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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For traditional publishers, creating video efficiently without stepping on brand toes is a tricky process. The post 4 ways magazines are making video work appeared first on Digiday. Continue reading at Digiday
[ Digiday | 2014-09-18 00:00:00 UTC ]
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New appointments at the Penguin Publishing Group include Lauren Monaco as v-p, director of sales, paperback and Berkley/NAL. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-09-18 00:00:00 UTC ]
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Personal magazine company Flipboard is rolling out a trial program incorporating video ads into its users’ news streams beginning today. The program launches with eight notable brands: Jack Daniels, Gucci, Chrysler, Lufthansa, Conrad Hotels & Resorts, Principal Financial Group, Woodford... Continue reading at AdWeek
[ AdWeek | 2014-09-15 00:00:00 UTC ]
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What do most people think of when they think of analytics? Metrics and measurement, mostly. Limiting analytics to just metrics and measurement limits what you can do. How does a publisher make the leap from metrics to action? Sponsor content by Parse.ly. The post You’re using analytics wrong:... Continue reading at Digiday
[ Digiday | 2014-09-15 00:00:00 UTC ]
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The ABA will launch a second, larger Indies First/Small Business Saturday campaign this Thanksgiving weekend. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-09-12 00:00:00 UTC ]
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Ikea's parody of Apple marketing -- the ad that gushes over the eternal battery life and instantaneous page loading of the Swedish retailer's ordinary paper catalog -- has gone viral. ("It's not a digital book, or an ebook it's a bookbook.")Created by BBH Asia Pacific for Singapore and... Continue reading at Advertising Age
[ Advertising Age | 2014-09-10 00:00:00 UTC ]
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Revenue at Barnes & Noble fell 7% in the first quarter ended August 2, to $1.23 billion, but the retailer cut its net loss to $28.4 million from $87.0 million in the first period of fiscal 2014. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-09-09 00:00:00 UTC ]
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USA Today, which is being spun off from Gannett Co. along with the rest of the company's publishing business, fired as many as 70 employees today across all departments, according to a person familiar with the newspaper's plans.About half of the jobs were in the newsroom and accounted for about... Continue reading at Advertising Age
[ Advertising Age | 2014-09-04 00:00:00 UTC ]
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More than half the Quercus staff have left the company following its buyout by Hodder &... Continue reading at The Bookseller
[ The Bookseller | 2014-09-03 00:00:00 UTC ]
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Penguin Random House worldwide generated revenues of €1.5bn (£1.2bn) in the six months... Continue reading at The Bookseller
[ The Bookseller | 2014-08-29 00:00:00 UTC ]
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The Oakland store is moving downtown in early October and quadrupling its space. To help defray costs she just launched an Indiegogo campaign. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-08-27 00:00:00 UTC ]
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Yahoo is bringing its native ads to other publishers' sites.Last year Yahoo adopted the low-hanging-fruit version of native advertising, a form of ad that aims to mirror surrounding editorial content. Unlike BuzzFeed's sponsored listicles or The New York Times' brand-penned posts, Yahoo's native... Continue reading at Advertising Age
[ Advertising Age | 2014-08-25 00:00:00 UTC ]
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Facebook says that hundreds of online companies have adopted its plan to let mobile apps operate more like the world wide web, seamlessly linking together in much the same way that pages do inside your web browser. According to Facebook’s Vijay Shankar, these companies have published over 3... Continue reading at Wired
[ Wired | 2014-08-22 00:00:00 UTC ]
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In a letter to her authors, Ellora’s Cave CEO Patty Marks blames the cuts on unexplained declines in ebook sales through Amazon. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-08-22 00:00:00 UTC ]
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Playboy has a new website that the publisher hopes you might even share with your mom on Facebook.Next Monday, the 60-year-old men's magazine will "officially" revamp its 20-year-old website to put a heightened focus on serving up grown-up entertainment that's not overly "adult." The new... Continue reading at Advertising Age
[ Advertising Age | 2014-08-21 00:00:00 UTC ]
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Baking experts fortunes on the rise thanks to BBC series, plus lucrative live tours and book deals Continue reading... Continue reading at The Guardian
[ The Guardian | 2014-08-21 00:00:00 UTC ]
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The owners of the World's Only Curious George Store are opening a second picture-book concept store, the Make Way for Ducklings Store in Boston, Mass. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-08-20 00:00:00 UTC ]
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Despicable or brilliant? How three publishers have grown, at least in part by repurposing or resurfacing old content. The post Recycle, reuse … re-publish? How publishers make what’s old new again appeared first on Digiday. Continue reading at Digiday
[ Digiday | 2014-08-15 00:00:00 UTC ]
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"I'm sorry. Our intentions were good."Ethan Zuckerman, the current director of the MIT Center for Civic Media, recently published a heck of an essay in the Atlantic called "The Internet's Original Sin." In it, he deconstructs the good (or at least neutral!) intentions, that turned the Internet... Continue reading at Fast Company
[ Fast Company | 2014-08-15 00:00:00 UTC ]
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