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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Josh Bernoff, coauthor of the pivotal book on social media, Groundswell, describes himself on Twitter as a "Forrester analyst, idea developer and troublemaker." His latest book on The Mobile Mind Shift certainly lives up to those descriptions.In it, Bernoff discusses the difficulties companies... Continue reading at Advertising Age
[ Advertising Age | 2014-07-29 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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Self-published author Richard Veitch has been signed by Joanna Swainson at Hardman and Swainson... Continue reading at The Bookseller
[ The Bookseller | 2014-07-28 00:00:00 UTC ]
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The overall book market including print and digital fell by 4% in 2013, according to Nielsen Book... Continue reading at The Bookseller
[ The Bookseller | 2014-07-28 00:00:00 UTC ]
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'The Wake,' by Paul Kingsnorth was reportedly published by the website Unbound, which funds the publishing of books through donations. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2014-07-26 00:00:00 UTC ]
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Nook has won market share in the UK over the past 12 months, the company has told The Bookseller... Continue reading at The Bookseller
[ The Bookseller | 2014-07-25 00:00:00 UTC ]
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Facebook has smashed all estimates in its earnings and revenue report this week, largely thanks to its robust mobile ad business. The results slapped down any niggling doubts among critics about the social network's ability to transform itself from a simple communication website to a... Continue reading at Betanews
[ Betanews | 2014-07-25 00:00:00 UTC ]
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Facebook and Twitter may be giving publishers bigger audiences, but they're having the opposite effect on publishers' branding. The post Make the logo bigger? Publishers downsize appeared first on Digiday. Continue reading at Digiday
[ Digiday | 2014-07-24 00:00:00 UTC ]
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Agencies are pushing for transparency from publishers on all fronts, but viewability has by far become their most pressing priority. GroupM, the biggest digital media buyer in the U.S., announced it would shift its buying from open exchanges to private ones, in a push for greater transparency.... Continue reading at Digiday
[ Digiday | 2014-07-23 00:00:00 UTC ]
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Amazon has extended an olive branch to the newly formed Authors United group, and asked that the organization stop making statements that paint the e-tailer in a negative light as its terms dispute with Hachette drags on. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-07-22 00:00:00 UTC ]
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SimpleReach, a company that provides publishers like The New York Times and Forbes with measurement and distribution tools for their native ad programs, has raised $9 million in its first big round of financing, the company said Tuesday. With the new series A funds, SimpleReach plans to invest... Continue reading at Advertising Age
[ Advertising Age | 2014-07-22 00:00:00 UTC ]
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SimpleReach, a company that provides publishers like The New York Times and Forbes with measurement and distribution tools for their native ad programs, has raised $9 million in its first big round of financing, the company said Tuesday. With the new series A funds, SimpleReach plans to invest... Continue reading at Advertising Age
[ Advertising Age | 2014-07-22 00:00:00 UTC ]
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So, you've signed up for Amazon's Kindle Unlimited service and now you're feeling a little overwhelmed by what's on offer? That's OK; it's not often that you're faced with the sudden availability of over 600,000 digital books to sample at once. Here are a few practical pointers to help you... Continue reading at Wired
[ Wired | 2014-07-21 00:00:00 UTC ]
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'Orphan Train,' a novel about the friendship between an elderly woman who was sent West in her youth and a contemporary teenager, has dominated paperback bestseller lists. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2014-07-19 00:00:00 UTC ]
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Kindle Unlimited, a new subscription service from Amazon allowing customers unfettered access to ebooks and audiobooks, has officially launched. Amazon began testing the service, which has long been rumored, earlier this week. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-07-18 00:00:00 UTC ]
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As the debate rages over the ethics of native advertising on both sides of the Atlantic, regulators in the U.K. have added more fuel to the fire. A ruling by the U.K.’s Advertising Standards Authority against Outbrain is forcing publisher ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2014-07-18 00:00:00 UTC ]
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Time Inc. has created an eight-person unit to focus on native advertising at the publishing company, led by a staffer from the editorial side, Sports Illustrated Group Creative Director Chris Hercik, and another from the business side, Senior VP-Marketing and Sales Development Priya Narang.Mr.... Continue reading at Advertising Age
[ Advertising Age | 2014-07-17 00:00:00 UTC ]
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The "proposal" by the Norwich-based newspaper publisher, Archant, to move production of its London, Kent and Hertfordshire titles to headquarters is unsurprising.We were informed on Tuesday morning that the production teams - 15 in Archant London, and others in Herts and Cambs and Kent - will... Continue reading at The Guardian
[ The Guardian | 2014-07-17 00:00:00 UTC ]
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Poland's two largest bookstore chains, Matras and Empik, are adding new services and plan vast expansions amid a shrinking number of independent bookstores. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2014-07-15 00:00:00 UTC ]
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Publishers have an engagement problem. Here's how some of them are making the best out of the situation and maximizing the drive-by session. The post How publishers make the most of casual encounters appeared first on Digiday. Continue reading at Digiday
[ Digiday | 2014-07-14 00:00:00 UTC ]
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