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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Proprietary content management systems have been a hot topic in digital publishing over the past year. Companies like Vox, Say Media, Forbes and others have made huge commitments to building out their platforms to not only serve internal needs but also provide licensed solutions for outside... Continue reading at Folio Magazine
[ Folio Magazine | 2014-10-15 00:00:00 UTC ]
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Working in multiple language and genres, twelve publishers from Morocco exhibited together at the 2014 Frankfurt Book Fair. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2014-10-14 00:00:00 UTC ]
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If you’re like me, you might stroll past a local coffee shop or book store numerous times before you notice it’s there or go inside. Facebook thinks an ad might give that extra nudge.On Tuesday, the company began rolling out a new feature for local advertising that lets businesses target users... Continue reading at PC World
[ PC World | 2014-10-08 00:00:00 UTC ]
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Mojang COO Vu Bui: Licensing is a small portion of our business and we want to keep it that wayWhat is Minecraft? Its a game, obviously: one that its developer Mojang has sold nearly 54m copies of across computers, consoles and mobile devices so far.Its a series of books published by Egmont that... Continue reading at The Guardian
[ The Guardian | 2014-10-08 00:00:00 UTC ]
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A “like” on Facebook is worth a lot to advertisers there. Now it’s also worth something to advertisers in other mobile apps.Facebook’s having a coming-out party for its “audience network,” an ad network that lets existing advertisers on Facebook also have their ads placed in a large number of... Continue reading at PC World
[ PC World | 2014-10-07 00:00:00 UTC ]
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As smartphones continue to erode sales of cameras and equipment, traditional brands are building digital platforms that double as marketing assets. Today, Canon launched the multi-year "See Impossible" campaign, shifting the marketing focus away from products and onto customers' stories. ... Continue reading at AdWeek
[ AdWeek | 2014-10-07 00:00:00 UTC ]
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Facebook is taking the wraps off its mobile ad network after saying the early results helped lead to big gains for apps like Shazam and game makers like Glu Mobile, the developer behind Kim Kardashian: Hollywood. The company said today that the Facebook Audience Network is now open to all... Continue reading at AdWeek
[ AdWeek | 2014-10-07 00:00:00 UTC ]
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Dominique Ansel reveals how to make a Cronut at home in 'Dominique Ansel: The Secret Recipes.' It's one of three books from New York-based bakeries coming this month. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-10-06 00:00:00 UTC ]
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When is a print advertorial a native ad? The Washington Post published an ad for Shell in Thursday’s print edition that it’s touting as its first native ad in print. Shell used the ad, which ran on A13, to tell readers about the w ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2014-10-03 00:00:00 UTC ]
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Outbrain and Taboola are doing battle over the real estate at the bottom of article pages, and premium publishers are cashing in. The post Publishers reap the rewards of content ad network bidding wars appeared first on Digiday. Continue reading at Digiday
[ Digiday | 2014-10-02 00:00:00 UTC ]
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A half-dozen of the 27 newcomers on the Forbes annual list of the 400 richest U.S. citizens disclosed this week are from the San Francisco Bay Area, including four in technology, one in biotechnology and one in venture capital. Topping the newcomer list in net worth was Jan Koum, co-founder and... Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2014-10-01 00:00:00 UTC ]
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Simon & Schuster has partnered with Scandinavian ebook subscription service Mofibo to make its backlist titles available to readers in Denmark and Sweden. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-09-30 00:00:00 UTC ]
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Ad pages are gone and in their place, the MPA has released collection of audience data for magazine brands across the industry. The new initiative, Magazine Media 360, changes the narrative from one of consistent declines—ad pages were down in each of the last 4 years, according to t Continue reading at Folio Magazine
[ Folio Magazine | 2014-09-30 00:00:00 UTC ]
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Ad page declines. Newsstand woes. Distribution messes. Postage increases. Digital growth. It's no secret that audience development and circulation practices have been faced with a monumental set of challenges recently. As print becomes a smaller part of publishers' bottom lines, the role of... Continue reading at Folio Magazine
[ Folio Magazine | 2014-09-30 00:00:00 UTC ]
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Google was supposed to uproot digital advertising's foundation. But Facebook may beat the search giant to the punch.Confirming what has become advertising's latest worst-kept secret, Facebook said it will begin applying its user data to ads shown outside the social network through a retooled... Continue reading at Advertising Age
[ Advertising Age | 2014-09-29 00:00:00 UTC ]
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The publisher-dominated Interactive Advertising Bureau has long relegated ad-tech companies to second tier, "associate" membership. But that era is now over. Today, the industry group announced a restructuring which will grant ad-tech companies full general membership, allowing them to vote on... Continue reading at Advertising Age
[ Advertising Age | 2014-09-29 00:00:00 UTC ]
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Some in book publishing may dismiss the region that lies between and fans out from Lake Superior and Lake Michigan’s southern shores as “flyover country.” Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-09-26 00:00:00 UTC ]
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If you find yourself in a bookstore, Peter Mendelsund can be hard to avoid. The post What Makes for a Brilliant Book Cover? A Master Explains appeared first on WIRED. Continue reading at Wired
[ Wired | 2014-09-23 00:00:00 UTC ]
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Paul Tash, CEO and chairman of the Times, announced the cuts in a memo to employees Thursday, citing a difficult summer that resulted in lower than expected revenue. "Newspaper publishing remains a tough business," he wrote. Anticipating jo ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2014-09-19 00:00:00 UTC ]
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PW's annual salary survey reveals an eye-opening lack of diversity in the publishing industry, an enduring pay gap between men and women, and an increasingly optimistic workforce. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-09-19 00:00:00 UTC ]
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