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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An eight-question online quiz helped People StyleWatch publish its largest September issue ever this year in terms of ad pages and revenue. But it might also confuse readers about what's advertising and what's editorial.The quiz, "Meet Your Celeb Style Twin," asks readers eight questions about... Continue reading at Advertising Age
[ Advertising Age | 2014-08-14 00:00:00 UTC ]
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#september issue
The days of electronics repair are over! Plus, Microsoft's aggressive Surface ads, the true value of an ebook, and a visit to the land of Chromebooks. With guests Jason Cross and Melissa Riofrio. Continue reading at PC World
[ PC World | 2014-08-14 00:00:00 UTC ]
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Magazines have been more fragrant than usual this year. During the first six months of 2014, magazines ran 17 more perfume and cologne ads with scent strips than they did a year earlier, good for a 10% increase, according to a report from analytics firm MediaRadar.The report, which looked at 177... Continue reading at Advertising Age
[ Advertising Age | 2014-08-13 00:00:00 UTC ]
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Illustrated book publisher Quarto has seen a fall in revenue and profits after what it described... Continue reading at The Bookseller
[ The Bookseller | 2014-08-12 00:00:00 UTC ]
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#profits drop
Changes are coming for millennial-targeted publisher BuzzFeed. The company announced on Monday that it received $50 million in series E funding from venture capital firm Andreessen Horowitz and planned to restructure the company with the funds. "Today we think the time is perfect to grow our... Continue reading at AdWeek
[ AdWeek | 2014-08-12 00:00:00 UTC ]
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Compares Hachette dispute to past paperback fears, but partially quoting George Orwell is a risky moveAmazon has hit back following an open letter from more than 900 authors criticising its licensing dispute with publisher Hachette, which was published as an ad in the New York Times.However, the... Continue reading at The Guardian
[ The Guardian | 2014-08-11 00:00:00 UTC ]
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Sales of Russian books in the Ukraine have plummeted in 2014 and the Ukrainian government is looking at passing legislation to curtail imports further. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2014-08-11 00:00:00 UTC ]
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There's no sign that Amazon and Hachette are close to burying their ebook hatchet, which has prompted the authors caught in the middle to speak up. One of those affected, Douglas Preston, penned an open letter to Jeff Bezos, requesting that he... Continue reading at Engadget
[ Engadget | 2014-08-08 00:00:00 UTC ]
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Amazon has made new additions to its publishing teams in the company's New York and London offices. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-08-08 00:00:00 UTC ]
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Stephen King and Donna Tartt among those petitioning Amazon to 'stop harming the livelihood of the authors'Readers of the New York Times will have to steel themselves this weekend, as the unseemly brawl between Hachette and Amazon erupts on to the tranquil pages of the Grey Lady. Perhaps the... Continue reading at The Guardian
[ The Guardian | 2014-08-08 00:00:00 UTC ]
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More than half of Liverpool's libraries are at risk of closure as the city council looks to... Continue reading at The Bookseller
[ The Bookseller | 2014-08-08 00:00:00 UTC ]
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Two New England indies are experiencing change. Bank Square Books in Mystic, Ct., is adding a second location, while Connecticut's Monte Cristo Bookshop is being converted into a nonprofit co-op. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-08-06 00:00:00 UTC ]
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Quantcast is meshing consumer Web and mobile app behavior with an eye on making real-time ad buying more targeted. Its new data-reporting system, dubbed Audience Interests, is aimed at digital publishers and has recently been tested by BlogAds, the proprietor of highly trafficked... Continue reading at AdWeek
[ AdWeek | 2014-08-06 00:00:00 UTC ]
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Publishing Technology’s profit and revenue have been significantly hit in the second... Continue reading at The Bookseller
[ The Bookseller | 2014-08-06 00:00:00 UTC ]
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This will be the last week any publisher interested in filling out PW's annual salary survey will be able to do so. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-08-04 00:00:00 UTC ]
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Amazon recently extended a public challenge to Hachette, saying that if the publisher will lower ebook prices to $9.99, the company won't ask for a larger share of the revenues. This is the first time Amazon has publicly shared details of the dispute between the two companies. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2014-07-31 00:00:00 UTC ]
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#time amazon
Growing up as a computer nerd, I remember thinking that I would learn how to program, so I could develop my own video games. I think this is a dream that many nerds share. I remember that my dad bought me a huge book on programming and after about 5 pages, I gave up and began reading comic books... Continue reading at Betanews
[ Betanews | 2014-07-31 00:00:00 UTC ]
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New recommendations to help “foster and sustain innovation” between the publishing... Continue reading at The Bookseller
[ The Bookseller | 2014-07-31 00:00:00 UTC ]
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Amazon.com believes that pricing ebooks at US$9.99 will boost sales by over 74 percent as the books are highly price-elastic.If customers would buy 100,000 copies of a particular ebook at $14.99, then they would buy 174,000 copies of the same ebook at $9.99, boosting total revenue to $1.7... Continue reading at PC World
[ PC World | 2014-07-30 00:00:00 UTC ]
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Macmillan announced today that it will make its full collection of frontlist ebook titles available to libraries via its public library e-lending pilot. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-07-29 00:00:00 UTC ]
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#full collection