Meredith Corp Cuts Pay for 60% of Employees Amid COVID-19

People Magazine owner Meredith Corp, will temporarily cut pay for 60% of its employees and paused its dividend as advertising revenue takes a hit during the coronavirus outbreak, the company announced on Monday.

The Des Moines, Iowa-based company also rescinded its financial guidance for the year.

Meredith joins a number of large news media companies including Gannett Co Inc and McClatchy Co looking to slash costs through pay cuts, furloughs and layoffs as advertisers drastically cut spending.

RSS
Follow by Email
Facebook
Facebook
Twitter
Visit Us
LinkedIn
Read More

Leave a Reply

Your email address will not be published. Required fields are marked *