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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Poland is dominated by two major bookselling chains, but the city of Krakow is offering support to small, indie booksellers to preserve cultural heritage. The post Amid Polish Bookstore Decline, Help for Small Bookstores appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2015-07-20 00:00:00 UTC ]
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A decade after Eric Obenauf and Eliza Jane Wood launched Two Dollar Radio in a Columbus, Ohio, suburb, Obenauf told PW the company is finally generating enough revenue that he was able to quit his part-time bartender gig earlier this summer. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-07-17 00:00:00 UTC ]
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The newest book from Gretchen Rubin, best-selling author of The Happiness Project, examines how we can change our habits. Continue reading at Knowledge@Wharton
[ Knowledge@Wharton | 2015-07-17 00:00:00 UTC ]
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If you want people to remember a mobile ad, you're going to have to pay for it, according to new research from digital ad firm Undertone. Last year, Undertone worked with Ipsos ASI to look at how takeover "high-impact" desktop ads affected brand recall. This year, the company looked at how... Continue reading at AdWeek
[ AdWeek | 2015-07-16 00:00:00 UTC ]
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In the past year Kevin Gentzel has gone from newspapers to digital media and back again.After hopping from The Washington Post to Yahoo last year, Mr. Gentzel has landed at Gannett as the newspaper company's chief revenue officer and will report to the company's president of domestic publishing... Continue reading at Advertising Age
[ Advertising Age | 2015-07-15 00:00:00 UTC ]
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Navigating the transition from publisher to multimedia content company. The post How The Enthusiast Network is Diversifying Its Revenue appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2015-07-15 00:00:00 UTC ]
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Tribune Content Agency, a content “clearinghouse” for Tribune Publishing, has launched a new video-syndication network, which will offer its publishing partners more than 1,000 new videos per day from media companies like Reuters, AP, Bloomberg, the Chicago Tribune and the LA Times. The network,... Continue reading at Digiday
[ Digiday | 2015-07-15 00:00:00 UTC ]
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Better Homes and Gardens publisher Meredith Corp. has acquired Grocery Server, a digital shopper marketing platform, in the company's latest attempt to build its digital capabilities.Meredith's AllRecipes.com has used Grocery Server's platform, which shows shoppers where they can buy recipe... Continue reading at Advertising Age
[ Advertising Age | 2015-07-14 00:00:00 UTC ]
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Ovum’s new Digital Consumer Publishing Forecast is published tomorrow. It takes a five year view at how this sector will change. Ahead of publication, Ovum analyst Charlotte Miller gives TheMediaBriefing an exclusive look at some of t ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-07-13 00:00:00 UTC ]
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Publishers activate consumers on mobile recipe platforms. The post Meredith and Reader’s Digest Tap Into Mobile Shopping appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2015-07-13 00:00:00 UTC ]
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Sarah Odedina has made her first acquisitions as children’s publisher at Oneworld imprint Rock the Boat, buying books by Olivia Levez and Nikki Sheehan. Odedina has bought world English rights to The Island by debut novelist Olivia Levez. The book, which will be published in March 2016, is... Continue reading at The Bookseller
[ The Bookseller | 2015-07-11 00:00:00 UTC ]
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Premium publishers have been pushing the idea of selling ads based on attention time, saying that the longer people spend on a site, the more value there is for advertisers. But some ad buyers aren’t biting. Too few publishers are selling this way. For some advertisers, the goal isn’t to be in... Continue reading at Digiday
[ Digiday | 2015-07-10 00:00:00 UTC ]
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A few years ago, Foursquare, Yelp and Groupon seemed to be booming with brands and consumers, painting a pretty lucrative picture of the future of local advertising. Fast-forward to today—Yelp is reportedly up for sale, Foursquare's growth has stalled, and the daily-deal market has burned out. ... Continue reading at AdWeek
[ AdWeek | 2015-07-07 00:00:00 UTC ]
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Scribd found romance readers gorging on books through the ebook subscription service are costly and now the company is cutting back on the genre. The post Scribd, Citing Profitability, Cuts Back on Love and Sex appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2015-07-02 00:00:00 UTC ]
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Facebook's shiny logo isn't all that's new for the social network today: The outfit's also announced how it plans to split video ad revenue with publishers. Like YouTube, Facebook will give content creators 55 percent of ad revenue and keep the rest,... Continue reading at Engadget
[ Engadget | 2015-07-02 00:00:00 UTC ]
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Social network already has 4bn views a day of its native clips, but helping their creators to make money is its next ambitionVideos uploaded directly to Facebook are watched more than 4bn times a day according to the social network. Now it wants their uploaders to be able to make money from... Continue reading at The Guardian
[ The Guardian | 2015-07-02 00:00:00 UTC ]
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Print advertisers cut 8.7 percent of spending. The post Magazine Ad Spend Down In Q1 appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2015-06-30 00:00:00 UTC ]
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The University of Texas Press is releasing in paperback Sean Wilsey's collection of essays ruminating upon regional peculiarities, 'More Curious.' Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-06-30 00:00:00 UTC ]
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After Facebook convinced publishers to go all-in on exclusive content with Instant Articles, it hopes advertisers will do the same. In a presentation at Cannes Lions this week, Facebook's chief product officer Chris Cox showed ad buyers mock-ups of a new mobile format that takes over a screen... Continue reading at AdWeek
[ AdWeek | 2015-06-26 00:00:00 UTC ]
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A new ebook co-authored by Wharton professor Kevin Werbach offers ideas for using game elements to engage customers, employees and others. Continue reading at Knowledge@Wharton
[ Knowledge@Wharton | 2015-06-26 00:00:00 UTC ]
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