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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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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Illustrated books and textbooks, far more than novels, require more effort produce and updated digital tools are necessary to make that process easier. The post Making Digital Proofreading Easier for Illustrated Books, Textbooks appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2015-04-03 00:00:00 UTC ]
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After two U.S. women were charged this week with conspiring to build bombs in support of terrorist groups, a U.S. senator wants two publications that include bomb-making instructions deleted from the Internet.Senator Dianne Feinstein, a California Democrat, called for the 44-year-old Anarchist... Continue reading at PC World
[ PC World | 2015-04-03 00:00:00 UTC ]
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Publishing Ireland has slammed the Arts Council Northern Ireland (ACNI) for “fundamentally misunderstanding” how publishers operate following with withdrawal of funding for Blackstaff Press. The Bookseller reported last week that Northern Irish indie Blackstaff Press had had its funding slashed... Continue reading at The Bookseller
[ The Bookseller | 2015-04-01 00:00:00 UTC ]
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A new branch of a growing tearooms and bookshop chain is to open in Chester this weekend. Beatons Tearooms Ltd, which is also a bookshop, was first founded by owner Patrick Duffy in 2010 in Tisbury, Wiltshire. Beaton's outlets are “very much a tearooms,” Duffy, said, “but the book stock is also... Continue reading at The Bookseller
[ The Bookseller | 2015-04-01 00:00:00 UTC ]
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Medium -- the publishing platform founded by the guys who started Twitter -- is getting more aggressive in its bid to attract brand advertising dollars. The site just raided digital publisher Vox Media, hiring Joe Purzycki, the company's head of ad sales, to lead brand partnerships at... Continue reading at Advertising Age
[ Advertising Age | 2015-03-31 00:00:00 UTC ]
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Revenues at WH Smith Ireland jumped 66% to €19.29m (£14.1m) in the year ending 31st August 2014 from €11.6m (£8.47m) for the same period the year before. The Irish Independent has seen accounts filed with the Companies Registration Office in Ireland, which shows that despite the revenue rise,... Continue reading at The Bookseller
[ The Bookseller | 2015-03-31 00:00:00 UTC ]
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Oxford University Press has signed a host of book deals in the run-up to the Bologna Book Fair, including titles by Joel Stewart and Roland Chambers. OUP commissioning editor Peter Marley bought world rights Tiny Cops and Robbers, by Stewart, who is an illustrator who has worked with Julia... Continue reading at The Bookseller
[ The Bookseller | 2015-03-31 00:00:00 UTC ]
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We asked attendees at last week’s Digiday Publishing Summit to come clean on their ability to face up to the threat of ad fraud. Here’s how well they’re coping with bots, how big of a threat ad fraud will be in the next 12 months and more. Sponsor content by Distil Networks. The post From bots... Continue reading at Digiday
[ Digiday | 2015-03-28 00:00:00 UTC ]
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Shropshire County Council is looking at handing all but six of its 22 libraries to community groups, as it seeks to make savings of £1.3m to its library service. The local authority has revealed that it wants volunteer groups to step forwards at 16 libraries, while only six of the largest... Continue reading at The Bookseller
[ The Bookseller | 2015-03-27 00:00:00 UTC ]
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[Sponsored Content] Creating the best subscription plan for any content provider is a tall order: publishers have to juggle offering the content readers want on the devices and channels readers want to use, in the format readers prefer, at a price readers are willing to pay. The post Overcoming... Continue reading at Folio Magazine
[ Folio Magazine | 2015-03-26 00:00:00 UTC ]
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For years Facebook has considered itself a mobile-first company, so it's perhaps not surprising that the company's first attempt to automate the sale of ads running outside of Facebook will be limited to mobile.Mobile app publishers can now sell their in-app display and video ad inventory... Continue reading at Advertising Age
[ Advertising Age | 2015-03-25 00:00:00 UTC ]
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Now that Facebook has video ads, how is it going to make sure you hang around to watch more of them? According to a report on The Information, the social network is in talks with publishers like Vice, The Onion and Vox Media to make short-term videos... Continue reading at Engadget
[ Engadget | 2015-03-25 00:00:00 UTC ]
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Scholastic US has acquired a minority stake in Make Believe Ideas (MBI), a UK-based publisher for children aged 0-5, for an undisclosed sum. The companies will showcase a co-branded series – Early Learners ages 0-5 – at the Bologna Book Fair next week and a global English language release is... Continue reading at The Bookseller
[ The Bookseller | 2015-03-24 00:00:00 UTC ]
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Scholastic will take minority equity stake in MBI and launch a cobranded line of interactive kids ebooks for early learners. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-03-23 00:00:00 UTC ]
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Magazine publisher Meredith succeeds focusing on family, home, health information for women Continue reading at ABC News
[ ABC News | 2015-03-20 00:00:00 UTC ]
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Spare me your hipster hand-wringing: the only thing new about ‘true crime’ stories is that the people who normally feel themselves above it are now tuning inEveryone wants to think that they are above the baser things in life – special snowflakes who consume the products of Sunday-night HBO and... Continue reading at The Guardian
[ The Guardian | 2015-03-20 00:00:00 UTC ]
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'Writing translated from other languages makes you see things differently,' says UK translator Daniel Hahn who will mine the Bologna Book Fair for gems. The post Why Reading Translated Kids’ Books Makes a Difference appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2015-03-19 00:00:00 UTC ]
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Amazon Publishing has expanded into France, internally hiring Clément Monjou, formerly of its Kindle and Appstore units. The development of Amazon Publishing Europe has already seen the e-commerce giant set up publishing arms in the UK and Germany, while it has also advertised for positions in... Continue reading at The Bookseller
[ The Bookseller | 2015-03-19 00:00:00 UTC ]
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[Sponsored Content] Love it or hate it, native advertising is making a solid impact in the publishing world. It won’t be long before your advertisers will expect you to have a policy on whether or not you embrace it. The post Making the Decision About Native Advertising appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2015-03-19 00:00:00 UTC ]
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