Meredith Cuts Salaries, Expands Ad Guarantee to Make Up for Revenue Decline

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

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Amazon is now taking a 30 percent cut of ad sales from Fire TV

Amazon is taking a bigger piece of ad sales on Fire TV, its connected TV devices, by requiring TV networks and digital publishers to hand over 30 percent of their commercial space for it to sell, according to new terms from the e-commerce giant.Until last month, Amazon let the publishers sell... Continue reading at Advertising Age

[ Advertising Age | 2018-11-20 00:00:00 UTC ]
More news stories like this | News stories tagged with: #ad inventory #ad sales #bigger piece #digital publishers #commercial space #e-commerce giant #ad revenue


ShortList magazine to close amid declining revenues

About 20 staff are expected to lose their jobs at men’s title, which launched in 2007ShortList magazine is shutting down after more than a decade, as publishers struggle to make free print publications profitable amid declining advertising revenue and the increased cost of paper.The magazine... Continue reading at The Guardian

[ The Guardian | 2018-11-16 00:00:00 UTC ]
More news stories like this | News stories tagged with: #shortlist magazine #publishers struggle #magazine market #fallen victim #print advertising


Snapchat’s creator charm offensive stops short of ad revenue sharing

Snapchat has opted to treat a select group of creators as publishing partners instead of ad inventory. The post Snapchat’s creator charm offensive stops short of ad revenue sharing appeared first on Digiday. Continue reading at Digiday

[ Digiday | 2018-08-22 00:00:00 UTC ]
More news stories like this | News stories tagged with: #post snapchat #select group #publishing partners #ad inventory


Index Exchange expands as ad tech consolidation looms

Index Exchange said Wednesday that it is hiring 200 staffers by the end of this year, bringing its total headcount to 520 and signaling growth even as the overpopulated ad-tech business continues to consolidate.The company says its expansion is not only happening without outside investors, but... Continue reading at Advertising Age

[ Advertising Age | 2018-04-11 00:00:00 UTC ]
More news stories like this | News stories tagged with: #technology company #index exchange #helps publishers


Apple expands test to sell ads in Apple News

Apple News is expanding its DoubleClick for Publishers test to publishers just as they look harder for ways to monetize their content outside of Facebook. The post Apple expands test to sell ads in Apple News appeared first on Digiday. Continue reading at Digiday

[ Digiday | 2018-03-26 00:00:00 UTC ]
More news stories like this | News stories tagged with: #sell ads #apple news


Meredith plans to sell off Time, Fortune and Sports Illustrated and cut 1,000 jobs

Meredith Corp., which bought Time Inc. and its stable of magazines in January, plans to sell the flagship publication Time, as well as Sports Illustrated, Fortune and the Money brand, after completing a review of the $1.8-billion deal. The company also intends to eliminate about 1,000 jobs over... Continue reading at Los Angeles Times

[ Los Angeles Times | 2018-03-22 00:00:00 UTC ]
More news stories like this | News stories tagged with: #bought time #sports illustrated #meredith corp


Snapchat's UK ad revenue set to overtake Twitter's next year

UK arm – which earns about 10% of app’s global ad revenues – is forecast to bring in £181mSnapchat is so popular in Britain that its advertising revenue will overtake Twitter’s UK revenue in 2019, and revenue from consumer magazine and cinema advertising within two years.The seven-year old phone... Continue reading at The Guardian

[ The Guardian | 2018-03-19 00:00:00 UTC ]
More news stories like this | News stories tagged with: #phone app #hugely popular #younger users #advertising revenue #uk arm


Digiday Research: 83 percent of European publishers increased programmatic ad revenue in 2017

Digiday surveyed 84 publisher executives to learn more about how reliant publishers are on programmatic advertising for their digital revenues. The post Digiday Research: 83 percent of European publishers increased programmatic ad revenue in 2017 appeared first on Digiday. Continue reading at Digiday

[ Digiday | 2018-03-16 00:00:00 UTC ]
More news stories like this | News stories tagged with: #digiday research #programmatic advertising #digital revenues


Kohl’s and Paula Deen Make Memorable Ad Impressions in Food Magazines

Christoph Waltz for Dom Pérignon and KitchenAid also claim high recognition scores in GfK MRI's consumer ad recall study. The post Kohl’s and Paula Deen Make Memorable Ad Impressions in Food Magazines appeared first on Folio:. Continue reading at Folio Magazine

[ Folio Magazine | 2018-03-16 00:00:00 UTC ]
More news stories like this | News stories tagged with: #gfk mri


How European publishers are diversifying from overreliance on ad revenue

“Experiential is critical in marketing today. Many millennials would rather spend money on experiences over products.” The post How European publishers are diversifying from overreliance on ad revenue appeared first on Digiday. Continue reading at Digiday

[ Digiday | 2018-02-22 00:00:00 UTC ]
More news stories like this | News stories tagged with: #european publishers #ad revenue


Google and Facebook make up less than 5 percent of publishers’ digital revenue

Revenue from third-party platforms represented 16 percent of publishers' total digital revenue in the first half of 2017 -- nearly unchanged from a year earlier. The post Google and Facebook make up less than 5 percent of publishers’ digital revenue appeared first on Digiday. Continue reading at Digiday

[ Digiday | 2018-02-08 00:00:00 UTC ]
More news stories like this | News stories tagged with: #digital revenue #post google #year earlier


Facebook news-feed changes will cut into publishers’ branded-content revenue

Publishers were able to make decent money on Facebook by making and selling custom videos for advertisers, but that could soon change. The post Facebook news-feed changes will cut into publishers’ branded-content revenue appeared first on Digiday. Continue reading at Digiday

[ Digiday | 2018-01-22 00:00:00 UTC ]
More news stories like this | News stories tagged with: #facebook news-feed


Facebook shares tumble after changes to its News Feed that could shrink ad revenue

Facebook shares were down more than 4% early Friday to $180.10 after the social network announced it was making major changes to its signature News Feed. Facebook said it would begin prioritizing posts from users’ friends and families that spark the most interaction over posts from brands and... Continue reading at Los Angeles Times

[ Los Angeles Times | 2018-01-12 00:00:00 UTC ]
More news stories like this | News stories tagged with: #facebook shares #making major


Facebook to stop routing ad revenue via Ireland amid pressure over taxes

Company says it will book advertising revenue in countries where it is earned instead of through Dublin headquartersFacebook has said it will start booking advertising revenue in countries where it is earned instead of re-routing it via Ireland, although the move is unlikely to result in it... Continue reading at The Guardian

[ The Guardian | 2017-12-12 00:00:00 UTC ]
More news stories like this | News stories tagged with: #controversial topic #european union


Unimpressed with revenue, publishers want to sell their own ads on Facebook video shows

Facebook needs to loosen its grip on Watch show sponsorships and mid-roll inventory, publishers say. The post Unimpressed with revenue, publishers want to sell their own ads on Facebook video shows appeared first on Digiday. Continue reading at Digiday

[ Digiday | 2017-12-01 00:00:00 UTC ]
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French publisher Liberation now gets half of mobile ad revenue from Facebook Instant Articles

Over half of Liberation's mobile revenue comes from Facebook Instant Articles, which accounts for 10 percent of its mobile pageviews. The post French publisher Liberation now gets half of mobile ad revenue from Facebook Instant Articles appeared first on Digiday. Continue reading at Digiday

[ Digiday | 2017-10-04 00:00:00 UTC ]
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Instagram Just Added a Tag to Make Sponsored Content More Transparent

Instagram Wednesday introduced a clearer way for users to determine when posts by influencers or publishers are the results of commercial relationships with the businesses they are posting about. The Facebook-owned photo- and video-sharing network said in a blog post that users will begin seeing... Continue reading at AdWeek

[ AdWeek | 2017-06-14 00:00:00 UTC ]
More news stories like this | News stories tagged with: #commercial relationships #video-sharing network #paid partnership


Facebook Is Expanding Ad Breaks for Live and Uploaded Video

Publishers and creators might soon be able to make more money off their Facebook video content. Facebook is introducing or expanding three types of video ads for both the social network and publishers' websites: in-stream video ads for publisher websites, expanding ad breaks for Facebook Live... Continue reading at AdWeek

[ AdWeek | 2017-02-23 00:00:00 UTC ]
More news stories like this | News stories tagged with: #publisher websites #video ads #ad breaks


Facebook Is Testing Out Mid-Roll Ads to Further Boost Its Video Revenues

Look out, YouTube. Facebook is trialing mid-roll ads for videos that are viewed for at least 20 seconds, according to a report today by Recode, which cited unnamed industry sources. The digital giant declined to comment on the report.  Simply put, Facebook wants to generate cash from the clips... Continue reading at AdWeek

[ AdWeek | 2017-01-10 00:00:00 UTC ]
More news stories like this | News stories tagged with: #simply put #clear message #sponsored posts #ad break


CMS committee warns cuts 'making arts less accessible'

The Culture, Media and Sport select committee has warned that budget cuts are making culture less accessible, as part of its latest report on funding and support for the arts outside London. Continue reading at The Bookseller

[ The Bookseller | 2016-12-16 00:00:00 UTC ]
More news stories like this | News stories tagged with: #latest report