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
Like most industries, publishing cycles are increasingly becoming more and more automated. Even editorial actions are becoming computerized, with companies like Kapost creating products that electronically orchestrate pitches, assignments, calendars and revisions in addition to managing author... Continue reading at Folio Magazine
[ Folio Magazine | 2011-09-07 00:00:00 UTC ]
More news stories like this |
A Kindle reader on a train in Cambridge, Mass. E-book best-seller lists are full of genre novels. Continue reading at The New York Times
[ The New York Times | 2011-09-03 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#genre novels
The printed book is facing its share of challenges in the digital age. But one of the biggest problems facing the future of the book has gone relatively unnoticed by book loversthe quality of paper being used in many first edition hardcovers is declining, saddling consumers with inferior... Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-09-02 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#printed book
#digital age
Written By: Benedicte Page Publication Date: Thu, 01/09/2011 - 15:08 Amazon.com is offering a new feature enabling readers to ask authors questions directly via their Kindle devices. @author is currently on limited beta release, with a handful of participating authors including thriller writer... Continue reading at The Bookseller
[ The Bookseller | 2011-09-01 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#kindle devices
#robert kiyosaki
As ebooks become popular, there are increasing opportunities to share and personalize the digital reading experience. That's where the upcoming Readmill iPad app and social network come in. Continue reading at AllThingsD
[ AllThingsD | 2011-09-01 00:00:00 UTC ]
More news stories like this |
Written By: Charlotte Williams Publication Date: Thu, 01/09/2011 - 08:55 Hachette UK parent company Lagardère has continued to be hit by the decline of sales in Stephenie Meyer's Twilight series, with sales in its publishing arm down 6% and profits slump 29.6% to 71m. read more Continue reading at The Bookseller
[ The Bookseller | 2011-09-01 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#stephenie meyer
#twilight series
#publishing arm
Bookseller and newsstand provider Barnes and Noble had a strong first quarter with its digital content, sales in that channel quadrupled. Though digital sales have had some tenacious growth, sales at retail decreased by more than $25.7 million or 3 percent. Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-31 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#digital sales
#digital content
Publication audit agency BPA Worldwide released its U.S. Consumer Trac Data report for the period ending June 30, 2011 on Tuesdaythe results show that newsstand sales across different titles throughout the industry are on a decline from the same period a year ago. Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-26 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#newsstand sales
James Tye, CEO at Dennis Publishing, warns against assuming all your readers want the same, and reveals how the company is monetising its digital products. Continue reading at Media Week
[ Media Week | 2011-08-26 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#dennis publishing
#digital products
Publishers may not be overwhelmed with the sheer numbers of digital readers to this point (in announcing its highest North American circulation ever, The Economist revealed it has about 5,000 subscribers to its digital editions), but those readers are highly engaged with interactive magazine... Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-25 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#digital readers
#digital editions
#highly engaged
Written By: Bookseller Staff Publication Date: Thu, 25/08/2011 - 07:48 Irish bookseller Eason is to hold talks at the Labour Relations Commission (LRC) next week with staff facing a reported 10% pay cut and 90 jobs at risk. The meeting will take place next Tuesday (30th August) in Dublin... Continue reading at The Bookseller
[ The Bookseller | 2011-08-25 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#conor whelan
#previously announced
The NOOK Newsstand for Barnes & Nobles e-reader offering NOOK has added more titles from Meredith and Time Inc. to its periodical roster. Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-23 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#nook newsstand
Even paper-focused companies are predicting a major fall for the printed page in the coming years. Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-22 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#tablet sales
#printed page
#coming years
Mobile advertising network JumpTap has announced partnerships with Acxiom, Datalogix, Polk and TARGUSInfo in order to target specific demographics with mobile advertisements. Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-18 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#data providers
#announced partnerships
Written By: Lisa Campbell Publication Date: Thu, 11/08/2011 - 09:20 Canadian retailer Indigo Books & Music has reported 170% acceleration in digital sales growth, but blamed a drop in overall revenue for its first quarter on declining physical book sales. Indigo attributed the hike in its... Continue reading at The Bookseller
[ The Bookseller | 2011-08-11 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#print decline
#digital business
#2nd july
Written By: Graeme Neill Publication Date: Thu, 11/08/2011 - 09:10 HarperCollins ebook sales now comprise 11% of its total revenue, the company has said following parent NewsCorp's latest results. As has now become customary, figures for HarperCollins were not stripped out. There was no... Continue reading at The Bookseller
[ The Bookseller | 2011-08-11 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#total revenue
#parent newscorp
#latest results
In a new study released by Gfk MRI Starch Advertising Research, the collected data finds users are more likely to engage with magazine advertisements on tablets than on the e-reader platform. Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-09 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#study released
#e-reader platform
January to June 2011 saw mixed results for major publishers ad page results. Bonniers 29 titles experienced the highest growth out of six major publishers included in a set of data from MagazineRadar; Conde Nast, Hearst, Hearst-owned Hachette, Time Inc. and Meredith Corporation ad pages were... Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-09 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#ad pages
#mixed results
#conde nast
In the first half of 2011, the magazine industry was abuzz with news of the latest digital editions, Apples subscription mandates for publishers selling their wares through the App Store and those stepping away from Apples model to go the HTML route for app offerings. Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-09 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#magazine industry
#publishers selling
#app store
Written By: Graeme Neill Publication Date: Fri, 05/08/2011 - 11:05 A book dubbed Watership Down meets True Grit is among Sam Humphreys first acquisitions at Serpents Tail since she moved from Picador. read more Continue reading at The Bookseller
[ The Bookseller | 2011-08-05 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#serpents tail
#sam humphreys