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The Des Moines, Iowa-based company also rescinded its financial guidance for the year.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

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