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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Written By: Charlotte Williams Publication Date: Tue, 15/11/2011 - 08:15 Quadrille has made a series of promotions and appointments within its sales teams, with Melanie Gray stepping up to become UK sales director, joining the board at the independent publisher. The moves follow Faber's launch... Continue reading at The Bookseller
[ The Bookseller | 2011-11-15 00:00:00 UTC ]
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Writing a how-to book in a static medium like paper about something as dynamic as Facebook is challenging at best and at worst...well...idiocy. Continue reading at PC World
[ PC World | 2011-11-14 00:00:00 UTC ]
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One of the new print ads running for Ivory in select magazines in November and December. The brand also has a Facebook page. Continue reading at The New York Times
[ The New York Times | 2011-11-08 00:00:00 UTC ]
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American Media, Inc. (AMI) and Michael Esposito, Senior Vice President of Operations and Digital Production, think they've hit upon a recipe that could work across the magazine industry for rationalizing print publishing costs and scaling up on digital platforms. Continue reading at Folio Magazine
[ Folio Magazine | 2011-11-03 00:00:00 UTC ]
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Adobe is buying Auditude, an online video ad-platform. The deal lets Adobe monetize its video publishing tools, according to ZDNet, by integrating Auditudes ad server with its digital marketing. The deal is the latest move into web advertising from Adobe, which was previously known for its... Continue reading at AdWeek
[ AdWeek | 2011-11-02 00:00:00 UTC ]
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After a mainly flat first half for ad pages in 2011, big publishers are seeing ad page numbers fall in the third quarter. According to data from MagazineRadar, Meredith Corp.s magazine portfolio saw the biggest fall out of the big consumer publishers, down 11 percent in Q3. Continue reading at Folio Magazine
[ Folio Magazine | 2011-10-27 00:00:00 UTC ]
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This story first appears on FOLIO: sister site, minonline. Meredith Corp. chairman/CEO (since July 2004) Steve Lacy announced that the board of directors approved a $1.02-to-$1.53 per-share increase in the quarterly dividend paid to investors and authorized the repurchase of $100 million of... Continue reading at Folio Magazine
[ Folio Magazine | 2011-10-27 00:00:00 UTC ]
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Written By: Barbara Casassus Publication Date: Wed, 26/10/2011 - 08:40 The number of titles published in France during the "rentrée littéraire" declined to 704 this year from 714 in 2010, but the number of publishers producing them rose to a record 231 from 208, according to market research... Continue reading at The Bookseller
[ The Bookseller | 2011-10-26 00:00:00 UTC ]
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Darren Singh, advertising director for Hearst's Esquire magazine, has been appointed publisher of ShortList. Continue reading at Media Week
[ Media Week | 2011-10-25 00:00:00 UTC ]
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More than half of owners read news on their devices, a survey shows, though there's not much willingness to pay for content. But there may be a way.With roughly 25 million adults in America now owning an iPad or other tablet computer, a new survey shows that the early adopters are using the... Continue reading at Baltimore Sun
[ Baltimore Sun | 2011-10-25 00:00:00 UTC ]
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In his closing remarks, Frankfurt Book Fair director Juergen Boos said that 2011 was a strong year for startups at the fair. Among those startups, perhaps none had a better reception than Small Demons, in Los Angeles. We couldnt have asked for a better first Frankfurt Book Fair, Small Demons... Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-10-21 00:00:00 UTC ]
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In July, Meredith Corp. launched its Engagement Dividend program, a guaranteed ROI investment partnership for select advertisers. Already, Meredith has met with over 100 companies (which equates to even more brands) about a possible partnership in the program. Continue reading at Folio Magazine
[ Folio Magazine | 2011-10-19 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Thu, 20/10/2011 - 08:45 Alma Books is planning to hire more staff and expand its non-fiction and YA lists, after reversing a loss made in its 2009 financial year. read more Continue reading at The Bookseller
[ The Bookseller | 2011-10-19 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Wed, 19/10/2011 - 08:49 Picador has bought a debut novel by Royal Holloway creative writing MA graduate Emma Chapman, with editorial director Francesca Main making her first acquisition for the imprint. Main bought UK and Commonwealth rights,... Continue reading at The Bookseller
[ The Bookseller | 2011-10-19 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Mon, 17/10/2011 - 08:25 Alan Hollinghurst, whose novel The Stranger's Child was a surprise omission from the Man Booker shortlist this year, has been shortlisted for an award at the Galaxy National Book Awards 2011, with works by Ian Rankin and... Continue reading at The Bookseller
[ The Bookseller | 2011-10-17 00:00:00 UTC ]
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After showing growth for the first six months of 2011, consumer magazine ad pages fell 5.6 percent in the third quarter compared to the same period in 2010, according to newly released figures from Publishers Information Bureau. Continue reading at Folio Magazine
[ Folio Magazine | 2011-10-11 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Tue, 11/10/2011 - 14:30 Amazon.com has announced its seventh imprint, a science fiction, fantasy and horror brand called 47North, which has launched with 15 books. The imprint name is based on the latitude co-ordinates of Seattle, where Amazon was... Continue reading at The Bookseller
[ The Bookseller | 2011-10-11 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Fri, 07/10/2011 - 11:05 The literary agent Ben Mason has been hired by the father of the murdered English student Meredith Kercher to represent him in a potential book deal. A proposal by John Kercher is expected to go to publishers on Monday (10th... Continue reading at The Bookseller
[ The Bookseller | 2011-10-07 00:00:00 UTC ]
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Written By: Paul Rigg Publication Date: Fri, 07/10/2011 - 15:11 The Spanish socialists pledge to reduce ebook VAT (IVA) to 4% has been welcomed by the director of the Spanish ebook platform Libranda. The announcement came from Alfredo Rubalcaba, who is the socialists candidate to become prime... Continue reading at The Bookseller
[ The Bookseller | 2011-10-07 00:00:00 UTC ]
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Those who purchased the Kindle with Special Offers version of Amazon's e-reader can now expunge the ads for a one-time fee of $30. Continue reading at PC World
[ PC World | 2011-10-06 00:00:00 UTC ]
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