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 Interactive Advertising Bureau is addressing a problem that's plagued tech-centric industries since the first Mac-vs.-Dos argument: standardization. The problem has become acute for Web video, an industry enjoying meteoric growth, and the growing pains that come with that growth. So the IAB... Continue reading at AdWeek
[ AdWeek | 2012-04-11 00:00:00 UTC ]
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Yale’s summer publishing course is entering its third year. The course offers publishing professionals an opportunity to learn industry strategies for expanding a brand’s scope and monetizing digital products. Continue reading at Folio Magazine
[ Folio Magazine | 2012-04-10 00:00:00 UTC ]
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With Conde Nast, Hearst and Meredith launching their own digital newsstand in the form of Next Issue Media, it’s clear that magazine publishers are counting on tablets for future growth. Forecasts predicting rapid tablet adoption abound. e ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-04-09 00:00:00 UTC ]
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While 2011 saw fewer announcements of layoffs and buyouts in the newspaper industry than previous years, attrition continued quietly and relentlessly, with the nation’s biggest newspaper publishers trimming their combined work forces by 7.2 ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-04-03 00:00:00 UTC ]
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Because of the strange distortions of copyright protection, there are twice as many newly published books available on Amazon from 1850 as there are from 1950 Continue reading at The Atlantic
[ The Atlantic | 2012-03-30 00:00:00 UTC ]
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Hearst Magazines UK has appointed Richard Swan to be its head of advertising operations for its digital business. Continue reading at Media Week
[ Media Week | 2012-03-29 00:00:00 UTC ]
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Blackwell’s revenue dropped in 2011, but the company continued to reduce its losses and... Continue reading at The Bookseller
[ The Bookseller | 2012-03-26 00:00:00 UTC ]
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(Bloomberg) - News Corp.'s HarperCollins and four other publishers probed by European Union need to address regulatory concerns before they can settle the antitrust case, the European Union's competition commissioner said. Joaquin Almunia, the antitrust chief, told reporters Monday that a... Continue reading at Crains New York
[ Crains New York | 2012-03-12 00:00:00 UTC ]
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A novel banned by the Chinese government has made the longlist for the Independent Foreign... Continue reading at The Bookseller
[ The Bookseller | 2012-03-08 00:00:00 UTC ]
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Scholastic's Storia reading app includes many children's titles previously unavailable in ebook format Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-03-07 00:00:00 UTC ]
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Chalke Valley History Festival is to return in 2012 with a five-fold expanded programme and... Continue reading at The Bookseller
[ The Bookseller | 2012-02-28 00:00:00 UTC ]
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Children's publisher Bonnier is planning to expand into India, with its trading operation in... Continue reading at The Bookseller
[ The Bookseller | 2012-02-27 00:00:00 UTC ]
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Penguin has reported sales of £1.04bn in 2011, growing 1% on an underlying basis, though... Continue reading at The Bookseller
[ The Bookseller | 2012-02-27 00:00:00 UTC ]
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Among the many goodies Nokia unveiled in its presser at MWC 2012 is a new hub for consuming your favorite written content. Called Nokia Reading, it brings your news feeds, ebooks, and audio books together in a unified, digital magazine-like format that can be accessed on- or offline. The app... Continue reading at Engadget
[ Engadget | 2012-02-27 00:00:00 UTC ]
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E-book sales increased by 11% at Informa's publishing business Taylor & Francis and now... Continue reading at The Bookseller
[ The Bookseller | 2012-02-23 00:00:00 UTC ]
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A regional NSW company that was on track to becoming extinct has emerged as a global digital photo printing powerhouse, selling $20 Facebook photo books to customers in over 80 countries including Afghanistan. Continue reading at The Sydney Morning Herald
[ The Sydney Morning Herald | 2012-02-22 00:00:00 UTC ]
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Research Triangle, NC –February 21, 2012 – iMedia Revenue Ltd., a company dedicated to delivering the latest advanced editorial and advertising solutions to local newspaper agencies, today announced the launch of a BloggingWriters ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-02-22 00:00:00 UTC ]
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Bridal publication The Knot renewed its bridal program with floral delivery service Teleflora after a successful campaign debut in 2011. Continue reading at Folio Magazine
[ Folio Magazine | 2012-02-22 00:00:00 UTC ]
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#custom content
Mecom is set to announce that it is to cut more than 10% of the workforce at its flagship Dutch newspaper publishing business, in excess of 300 jobs, as part of a plan to digitally restructure its business and save €70m (£59m). Tom ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-02-15 00:00:00 UTC ]
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Publishers need to place a greater emphasis in getting their backlist titles published digitally... Continue reading at The Bookseller
[ The Bookseller | 2012-02-15 00:00:00 UTC ]
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