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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Despite a dramatic drop in book sales, Aladin used bookstores have thrived, with some publishers dumping books to boost sales; a fixed-price law is now under debate. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-11-15 00:00:00 UTC ]
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IFC's upcoming The Spoils of Bablyon, a comedy miniseries that spoofs serious miniseries, is based on a book that seems to be sold out in Hudson News stores around the country. The problem with keeping the book in stock, though, is that there were never any printed copies. Eric Jonrosh (and the... Continue reading at AdWeek
[ AdWeek | 2013-11-15 00:00:00 UTC ]
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Publishers have defended their record as employers after claims that book industry employees are... Continue reading at The Bookseller
[ The Bookseller | 2013-11-14 00:00:00 UTC ]
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A substantial donation to the Red Cross was made, with concern for the nearly 1,400 PRH employees in the Author Solutions division who work in Cebu, an area very near where the greatest devastation has taken place. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-11-14 00:00:00 UTC ]
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Campus bookselling chain Follett in the US has made 570 people redundant as part of a move to shift... Continue reading at The Bookseller
[ The Bookseller | 2013-11-13 00:00:00 UTC ]
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News Corp, the recently spun off publishing side of Rupert Murdoch’s media empire, reported that its revenue fell in the first quarter of its fiscal 2014, due to lower advertising revenue and foreign exchange fluctuations. The company re ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-11-12 00:00:00 UTC ]
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Gertrude Stein's children's book, The World is Round, is 75 this year and is being rereleased by Harper Design in a reproduction of the book’s first edition from 1939. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-11-12 00:00:00 UTC ]
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Media mogul Rupert Murdoch's publishing company News Corp. swung to a profit in its fiscal first quarter -- its first financial reporting period as a stand-alone company -- but revenue slipped nearly 3%. Continue reading at Los Angeles Times
[ Los Angeles Times | 2013-11-12 00:00:00 UTC ]
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The alcohol industry has violated its own rules aimed at keeping booze ads away from under-age viewers, government and university researchers allege in a new report.Beer and liquor marketers have since 2003 pledged to show ads only on TV programs, magazines and web sites where adult viewers... Continue reading at Advertising Age
[ Advertising Age | 2013-11-08 00:00:00 UTC ]
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Is wasting time as productivity killing as we've always thought, or does it provide a creativity–enhancing escape from the chaos of the world? Stop dawdling and let's explore!Recently, I read a great book and promised to mail it to a friend overseas when I was done, about nine months ago. Today,... Continue reading at Fast Company
[ Fast Company | 2013-11-08 00:00:00 UTC ]
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Just as Kobo has cozied up to physical booksellers, so too does Amazon have a plan to smother them in e-ink kisses. Under the company's new "Amazon Source" program, any independent bookstore that sells a Kindle tablet or e-reader will be rewarded with ten percent of future book purchases made on ... Continue reading at Engadget
[ Engadget | 2013-11-06 00:00:00 UTC ]
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Amazon, which has been blamed in part for the decline of independent bookstores, said it has a new program called Amazon Source to allow them and other retailers to resell Kindle devices and accessories, and also give them 10 percent on every ebook bought on them for two years. "With Amazon... Continue reading at AllThingsD
[ AllThingsD | 2013-11-06 00:00:00 UTC ]
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Baker & Taylor, best known for serving the library market, is working to up its business with independent booksellers in a series of initiatives overseen by David Cully, who was hired by the company six years ago as executive v-p of merchandising and president of retail sales. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-11-02 00:00:00 UTC ]
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When the Interactive Advertising Bureau (IAB) released its “IAB Internet Advertising Report” in October 2013, one thing was clear: While digital remained strong, it was mobile that was quickly becoming a powerhouse. According to the report, in the first half of 2013, total mobile revenues surged... Continue reading at Folio Magazine
[ Folio Magazine | 2013-11-01 00:00:00 UTC ]
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To compete against the Kindle, Barnes & Noble is going back to its roots, leveraging decades of bookseller expertise to make its Nook e–reader feel more like a paper book. Released Wednesday, the new Nook Simple Touch GlowLight features a brighter, sharper display; lighter body; improved... Continue reading at Fast Company
[ Fast Company | 2013-10-30 00:00:00 UTC ]
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Amazon MatchBook, which lets customers who've previously bought the print edition of a book from Amazon score a digital copy on the cheap, is now open for business. Months in the making, the new service is a bold plan by Amazon to convert the world's stacks and stacks of books into digital... Continue reading at PC World
[ PC World | 2013-10-30 00:00:00 UTC ]
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Martha Stewart Living Omnimedia's choice of former metals-industry executive Daniel Dienst to lead the company meant going outside the media business for a manager with operational experience -- one who can hopefully reshape the unprofitable company.Mr. Dienst, the former CEO of scrap-metal... Continue reading at Advertising Age
[ Advertising Age | 2013-10-29 00:00:00 UTC ]
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The New York Times is planning to step off the sidelines and into the world of native advertising online, where a growing list of traditional publishers have thrown their arms around sponsored or branded content.Meredith Kopit Levien, exec VP-advertising, said the Times is planning to introduce... Continue reading at Advertising Age
[ Advertising Age | 2013-10-29 00:00:00 UTC ]
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Trending on Tumblr: advertising. Four months since its acquisition by Yahoo, the hip publishing platform continues to feel its way as many advertisers grapple with how and why they should tap into its 143 million network of blogs. Tumblr’s next push will be to help brands “amplify” their... Continue reading at AdWeek
[ AdWeek | 2013-10-28 00:00:00 UTC ]
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In a filing last week, attorneys for the states and consumer class put Apple’s estimated damages for its role in an ebook price-fixing conspiracy with publishers at nearly $308 million. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-10-27 00:00:00 UTC ]
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