The Des Moines, Iowa-based publisher confirmed that 50 staffers had been laid off at its national media group, which includes brands such as People Magazine, InStyle and Entertainment Weekly, and 130 people had been let go at its local media group, comprising many broadcast channels.
She stressed that the company will focus on adding new skill sets to its national media group, particularly in digital. For its local media group, Meredith will combine all master control into its Atlanta, Ga., location and will centralize all graphic design and creative services. To counter the slide in ad revenues, it has implemented a number of cost-saving measures over the past few months, but until now that hadn’t involved layoffs.Those measures included cutting salaries for 60 percent of its 5,000 staffers in May. Around 45 percent of those impacted received a 15 percent pay reduction, while the remaining 15 percent, made up of Meredith’s highest paid employees, took pay cuts of between 20 percent and 40 percent.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: NBCNews - 🏆 10. / 86 Read more »