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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Killer Reads, HarperFiction’s new digital-first crime and thriller list, has made its first acquisitions through an open submission process it held last summer. Sarah Hodgson, deputy publishing director and Kate Stephenson, editor, have acquired three new titles from the hundreds of... Continue reading at The Bookseller
[ The Bookseller | 2015-02-03 00:00:00 UTC ]
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Advertisers have been making a lot of noise about viewability and fraud lately. And with good reason -- according to sources like comScore and Google, half of online advertising dollars go to waste due to bots, click fraud and out-of-sight placements. While the costs to advertisers might be... Continue reading at Advertising Age
[ Advertising Age | 2015-02-03 00:00:00 UTC ]
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The Dude goes fully meditative to promote his new sleeping aid album.We already knew about the Jeff Bridges Sleeping Tapes, a collection of relaxing sounds, guided meditations and stories designed to help improve your slumber. The Oscar-winning actor teamed up with website publishing platform... Continue reading at Fast Company
[ Fast Company | 2015-02-02 00:00:00 UTC ]
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Video consumption continues to accelerate, and traditional publishers need to keep an eye on this ever-continuing burgeoning market. Video ad revenue is expected to jump again by 26.1% in 2015 after an approximate expenditure of C$145 million ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-01-30 00:00:00 UTC ]
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The Anderson family, which controls 58% of the stock of Books-A-Million, is offering $2.75 a share to acquire all the shares of the bookstore chain that it does not already own. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-01-30 00:00:00 UTC ]
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The novelist Robert Harris was right to call the BBC’s lack of a books show a ‘disgrace’. There’s plenty the corporation could do to make a popular literary programme on TVWith injury, there is always a little insult. When a BBC spokesperson, responding to Robert Harris’s complaints at the Costa... Continue reading at The Guardian
[ The Guardian | 2015-01-29 00:00:00 UTC ]
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Meredith is soon going to have to be designated the best magazine company in the country. The post Meredith Rises and AMI Recedes With the Acquisition of Shape appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2015-01-28 00:00:00 UTC ]
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After signing a definitive purchase agreement with Quad/Graphics January 16, Courier Corp. confirmed Tuesday it has received an unsolicited takeover proposal from R.R. Donnelley. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-01-27 00:00:00 UTC ]
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Facebook isn't sharing native-video revenue with publishers yet. But when it does, Vox Media plans to be ready, with content that’s designed to live only on social platforms. The post Why Vox Media makes content just for social media appeared first on Digiday. Continue reading at Digiday
[ Digiday | 2015-01-26 00:00:00 UTC ]
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This week on the Digiday Podcast we give the digital media world a reality check. The post Digiday Podcast Ep 2. Make or break time for VC-backed publishers appeared first on Digiday. Continue reading at Digiday
[ Digiday | 2015-01-23 00:00:00 UTC ]
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Turkey’s citizens may once again find themselves without access to Twitter: According to the New York Times, that nation’s government has threatened to block access to the microblogging service within the country unless Twitter blocked an account belonging to a newspaper that published details... Continue reading at PC World
[ PC World | 2015-01-19 00:00:00 UTC ]
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Has the editor of The Bookseller compared the fall of print sales of adult fiction since 2009 by more than £150m with the massively declined budgets of public libraries over the same five-year period (The writing’s on the wall for adult fiction in print, 14 January). This is also conditioned by... Continue reading at The Guardian
[ The Guardian | 2015-01-19 00:00:00 UTC ]
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Ad fraud has been going on for decades. However, the sophistication of today’s ad fraud is something that puts sticky fingered program managers of yore to shame. The post Ad fraud: The oldest trick in the media book appeared first on Digiday. Continue reading at Digiday
[ Digiday | 2015-01-16 00:00:00 UTC ]
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A publishing group’s managing editor has said 90pc of revenue made by its flagship title comes from print. Tom Thomson, managing editor of the Herald & Times group, made the claim about Glasgow daily The Herald while speaki ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-01-16 00:00:00 UTC ]
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The number of youngsters reading for pleasure has declined sharply, but this sector of publishing is booming – which results in some very strange mathsAre children reading less – or more? I’m confused. If less, then what happened to the 854,262 copies of John Green’s The Fault in Our Stars that... Continue reading at The Guardian
[ The Guardian | 2015-01-15 00:00:00 UTC ]
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For most magazine companies, 2014 was a difficult year. Backs against the wall, publishers looked beyond print for growth -- to digital media, live events, consumer products and TV deals.Vice magazine is way ahead of them.The free magazine founded in 1994 as Voice of Montreal has grown into one... Continue reading at Advertising Age
[ Advertising Age | 2015-01-12 00:00:00 UTC ]
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It's clear that the business of magazines is under pressure, but they continue to exert an outsized influence on culture, food, politics and more. Despite the business challenges, they're still sexy. Articles become movies and editors become celebrities. A short blurb turns a product into a... Continue reading at Advertising Age
[ Advertising Age | 2015-01-12 00:00:00 UTC ]
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Ad featuring photograph of young woman in lingerie posed on a bed, headlined ‘Interns wanted’, since removed News Corp Australia’s most popular magazine insert has advertised for fashion interns by using a photo of a young woman dressed in underwear on all fours on a bed.Murdoch's Sunday Style... Continue reading at The Guardian
[ The Guardian | 2015-01-09 00:00:00 UTC ]
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Although the pace of acquisitions slowed in the second half of the year, 2014 proved to be very active for industry mergers and acquisitions. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-01-09 00:00:00 UTC ]
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Officials in Birmingham are hoping that a deal with the British Library could help protect the flagship Library of Birmingham from cuts. According to a report in the Birmingham Post, the council is initiating talks which could see the Library of Birmingham become a regional centre for the... Continue reading at The Bookseller
[ The Bookseller | 2015-01-08 00:00:00 UTC ]
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