Meredith Corp.’s president and chief executive officer Tom Harty warned that the advertising downturn has been “swifter and more severe” than during the trough of the Great Recession as he delivered worse-than-expected third quarter financial results.
Revenues were $702 million in the three months ended March 31, a decline of 6 percent from a year ago, and lower than the general consensus among analysts of $720.8 million. Earlier this month, it cut salaries for 60 percent of its 5,000 staffers. 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 and 40 percent through Sept. 4. Employees receiving pay reductions will have one day of unpaid leave a week during the same period and Meredith has also implemented a wage, salary and hiring freeze.
Harty also revealed that the company has seen “incredible demand” for print magazines in the last six weeks and when its competitors are looking at lowering rate bases and changing frequency, it has “been leaning in.”
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