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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After swinging the ax on about 75 employees Thursday — several of them top executives in the advertising group — Martha Stewart Living Omnimedia has promoted Amy Wilkins to head of advertising, sales and marketing, the company said Friday.Ms. Wilkins, the publisher of Martha Stewart Weddings,... Continue reading at Crains New York
[ Crains New York | 2013-12-13 00:00:00 UTC ]
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Like some booksellers—and a few authors—Nicole Sullivan decided to mix booze and books. In her case it was in service of her Denver-based bookstore. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-12-12 00:00:00 UTC ]
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In a recent survey by the Pew Research Center, 54 percent of respondents said libraries aren't as necessary as they once were when it comes to finding information. However, 94 percent said a library improves a community's quality of life. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2013-12-12 00:00:00 UTC ]
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Online paywalls are helping some newspaper and magazine websites increase the ad rates they charge, according to a new report from the Online Publishers Association.It's a hopeful sign for publishers that have hesitated to erect paywalls, despite the potential to generate new revenue from... Continue reading at Advertising Age
[ Advertising Age | 2013-12-11 00:00:00 UTC ]
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Kobo has expanded its distribution channel in France with the addition of retailers Pixmania,... Continue reading at The Bookseller
[ The Bookseller | 2013-12-11 00:00:00 UTC ]
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As the banner ad loses its luster, online publishers from BuzzFeed to Quartz are turning to units that capture the look and feel of the host site's content. The purists say that truly native advertising can't be scaled without losing its bespoke (read: expensive) feel. No wonder, then, that a... Continue reading at AdWeek
[ AdWeek | 2013-12-10 00:00:00 UTC ]
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Alt-week takes a look at the best science and alternative tech stories from the last seven days. Don't pack your bags just yet, but Hubble has found indirect evidence of water on five different planets -- a lot of it, in some cases. Bigger brains ... Continue reading at Engadget
[ Engadget | 2013-12-08 00:00:00 UTC ]
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Simon and Schuster and Reader's Digest announced an agreement where S&S will handle sales and fulfillment for all adult titles published by Reader's Digest. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-12-05 00:00:00 UTC ]
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Facebook is being more blunt about the fact that marketers are going to have to pay for reach.If they haven't already, many marketers will soon see the organic reach of their posts on the social network drop off, and this time Facebook is acknowledging it. In a sales deck obtained by Ad Age that... Continue reading at Advertising Age
[ Advertising Age | 2013-12-05 00:00:00 UTC ]
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The 126-year-old publishing company's new head of digital talks about what kind of content works, balancing legacy with progress, and how to find the "unicorns" to lead your brand where it needs to go.The publishing industry in the digital age is a lawless frontier of fluctuating business... Continue reading at Fast Company
[ Fast Company | 2013-12-04 00:00:00 UTC ]
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BuzzFeed Inc., the online publisher of news, lists and quizzes that are designed to be shared on social media, is forecasting revenue of as much as $120 million in 2014, said two people with knowledge of its financials.The sales level will depend on how many advertising deals are booked next... Continue reading at Crains New York
[ Crains New York | 2013-12-04 00:00:00 UTC ]
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In October, we gave what was scheduled to be a one-hour presentation to a group of public librarians and library directors on collaboration between school and public libraries. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-11-30 00:00:00 UTC ]
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Revenue fell in all three of Barnes & Noble’s operating groups for the second quarter ended October 26, 2013, but the retailer managed to post a 13.7% increase in EBITDA. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-11-26 00:00:00 UTC ]
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Advertising on Instagram has quickly moved from a novelty to a near-daily occurence, and they're churning up a tsunami of "likes" as well as a dose of aggrieved user comments.General Electric, Levi's, Lexus and Ben & Jerry's have now posted their first ads to the mobile photo- and... Continue reading at Advertising Age
[ Advertising Age | 2013-11-26 00:00:00 UTC ]
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Osprey Publishing slashed losses and grew turnover in 2012. The publisher, which has filed... Continue reading at The Bookseller
[ The Bookseller | 2013-11-22 00:00:00 UTC ]
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Publisher aims to continue 2013's 50% growth to hit point at which website's income would exceed newspapers' declineMail Online has set a target of making more than £60m in revenues in 2014, with executives saying it is close to more than offsetting revenue declines at the Daily Mail and Mail on... Continue reading at The Guardian
[ The Guardian | 2013-11-21 00:00:00 UTC ]
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FIAT, Relativity Media and Sony are among the first few brands to use the new ads at launch. Sold on a cost-per-click basis, these ads will also be served in slideshows published by Yahoo Sports, Yahoo Music and Yahoo TV. All of the ads will be sold directly by Yahoo -- not networks or... Continue reading at Digiday
[ Digiday | 2013-11-21 00:00:00 UTC ]
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Tribune Co. chief executive officer Peter Liguori tells employees that “we have decided to unify the non-editorial functions of our publishing businesses,” but “creating these critical efficiencies and ensuring the ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-11-20 00:00:00 UTC ]
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After eight years of litigation—three of which had all parties stumping together for an ill-fated, controversial settlement—Judge Denny Chin last week dismissed a lawsuit filed by the Authors Guild over Google’s mass scanning of library books. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-11-16 00:00:00 UTC ]
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