People magazine's publisher joins growing list of media companies slashing pay as ads slump [CNBC]
Meredith Corporation (MDP)
Last meredith corporation earnings: 2/6 08:00 am
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Source: CNBC
The owner of magazines including "People" and "Entertainment Weekly" said Monday it is cutting pay for about 60% of its staff until Sept. 4 because of a slump in advertising revenue due to coronavirus quarantines.. said about 2,000 employees will receive a temporary 15% cut in salary, and 750 employees, including Meredith's highest paid executives, will take pay cuts ranging from 20% to 40%. The remaining 2,250 employees won't receive a pay reduction.Employees taking a pay cut will also begin working four-day weeks from May 4 to Sept. 4, the company said.In addition, Meredith said it is instituting a hiring and wage freeze and a "significant" reduction in using freelance writers for its magazines. The company also said it is withdrawing its fiscal 2020 performance expectations last communicated in February andis suspending its dividendMeredith is the largest U.S. magazine operator, owning more than 20 newsstand and subscription titles including lifestyle publications such as "Better H
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