People publication’s publisher joins growing list of media companies slashing pay as ads slump

Blake Shelton named Individuals’s Sexiest Guy of the Year.

Source: People

The owner of publications including “People” and “Entertainment Weekly” stated Monday it is cutting spend for about 60%of its personnel till Sept. 4 because of a depression in advertising revenue due to coronavirus quarantines.

Meredith Corp. stated about 2,000 employees will get a short-term 15%cut in wage, and 750 employees, including Meredith’s highest paid executives, will take pay cuts ranging from 20%to 40%. The staying 2,250 staff members won’t get a pay reduction.

Employees taking a pay cut will also begin working four-day weeks from May 4 to Sept. 4, the company stated.

In addition, Meredith stated it is instituting a hiring and wage freeze and a “considerable” reduction in using freelance writers for its publications. The company also stated it is withdrawing its financial 2020 performance expectations last interacted in February and is suspending its dividend Meredith stated it will reassess the moves in late summer season once it has a much better continued reading a healing.

Meredith is the biggest U.S. magazine operator, owning more than 20 newsstand and membership titles including way of life publications such as “Better Homes & Gardens” and “InStyle.” It likewise owns 17 regional tv stations reaching about 30 million U.S. audiences.

Print and digital media business have actually been contracting and cutting incomes as companies across the globe look to save money on expenditures such as marketing. About half of Meredith’s total revenue comes from marketing. The New York Times approximated last week about 33,000 workers of U.S. news media companies have been laid off, furloughed or had their pay decreased in recent weeks. Companies such as Buzzfeed and Vox have actually likewise revealed pay cuts in the previous few weeks.

Watch: Anticipate task cuts as revenues fall amidst virus crisis, says magnate survey

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