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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Pearson Plc (PSON), the publisher of the Financial Times, said today it will have cut a total of about 4,000 jobs in the two years through 2014 and reported a sales decline of 6.5 percent for the first half. The cuts are equivalent to about 10 perc ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2014-07-25 00:00:00 UTC ]
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Kraft, Nike, Target and Walmart are trialing new video technology that makes ads interactive. In the case of Kraft, a 15-second clip comes with pop-up information on the brand and its products. As the video runs, a click over one of the frames pulls up a pastry recipe or product details for... Continue reading at AdWeek
[ AdWeek | 2014-07-03 00:00:00 UTC ]
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Community news publishers everywhere are searching hard for new revenue. But who knew that dollars might be staring them virtually in the face? Broadstreet, which provides ad services to news publishers, is offering a new ad unit c ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2014-06-02 00:00:00 UTC ]
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The upcoming Digiday Content Marketing Awards include a category for best publishing native advertising program. We asked presenters from our upcoming Digiday Publishing Summit to offer their insights on what makes effective native ads.The post Rising above the listicle: What makes a good native... Continue reading at Digiday
[ Digiday | 2014-03-12 00:00:00 UTC ]
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New eMarketer research forecasts mobile ad spend to top £2bn this year, and for total digital media to reach £9bn by 2017UK mobile advertising spend is forecast to top £2bn and overtake newspaper ad revenue for the first time in 2014, according to new research.Total digital media advertising... Continue reading at The Guardian
[ The Guardian | 2014-03-10 00:00:00 UTC ]
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News websites and online publishers saw advertising soar 18 per cent in Britain last year, fuelling hopes that digital growth has reached a long-awaited tipping point where it will offset print decline. Figures from the Association of Online Publi ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2014-03-05 00:00:00 UTC ]
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Barnes & Noble reports that consolidated revenue for the third quarter of fiscal 2014 decreased 10.3% to $2 billion from the same period in the previous fiscal year. Third quarter EBITDA increased from $59 million a year ago to $173 million. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-02-26 00:00:00 UTC ]
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Meredith, like many publishers, is still trying to figure out how to effectively make money on mobile. Its latest strategy: “gamify” its mobile apps. The publisher has inked a one-year deal with Kiip, an ad tech startup that serves users branded “rewards” in exchange for completing certain... Continue reading at Digiday
[ Digiday | 2014-02-18 00:00:00 UTC ]
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Barnes & Noble acknowledged Monday that it has cut jobs throughout the company, but insisted that a report that said it had laid off its entire Nook hardware staff was “incorrect.” Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-02-11 00:00:00 UTC ]
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The New York Times Company said it added digital subscribers and slowed its declines in print and digital advertising revenue during the fourth quarter of 2013, a year of transition for the newspaper publisher. For all of 2013, revenue from digital ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2014-02-06 00:00:00 UTC ]
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Daily Mail publisher reports that website's ad revenues increased by 48% to £14m in the final three months of 2013Mail Online's ad revenues increased by almost 50% to £14m in the final three months of last year, more than offsetting a fall in print advertising to keep the Daily Mail titles in... Continue reading at The Guardian
[ The Guardian | 2014-02-05 00:00:00 UTC ]
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Time Warner, the media company that owns HBO and the Warner Bros. film studio as well as Time Inc. for a few more months, surpassed analysts' estimates for both fourth-quarter revenue and profit in results reported on Wednesday.Excluding some items, earnings were $1.17 a share, the New... Continue reading at Advertising Age
[ Advertising Age | 2014-02-05 00:00:00 UTC ]
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You might think December would be the calm before the storm at Time Inc., which is, to say the least, expecting an eventful 2014. But CEO Joe Ripp is busy this month too.The company, which publishes magazines including People and Sports Illustrated, is slated to spin off from parent Time Warner... Continue reading at Advertising Age
[ Advertising Age | 2013-12-18 00:00:00 UTC ]
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Publishers across Europe saw a decline in total revenue in 2012, despite a rise in the number of... Continue reading at The Bookseller
[ The Bookseller | 2013-12-13 00:00:00 UTC ]
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News Corp., the publisher of newspapers such as the Wall Street Journal and New York Post, reported a 2.8% decline in first-quarter revenue, hurt by shrinking demand for print advertising.Revenue fell to $2.07 billion in the period, which ended on Sept. 30, down from $2.13 billion a year... Continue reading at Advertising Age
[ Advertising Age | 2013-11-12 00:00:00 UTC ]
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Instagram's cautious roll-out of its in-stream ads is now underway.U.S. users who open the app in the coming week will see an "educational ad" from Instagram itself, according to a blog post. Confirmed advertisers to follow it are Adidas, Ben & Jerry's, Burberry, General Electric, Levi's,... Continue reading at Advertising Age
[ Advertising Age | 2013-10-25 00:00:00 UTC ]
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Responding to growing Washington attacks on data brokers, the Direct Marketing Association is mounting its biggest defense by unveiling a new study Monday during its annual conference in Chicago. The study quantifies how much of the economy is driven by companies that use consumer-level data to... Continue reading at AdWeek
[ AdWeek | 2013-10-14 00:00:00 UTC ]
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When Forbes rolled out AdVoice in 2010, the architects planned to blow up the traditional publishing-advertising model. Instead of offering companies just online banner ads, Forbes was giving advertisers the ability to publish their stories directly to the magazine's website.It was a gamble that... Continue reading at Advertising Age
[ Advertising Age | 2013-10-11 00:00:00 UTC ]
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Revenues were up for Meredith's National Media Group in its fiscal year 2013 earnings report, as the company saw big returns from digital advertising and continued success with its S Continue reading at Folio Magazine
[ Folio Magazine | 2013-07-26 00:00:00 UTC ]
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Quarto has revealed plans to cut debt by divesting of businesses "detracting from... Continue reading at The Bookseller
[ The Bookseller | 2013-03-12 00:00:00 UTC ]
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