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 ]
News tagged with:
#homes gardens
#magnolia journal
#sweet july
Conde Nast Traveler, the glossy travel magazine from Conde Nast, has eliminated about 14 editorial positions, more than half its staff, according to two people with direct knowledge of the matter.The job cuts include five editors, the entire photo desk and the the graphics department, according... Continue reading at Advertising Age
[ Advertising Age | 2013-09-26 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#conde nast
#direct knowledge
#job cuts
#discuss details
Google has expanded Play ebook sales to Taiwan, Hong Kong, Singapore, Malaysia, the Philippines, Thailand, Vietnam, and New Zealand. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-09-26 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#asian countries
#hong kong
Amazon has announced the US release of three new Kindle Fire Tablets. Meanwhile Barnes &... Continue reading at The Bookseller
[ The Bookseller | 2013-09-25 00:00:00 UTC ]
More news stories like this |
Bookworms in the UK tired of smuggling flashlights to bed might want to take another look at the Nook Simple Touch with Glowlight. After all, you can get one for £49 now that Barnes & Noble has slashed £20 off its retail price -- that's far, far lower than the amount people had to pay at... Continue reading at Engadget
[ Engadget | 2013-09-25 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#barnes noble
#book retailer
#feel free
Since so many consumers hop from smartphone to desktop to tablet and back again multiple times a day, Web publishers have rushed to embrace responsive design: a technology that automatically resizes content to fit any screen. The responsive movement has been a win for users, who increasingly... Continue reading at AdWeek
[ AdWeek | 2013-09-25 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#adam shlachter
#full potential
#robyn peterson
Tesco has confirmed its widely anticipated tablet launch, bringing out "Hudl", a 7-inch... Continue reading at The Bookseller
[ The Bookseller | 2013-09-23 00:00:00 UTC ]
More news stories like this |
Each year in October, TD Bank Group adds glamour to the Canadian children’s literature scene, sponsoring the TD Canadian Children’s Literature Awards gala in Toronto and a parallel event in Montreal for literature in French, including the premiere prizes of C$30,000 for the most distinguished... Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-09-20 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#canadian children
Gains in its educational technology group were not enough to offset declines in the children’s book publishing and distribution unit resulting in a 5.8% decline in total sales at Scholastic for the first quarter ended August 31. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-09-19 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#sales drop
#offset declines
#book publishing
#8% decline
#total sales
We write the equivalent of 520 million books every day on social media and email. The fact that so many of us are writing ? sharing our ideas, good and bad ? has changed the way we think. Just as we now live in public, so do we think in public. Continue reading at Wired
[ Wired | 2013-09-17 00:00:00 UTC ]
More news stories like this |
Talk to a passionate independent publisher and they'll soon have you convinced that strong independent presses are the ideal homes for many authors and their books. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-09-13 00:00:00 UTC ]
More news stories like this |
Newcomers, familiar faces and books that haven't yet debuted in America have all made the 2013 Man Booker Prize shortlist. Ruth Ozeki and Jhumpa Lahiri are both finalists for the $58,000 prize.Newcomers, familiar faces and books that haven't yet debuted in America have all made the 2013 Man... Continue reading at Los Angeles Times
[ Los Angeles Times | 2013-09-10 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#ruth ozeki
#familiar faces
#jhumpa lahiri
When Shane Salerno set out to make a film about Catcher in the Rye author J.D. Salinger, his plan was to spend $300,000 and six months shooting. "I thought it would be easy," he said, "We would just go out, shoot, and be done." But today, $2 million dollars, nine years, and hundreds of hours of... Continue reading at Fast Company
[ Fast Company | 2013-09-10 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#stopped publishing
#private life
Google's got an ad exchange. So does Facebook. Twitter is said to be working on one too. But in the meantime, the company has just purchased MoPub, a burgeoning mobile ad exchange business. Terms of the deal were not disclosed. MoPub has built an ad exchange through which mobile publishers... Continue reading at AdWeek
[ AdWeek | 2013-09-10 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#programmatic buying
#ad business
#automated fashion
#native advertising
Livefyre, a provider of comment-hosting tools for online publishers that has been expanding into other areas of social content, has agreed to acquire Storify — a service that allows users to curate conversations from Twitter, ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-09-09 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#online publishers
Premium content that attracts a highly-targeted audience can maintain its value in spite of raw volume. That’s why instituting a paywall—and likely decreasing your online readership, but increasing revenues from readers—doesn’t have to affect your display advertising sales. Continue reading at Folio Magazine
[ Folio Magazine | 2013-09-06 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#selling ads
#premium content
The federal judge presiding over the U.S. electronic books case against Apple has barred the company from striking deals that would ensure that it could undercut prices of other retailers in the ebook market.(macworld.com) Continue reading at PC World
[ PC World | 2013-09-06 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#striking deals
#ebook market
The Common Core State Standards have been adopted by 46 states in hopes of better preparing students for college and their careers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-09-06 00:00:00 UTC ]
More news stories like this |
According to ad-blocking data provider PageFair, more users are now making use of browser plugins such as Adblock Plus to remove ads from the sites they visit. A recent report it published claimed the trend “is threatening the business mode ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-09-04 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#ad blocking
#remove ads
#recent report
Random House parent company Bertelsmann reported this morning that profits at RH rose to 117 million euros from 113 million euros in the first half of 2012 despite a 3.4% sales decline to 915 million euros. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-08-30 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#profits rise
#sales decline
In the early 2000s, while working as a producer at ABC’s 20/20, Bill McGowan put together a branding video for a dot-com entrepreneur. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-08-30 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#early 2000s