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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Our annual industry survey reveals a modest median pay increase and minor improvements in workforce diversity across trade book publishers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-17 05:00:00 UTC ]
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Our annual industry survey reveals a modest median pay increase and minor improvements in workforce diversity across trade book publishers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-17 05:00:00 UTC ]
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Boutique Italian publishing house 21letters is opening an U.S. subsidiary, 26letters, which is publishing its first title, 'Sempé in New York,' a collection of 'New Yorker' magazine covers by the French-born cartoonist Jean-Jacques Sempé, in December. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-13 05:00:00 UTC ]
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The PRH sales veteran has been promoted to the newly created position of chief revenue officer, from president of sales and marketing, at Penguin Random House U.S. The division's Jeff Weber and Michael Rotondo also received promotions. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-09 05:00:00 UTC ]
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The Texas Book Festival, running November 11 and 12 in Austin, will feature more Spanish-language programming, including a dozen Spanish-language authors among the more than 300 authors participating. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-09 05:00:00 UTC ]
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KFC's "Crispy" creative platform, which celebrates the brand's origins, won Kantar's Most Effective TV campaign of 2022. Now the fast-food brand and its French agency, Havas Paris, brings that saga to a close with an ad inspired by science fiction classics Blade Runner and The Fifth Element.... Continue reading at AdWeek
[ AdWeek | 2023-11-07 07:00:00 UTC ]
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Penguin Random House's annual update on its workforce demographics showed modest progress in adding more employees from BIPOC groups despite a rise in hiring of new white workers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-07 05:00:00 UTC ]
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Since its inception in 2019, the children’s publisher has quietly amassed a list of award-winning and bestselling titles with a focus on stories about the Latine experience by Latine creators. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-30 04:00:00 UTC ]
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The author of “Mother-Daughter Murder Night” started working on her debut novel during a time of tremendous stress. Continue reading at The New York Times
[ The New York Times | 2023-10-26 09:02:09 UTC ]
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Unit sales of print books fell 3.2% last week at outlets that report to Circana BookScan. The performance wasn’t a bad one—it was just unable to match the same period last year, when 'It Starts with Us' by Colleen Hoover sold more than 810,000 copies in its first week on sale. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-26 04:00:00 UTC ]
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Scholastic Inc. will end a widely criticized policy that made it easier for school book fairs not to sell works with racial, disability and LGBTQ+ themes Continue reading at ABC News
[ ABC News | 2023-10-25 19:50:33 UTC ]
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Shachar Orren, co-founder and Chief Marketing Officer, EX.CO In recent years, Meta, TikTok, Twitch and even Pinterest have encouraged digital publishers to create vertical content to adhere to their platforms’ standards for engagement driven by our vertical mobile device screens. In response,... Continue reading at Digiday
[ Digiday | 2023-10-24 13:02:04 UTC ]
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The author of 'Do You Remember Being Born?' explains how he created a "Moorebot" to generate the verse in the novel. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-20 04:00:00 UTC ]
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In 1999, more than a dozen news publishers including The New York Times publicly pledged to ban cigarette advertisements. The move was part of a broader effort to curb the influence of an industry whose products were then--and remain now--the leading cause of preventable death in the United... Continue reading at AdWeek
[ AdWeek | 2023-10-19 06:00:00 UTC ]
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The King's English Bookshop in Salt Lake City doubles down on supporting Drag Story Hours following a bomb threat, and is preparing to launch a new venture, Mosaics Community Bookstore and Venue. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-19 04:00:00 UTC ]
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CEO Michael Pietsch said the 5.2% decline was attributable to "a lighter publication schedule" compared to the same period last year and "a downward trend" in the overall publishing market. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-16 04:00:00 UTC ]
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Anne Curtin, director, corporate marketing, BlueConic Amid deprecating cookies and rising consumer expectations for privacy, first-party data represents the future for media and publishing companies that want to build stronger customer relationships, gain a competitive advantage and drive... Continue reading at Digiday
[ Digiday | 2023-10-10 13:57:25 UTC ]
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The London-based global publisher has created four operating divisions, with CEO Paul Kelly seeking to find a managing director to head the new adult publishing group. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-10 04:00:00 UTC ]
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In his fond memoir “Making It So,” the actor traces the path from the working class to the Shakespearean stage to “Star Trek” superstardom. Continue reading at The New York Times
[ The New York Times | 2023-10-03 09:00:17 UTC ]
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The new PublisHer stand, first seen at this year's Bologna Children's Book Fair, will be in Hall 5.1 at Frankfurter Buchmesse. The post The New PublisHer Stand Makes Its Frankfurt Debut appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2023-10-02 21:30:40 UTC ]
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