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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The shadow culture minister has condemned library cuts in Lincolnshire, branding the plans as... Continue reading at The Bookseller
[ The Bookseller | 2014-04-15 00:00:00 UTC ]
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For Cenveo Publisher Services, 2014 is the year digital strategies must deliver in terms of profits for its publisher clients. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-04-04 00:00:00 UTC ]
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Readerlink Distribution Services has reached an agreement with TNG GP to acquire most of TNG’s book business while TNG takes over Readerlink’s store merchandising functions. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-04-02 00:00:00 UTC ]
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Tim Waterstone, the founder of the Waterstone's book shop chain, predicts that the "ebook revolution" will soon go into decline in the UK. Continue reading at BBC World
[ BBC World | 2014-03-31 00:00:00 UTC ]
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Say Media told publishers in its ad network that it will begin paying them on a 120-day payment schedule effective Apr. 1, slowing payment from an average of 85 to 90 days.The move is a response to similar slowdowns from marketers and agencies, the company told its publishing partners. Procter... Continue reading at Advertising Age
[ Advertising Age | 2014-03-27 00:00:00 UTC ]
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It’s nice to see newspaper publishers working their way out of the existential doldrums. If there was one overall takeaway from last week’s mediaXchange, the Newspaper Association of America’s confab in Denver, it wa ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2014-03-26 00:00:00 UTC ]
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Reed Exhibitions has made no secret about its interest in drawing more members of the general reading public to BookExpo America and, today, released details about its new consumer-focused event at the trade show. BookCon is set for the final day of BEA and promises to be, Reed said, a "show... Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-03-26 00:00:00 UTC ]
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One of the ongoing challenges for publishers is the sense of instability that arises from the never-ending changes in technology and audience behavior. From sales to marketing and even publishing’s most fundamental service—content creation—market dynamics are constantly evolving. Continue reading at Folio Magazine
[ Folio Magazine | 2014-03-25 00:00:00 UTC ]
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Jay Lauf, publisher of Quartz, spoke at Digiday Publishing Summit about what the site has learned by focusing on design, useful content and shareability in its native ad programs. The key, he said, is the sales side thinking like editors.The post The Quartz secret to great native ads: Think like... Continue reading at Digiday
[ Digiday | 2014-03-25 00:00:00 UTC ]
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Despite improved performance in the fourth quarter, bookselling chain Books-A-Million reported a 5.5% decline in revenue to $470.2 million for the 52-week period ended February 1, 2014, down from the $498.4 million reported for the previous fiscal year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-03-21 00:00:00 UTC ]
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Scholastic's revenues fell 1.3% in the third quarter for fiscal year 2014 to $373.5m but... Continue reading at The Bookseller
[ The Bookseller | 2014-03-20 00:00:00 UTC ]
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Owner Richard Desmond agrees to officially audited figures for monthly visitors to dailystar.co.uk and express.co.ukOfficially audited traffic figures for the Daily Star and Daily Express websites have been published for the first time – ranking them bottom in the national newspaper online... Continue reading at The Guardian
[ The Guardian | 2014-03-20 00:00:00 UTC ]
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Editors from Algonquin Books, Oxford University Press and Dalkey Archive discuss the first books they acquired, in an interview with Matt Seidel for The Millions. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2014-03-19 00:00:00 UTC ]
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Sally Green and Charlie Higson have joined the line-up for the UK's first YA literature... Continue reading at The Bookseller
[ The Bookseller | 2014-03-13 00:00:00 UTC ]
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New figures show that three-fifths of Britain's video, video games and music sales are now derived from the internetGrowing demand for streaming services such as Netflix and Spotify helped the UK home entertainment sector increase its revenues in 2013 for the first time in five years to £5.3bn,... Continue reading at The Guardian
[ The Guardian | 2014-03-12 00:00:00 UTC ]
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Novelist Eleanor Catton and her editor Max Porter's alliance shows how much more than wielding a blade goes into this relationshipHenry James called editing "the butchers' trade". But he also said, "I glory in the piling up of complications of every sort," so you can see how the old anglophile... Continue reading at The Guardian
[ The Guardian | 2014-03-12 00:00:00 UTC ]
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Set aside that Soldier Field would have to expand to 70,000 seats -- or 8,500 more than its current capacity for football crowds -- in order to meet the National Football League's minimum stadium size for hosting a Super Bowl, but spending public money on expanding a sports palace doesn't have a... Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2014-03-08 00:00:00 UTC ]
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A new technology that is set to make its debut in April could one day make it possible for users to read Harry Potter books in just a few hours. Continue reading at Los Angeles Times
[ Los Angeles Times | 2014-03-08 00:00:00 UTC ]
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Dell's Venue 11 Pro is the first Atom-powered computer that I can picture as a replacement for my current laptop. With its two optional accessories, this 10.8-inch tablet can transform into either a small notebook or a diminutive all-in-one PC. The two-day battery life—with the optional keyboard... Continue reading at PC World
[ PC World | 2014-03-07 00:00:00 UTC ]
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Figures in its filing with the SEC show that Barnes & Noble cut Nook capital expenditures by 74% in the third quarter. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-03-07 00:00:00 UTC ]
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