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: Benedicte Page Publication Date: Tue, 10/05/2011 - 09:03 Publishers are unlikely to be able to replace the revenues lost in the shift from print to ebooks unless they can significantly grow volume sales, according to HarperCollins c.e.o. Victoria Barnsley. read more Continue reading at The Bookseller
[ The Bookseller | 2011-05-10 00:00:00 UTC ]
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Written By: Katie Allen Publication Date: Mon, 09/05/2011 - 08:50 Pearson, Blackwell and Jamie Oliver are a few book trade names to make it onto the Sunday Times Rich List 2011. Vincent Cowdray and the Pearson Family were jointly in at number 64, with the family up £165m on last years figure.... Continue reading at The Bookseller
[ The Bookseller | 2011-05-09 00:00:00 UTC ]
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In starting Bookish.com, Simon & Schuster, Penguin Group USA and Hachette Book Group hope to provide one-stop shopping for books and information about authors. Continue reading at The New York Times
[ The New York Times | 2011-05-07 00:00:00 UTC ]
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Time Warner Inc. has released their 2011 first quarter results, with the period ending on March 31, 2011. Continue reading at Folio Magazine
[ Folio Magazine | 2011-05-04 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Wed, 27/04/2011 - 09:11 The trustee of the estate of the late Willy the Wizard author Adrian Jacobs has appealed against the High Court's order for him to pay £1.5m as security for the costs of J K Rowling and Bloomsbury before the plagiarism... Continue reading at The Bookseller
[ The Bookseller | 2011-04-27 00:00:00 UTC ]
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United Business Media (UBM) shared its first quarter report today, with a 13.7 percent increase in total revenue, rising from 2010 first quarters $338.74 million to first quarter 2011s $385.07 million. Continue reading at Folio Magazine
[ Folio Magazine | 2011-04-19 00:00:00 UTC ]
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Written By: Benedicte Page Publication Date: Mon, 18/04/2011 - 09:20 Poetry publishers have united en masse to demand the Arts Council overturn its decision to stop funding the Poetry Book Society, saying the demise of the organisation would lead to a "considerable loss of sales". A total of... Continue reading at The Bookseller
[ The Bookseller | 2011-04-18 00:00:00 UTC ]
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Written By: Katie Allen Publication Date: Fri, 15/04/2011 - 08:46 Titles on topics from Second World War bombers to the life of Roald Dahl have been longlisted for the BBC Samuel Johnson Prize for Non-Fiction 2011. The list of 18 books also includes Edmund De Waals Costa-winning The Hare with... Continue reading at The Bookseller
[ The Bookseller | 2011-04-15 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Fri, 15/04/2011 - 11:32 Independent publisher Choc Lit has bought a contemporary debut thriller and a modern day version of Jane Austen's Persuasion. Director Lyn Vernham bought world rights to Never Coming Home by Evonne Wareham, directly from the... Continue reading at The Bookseller
[ The Bookseller | 2011-04-15 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Fri, 15/04/2011 - 15:24 Booksellers have suffered the worst March in six years, in one of the worst months across retail in almost 20 years. High street and indie retailers seem to be particularly feeling the Spring pinch, after March sales reached a... Continue reading at The Bookseller
[ The Bookseller | 2011-04-15 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Wed, 13/04/2011 - 09:26 Sales at wholesaler Bertrams dropped 3% in the last six months, with library sales down 25%. But strong international sales and a "resilient" retail performance in the face of a slowing consumer book market helped arrest the... Continue reading at The Bookseller
[ The Bookseller | 2011-04-13 00:00:00 UTC ]
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Amazon is dropping the price of its Kindle e-reader to $114 as it faces increasing competition from Apple, Barnes & Noble and other tablets. The new price point represents a $25 price cut on the Wi-Fi version, but it comes with one major trade-off: ads. The e-reader will be sold by Amazon,... Continue reading at AllThingsD
[ AllThingsD | 2011-04-12 00:00:00 UTC ]
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Written By: Bookseller Staff Publication Date: Mon, 11/04/2011 - 14:34 The Osprey Group is to acquire Old House Books and Maps on 28th April, expanding its range of British heritage titles. Osprey previously acquired Shire in 2007 and Angry Robot in 2010. Rebecca Smart, Osprey Group managing... Continue reading at The Bookseller
[ The Bookseller | 2011-04-11 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Mon, 11/04/2011 - 14:00 Two titles from Atlantic feature on the "compelling" 2011 Independent Foreign Fiction Prize shortlist, revealed today (11th April) at London Book Fair. read more Continue reading at The Bookseller
[ The Bookseller | 2011-04-11 00:00:00 UTC ]
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Bloomberg BusinessWeek is certainly seeing the fruits of its redesign labors. According to figures released by the Publishers Information Bureau, BusinessWeek experienced an increase of 49 percent in ad sales for 2011s first quarter, compared to 2010s first quarter. Continue reading at Folio Magazine
[ Folio Magazine | 2011-04-07 00:00:00 UTC ]
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The Publishers Information Bureau (PIB) reported overall growth for magazine ad sales for 2011s first quarter. First quarter ad pages totaled 35,755 pages, a 2.5 percent increase from the first quarter of 2010. Continue reading at Folio Magazine
[ Folio Magazine | 2011-04-07 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Thu, 07/04/2011 - 09:04 Authors including Philip Pullman have warned the "biodiversity of poetry publishing in England" is in "jeopardy", following Arts Council England's funding cuts to poetry presses Arc, Flambard and Enitharmon. In a letter... Continue reading at The Bookseller
[ The Bookseller | 2011-04-07 00:00:00 UTC ]
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Written By: Caroline Horn Publication Date: Wed, 06/04/2011 - 09:37 Children's poetry is among the biggest losers in the children's literature sector following the recent cuts in Arts Council funding, it has emerged. As well as the Poetry Book Society (PBS) which has seen 100% of its funding... Continue reading at The Bookseller
[ The Bookseller | 2011-04-06 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Tue, 05/04/2011 - 15:22 Quercus has nearly matched the £1m digital revenue it made from ebooks last year in the first three months of 2011. read more Continue reading at The Bookseller
[ The Bookseller | 2011-04-05 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Mon, 04/04/2011 - 09:16 The Arts Council has defended its funding cut to the Poetry Book Society (PBS), claiming its "reach and distribution was not as wide or effective as other applicants'". In a letter to the Times, Antonia Byatt, director of... Continue reading at The Bookseller
[ The Bookseller | 2011-04-04 00:00:00 UTC ]
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