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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Antonio Garcia Martinez's Silicon Valley exposé Chaos Monkeys (Ebury) has been longlisted for the Financial Times and McKinsey Business Book of the Year Award. Continue reading at The Bookseller
[ The Bookseller | 2016-08-09 00:00:00 UTC ]
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Julia Turshen has worked with Mario Batali, Gwyneth Paltrow, and Dana Cowin, but is now stepping into the limelight with her debut, 'Small Victories,' due out from Chronicle Books on September 6. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-08-03 00:00:00 UTC ]
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Facebook has started running tests of mid-roll video ads inside live video broadcasts from top publishing partners, the company confirmed Monday.These are Facebook's first ads that get served directly inside videos on the social network. "We're running a small test where a group of publishers... Continue reading at Advertising Age
[ Advertising Age | 2016-08-02 00:00:00 UTC ]
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The U.S. Hispanic population of 56.6 millionaccounting for 17.6% of U.S. inhabitants and 11.3% of all purchasing poweris a particularly key demographic in this presidential election year, with about 27.3 million eligible Hispanic voters who are adult U.S. citizens. Spanish-language media giant... Continue reading at Advertising Age
[ Advertising Age | 2016-08-02 00:00:00 UTC ]
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Riding the success of its Put Me in the Story book personalization for children, the independent publisher Sourcebooks rolls out an offering on business-inspirational material. The post Trends: Sourcebooks Expands Book Personalization to Business Titles appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2016-08-02 00:00:00 UTC ]
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Quercus has added a new title to its Enid Blyton for Grown-Up series due out this November, with the Famous Five’s friendship now set to be challenged by divisions over the thorny subject of Brexit. Continue reading at The Bookseller
[ The Bookseller | 2016-08-02 00:00:00 UTC ]
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Google made a move Tuesday that should have every publisher and ecommerce player on notice, expanding links to Accelerated Mobile Pages beyond a carousel at the top of its search results to the full list of hits below.Google has been displaying AMP pages in a carousel intended to highlight news... Continue reading at Advertising Age
[ Advertising Age | 2016-08-02 00:00:00 UTC ]
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Editor Genevieve Smith tells Folio: why now's the time to dig deep into public distrust. The post New York Magazine Makes “The Case Against the Media” appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-08-01 00:00:00 UTC ]
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Elsevier's business trends "remain positive", with underlying revenue growth of 2% for the first half of 2016, parent company RELX Group has reported. Continue reading at The Bookseller
[ The Bookseller | 2016-07-29 00:00:00 UTC ]
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With economic shrinkage forecast to continue, Brazil's publishing industry battles educational and distribution challenges: 'We've had to reinvent ourselves,' says a key player in the book business. The post ‘Expand the Number of Readers’: Brazil’s Miriam Gabbai appeared first on Publishing... Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2016-07-29 00:00:00 UTC ]
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Thirty-one employees face layoffs, though magazine brands not affected. The post Trusted Media Brands Cuts Children’s Book Publisher appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-07-29 00:00:00 UTC ]
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Amazon has brought its Prime Now service to Scotland, offering a fast delivery service in Glasgow on thousands of items, including Harry Potter and the Cursed Child. Continue reading at The Bookseller
[ The Bookseller | 2016-07-28 00:00:00 UTC ]
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US publishers’ revenues were up 4.2% year-on-year to $662.2m in February ($597.4m in February 2015), with sales for the first two months of the year now down 3% overall ($1.68bn) compared to 2015, according to statistics released by the Association of American Publishers (AAP). Continue reading at The Bookseller
[ The Bookseller | 2016-07-28 00:00:00 UTC ]
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Media company Meredith is betting big on Facebook Live. It has produced 26 videos in the past eight months and aims to create between five and 10 a week. It puts a big focus on Martha Stewart content and uses those live videos to generate revenue through integrating products within them. It's... Continue reading at Digiday
[ Digiday | 2016-07-26 00:00:00 UTC ]
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Under publisher Christine Guilfoyle, the title hits newsstands in October with a run of 400,000 copies. The post Meredith to Partner with “Fixer Upper” Stars on New Lifestyle Mag appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2016-07-20 00:00:00 UTC ]
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A comic book cover featuring Wonder Woman. One of Dynamite’s goals is to further diversify its audience. Continue reading at The New York Times
[ The New York Times | 2016-07-18 00:00:00 UTC ]
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Facebook has updated its app-install ads to allow developers to select targeted audiences based on which users will most likely use an app and not just install and forget about it. The product, App Event Optimization, will allow advertisers to select from among 14 user actions that might... Continue reading at AdWeek
[ AdWeek | 2016-07-18 00:00:00 UTC ]
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A spokesperson for Pearson UK has said the company is "80% of the way there and ahead of plan" on its latest job-cutting restructure, as the wider company looks to make £250m annualised cost savings globally this year plus a further £100m in 2017. Continue reading at The Bookseller
[ The Bookseller | 2016-07-15 00:00:00 UTC ]
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Advertising on the websites of premium publishers, such as The New York Times and Hearst properties, is three times as effective as it is on those of nonpremium publishers at boosting brand favorability and making users more likely to recommend products or services, according to a study by... Continue reading at AdWeek
[ AdWeek | 2016-07-15 00:00:00 UTC ]
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Kensington Publishing will add a mass market paperback line to its Lyrical Press imprint, Kensington’s digital first unit that it bought in January 2014. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-07-14 00:00:00 UTC ]
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