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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The invoiced value of UK publishers’ annual sales remained absolutely flat year on year in 2014, with a top-line total of £4.3bn, precisely the same as 2013. The figure combines publishers’ revenues from both physical and digital editions and from journals’ income, and is revealed in the... Continue reading at The Bookseller
[ The Bookseller | 2015-05-08 00:00:00 UTC ]
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Rupert Murdoch group, which publishes Sun, Times and Wall Street Journal, partly blames currency fluctuations, as book publishing division reports growthRupert Murdoch’s News Corp has seen a 52% year-on-year fall in its third-quarter profits as its newspaper advertising revenue continued to... Continue reading at The Guardian
[ The Guardian | 2015-05-07 00:00:00 UTC ]
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The inclusion of Harlequin and strong sales of Chris Kyle’s memoir American Sniper (William Morrow) helped HarperCollins to a 14% increase in revenues in the three months to 31st March, compared to the year before. But ebook revenues declined 3% year-on-year, HarperCollins’ parent company News... Continue reading at The Bookseller
[ The Bookseller | 2015-05-07 00:00:00 UTC ]
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During the past year, native advertising has gone from being the girl traditional publishers wanted to date but worried would hurt their reputation, to the trophy wife whom they always want by their... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2015-05-05 00:00:00 UTC ]
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Granta owner Sigrid Rausing has been shortlisted for the 2015 RSL Ondaatje Prize for her book Everything is Wonderful (Grove Press), alongside authors including Helen Dunmore and Elif Shafak. The annual award of £10,000 is given for a distinguished work of fiction, non-fiction or poetry,... Continue reading at The Bookseller
[ The Bookseller | 2015-05-02 00:00:00 UTC ]
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The French National Book Centre (Centre National du Livre, CNL) will cut subsidies for the 90-plus book fairs and literary festivals it supports next year if organisers do not agree to pay authors for giving talks and participating in debates. Meetings are being held with organisers, none of... Continue reading at The Bookseller
[ The Bookseller | 2015-05-02 00:00:00 UTC ]
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Hulu picked up Seinfeld, and now Netflix is working on a new show with Ellen DeGeneres -- but it's not a mid-90s sitcom at all. The two will create a 13-episode series based on the Dr. Seuss book Green Eggs and Ham that's due to arrive in 2018, aimed... Continue reading at Engadget
[ Engadget | 2015-04-30 00:00:00 UTC ]
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Publishers are ambivalent about uploading their video to Facebook’s native player, as the social network has yet to reveal how it will enable them to monetize that video. While most publishers are playing by the rules, one publisher isn’t waiting around, though. NewsBeat Social, a Portland,... Continue reading at Digiday
[ Digiday | 2015-04-30 00:00:00 UTC ]
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The practice still courts controversy, but only about 13 percent of magazines tracked ran cover ads in the last 12 months. The post Cover Ads: Buzzy, But Not Common appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2015-04-30 00:00:00 UTC ]
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Users should not panic about a Facebook-style filtered timeline just yet, but Dick Costolo says curation will happen for ‘logged in users’ as well as passing visitorsTwitter will expand its efforts to “curate” tweets and media for its users, according to chief executive Dick Costolo, although... Continue reading at The Guardian
[ The Guardian | 2015-04-29 00:00:00 UTC ]
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Nailing mobile video is a major goal for marketers this year, as exemplified at this week's Digital Content NewFronts presentations. And as Snapchat and Facebook lure advertising dollars away from TV with new video options, smaller ad companies are following suit. A GIF showing the new video... Continue reading at AdWeek
[ AdWeek | 2015-04-28 00:00:00 UTC ]
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Over the next two weeks, some of the biggest Internet companies and publishers will showcase their original programming in an annual attempt to attract advertising dollars. The events, taking place in New York under the banner of the Digital Content ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-04-27 00:00:00 UTC ]
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The death knell for CDs has not quite sounded yet, but sales from late 2014 and early 2015 indicate that a move away from the format may be quickening. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-04-24 00:00:00 UTC ]
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Google is testing a new advertising product seen as the last piece it needs to complete its ad tech superstructure. The search giant is building a data management platform to help target ads and connect brands with people online more effectively, according to sources familiar with the plans. ... Continue reading at AdWeek
[ AdWeek | 2015-04-23 00:00:00 UTC ]
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Fans of the classic science fiction novel recently got a look at a section of the book that was taken out before publication. 'Wrinkle' won the Newbery Medal. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2015-04-22 00:00:00 UTC ]
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Myriad Editions has signed six new books for 2016 following last week’s London Book Fair, as well as signing a new distribution deal for its international markets. Continue reading at The Bookseller
[ The Bookseller | 2015-04-22 00:00:00 UTC ]
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Facebook's tentacles are reaching deeper into the publishing ecosystem. One of its newest tools, interest targeting, lets publishers target their content on Facebook to fans of niche communities like sports or TV shows. The tool is showing results for publishers like The New York Times, which is... Continue reading at Digiday
[ Digiday | 2015-04-20 00:00:00 UTC ]
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GroupM and Conde Nast caught a lot of people off-guard when the publisher agreed to only charge the media agency's clients for ads that were guaranteed to are entirely viewable by comsumers, a tougher stance than the industry was pushing. "I got emails from all of my peers in the industry... Continue reading at Advertising Age
[ Advertising Age | 2015-04-14 00:00:00 UTC ]
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Already in over 1,000 libraries in the U.S. and Canada, users abroad will soon be able to use 3M to borrow library ebooks. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-04-14 00:00:00 UTC ]
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A Q&A with Doug Grinspan, associate publisher of WIRED. The post Expanding Your Content’s Reach In a Post-Print Era appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2015-04-07 00:00:00 UTC ]
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