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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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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In a time when digital and print-on-demand technology are streamlining how books are created and delivered, Paravion Press believes there still is a market for well-crafted, hand-made books. “Paravion hopes to keep hold of a patch of turf for the old guard of the printed book—the realm of the... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-02-10 00:00:00 UTC ]
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HarperCollins' financial performance continues to be unclear, with parent company News Corp... Continue reading at The Bookseller
[ The Bookseller | 2012-02-09 00:00:00 UTC ]
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Random House parent company Bertelsmann has reported slight revenue growth for the 2011 fiscal... Continue reading at The Bookseller
[ The Bookseller | 2012-02-09 00:00:00 UTC ]
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To address the growing need for accountability in digital marketing, GfK MRI has launched a syndicated service called Starch Digital. Continue reading at Folio Magazine
[ Folio Magazine | 2012-02-09 00:00:00 UTC ]
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Former children's laureate Anne Fine has condemned plans to cut Durham library services,... Continue reading at The Bookseller
[ The Bookseller | 2012-02-07 00:00:00 UTC ]
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Bounce Sales & Marketing is expanding its sales team to offer special services to larger... Continue reading at The Bookseller
[ The Bookseller | 2012-02-06 00:00:00 UTC ]
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Barnes & Noble has grown its international content team, as the US bookseller seeks to... Continue reading at The Bookseller
[ The Bookseller | 2012-01-31 00:00:00 UTC ]
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Kobo is to expand into Holland as it announces a partnership to sell its e-readers through Dutch... Continue reading at The Bookseller
[ The Bookseller | 2012-01-24 00:00:00 UTC ]
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The magazine publisher will more than double its digital presence, by acquiring the world's biggest food site. Continue reading at AllThingsD
[ AllThingsD | 2012-01-24 00:00:00 UTC ]
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U.S. online ad spending is set to eclipse that of print this year by 15.5 percent, according to eMarketer, suggesting that the long-awaited print-to-digital inflection point may now be here for both content creators and marketers. Continue reading at Folio Magazine
[ Folio Magazine | 2012-01-21 00:00:00 UTC ]
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Sources from Amazon's supply chain in the Far East indicated to DigiTimes that Kindle Fire orders with original device manufacturers are expected to be just 3 million units this quarter. That's half the 6 million units Amazon reportedly shipp ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-01-20 00:00:00 UTC ]
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Author Adrian Sykes, with his publisher David Campbell, of Everyman's Library, is to donate a... Continue reading at The Bookseller
[ The Bookseller | 2012-01-20 00:00:00 UTC ]
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In a new study undertaken by comScore to support the release of a new digital ad measurement solution, the company found that 31 percent of ads are delivered, but not seen by consumers. Continue reading at Folio Magazine
[ Folio Magazine | 2012-01-20 00:00:00 UTC ]
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Capitol Weekly will stop producing a print edition as of Thursday. The publication devoted to California government said on its website that it will continue posting stories online. Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-01-19 00:00:00 UTC ]
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The Booksellers Association has pledged to write to the chief executives of all 390 local... Continue reading at The Bookseller
[ The Bookseller | 2012-01-18 00:00:00 UTC ]
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A series of funding cuts to libraries in Somerset has been halted, after the High Court found... Continue reading at The Bookseller
[ The Bookseller | 2012-01-12 00:00:00 UTC ]
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Illustrated publisher Thames & Hudson is to expand its children's list with new non-... Continue reading at The Bookseller
[ The Bookseller | 2012-01-12 00:00:00 UTC ]
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An "unprecedented" seven novels have been shortlisted for the 2011 Man Asian Literary... Continue reading at The Bookseller
[ The Bookseller | 2012-01-11 00:00:00 UTC ]
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Liverpool is the latest city to suffer library cuts as the council announced three locations will... Continue reading at The Bookseller
[ The Bookseller | 2012-01-05 00:00:00 UTC ]
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