burleigh’s lengthy, speedy account of two decades of imperialist 'little wars' Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-07-31 00:00:00 UTC ]
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Japanese manga publisher Kodansha has partnered with a San Francisco startup incubator to create Kodansha Advanced Media, which will handle the digital distribution of its manga and non-manga ebook catalog. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-07-31 00:00:00 UTC ]
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Roger Tagholm deconstructs the brilliance of Amazon's new Kindle advertisements, which promote the ereader as a chic, travel companion and paragon of cool. The post Deconstructing Amazon’s #haveKINDLEwillTRAVEL Ads appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2015-07-30 00:00:00 UTC ]
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Marilynne Robinson, Anne Tyler, Hanya Yanagihara, and literary agent Bill Clegg are among the U.S. writers longlisted for this year's Man Booker Prize. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-07-29 00:00:00 UTC ]
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Forbes Media announced today the expansion of its native advertising efforts with BrandVoice "Special Features," which allows companies to publish branded digital content with the same tools as the editorial staff.This is the fourth BrandVoice feature created since the platform's debut in 2010.... Continue reading at Advertising Age
[ Advertising Age | 2015-07-28 00:00:00 UTC ]
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Today’s new breed of digital publishers is just not that into ad tech. Indeed, the much hyped cadre of venture-backed, Web-born, and millennially-inclined publishers — think Vox Media, Mic and Refinery29 &nd ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-07-28 00:00:00 UTC ]
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Good news for '80s kids who preferred Blane McDonough to Duckie Dale: "Pretty in Pink" star Andrew McCarthy, who went from Brat Pack actor to travel writer and television director, is coming out with his first novel. Continue reading at Los Angeles Times
[ Los Angeles Times | 2015-07-28 00:00:00 UTC ]
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First the Serial podcast became wildly popular. Then President Barack Obama sat down for an interview with Marc Maron for the comedian's WTF program, and the audio-only format that is podcasting was validated like never before. The developments largely flew in the face of the increasingly... Continue reading at AdWeek
[ AdWeek | 2015-07-22 00:00:00 UTC ]
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The ZEE Jaipur Literature Festival comes to Boulder, Colorado this September and will focus on on Native American, Latino literature and more. The post Jaipur Lit Festival Expands to Colorado, Marginalized Americans appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2015-07-21 00:00:00 UTC ]
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