Meredith cuts 180 employees, or 3.6 percent of workforce

Publishing and broadcasting giant Meredith — which until now has relied on pay cuts to weather the pandemic — said it will cut 180 employees, or about 3.6 percent of its workforce, from its 17 TV stations and its magazine division, which includes People and Better Homes & Gardens.

“While we’re seeing slight improvement, advertising remains significantly below our historical norms,” a spokeswoman said on Thursday.

The TV side, known as the local media group, will be hit hardest. About 130 will be chopped from a workforce of 2,850 — a 7.3 percent cut. The national media group, which includes the magazines and related web sites, will see 50 people cut. There are another 375 people working in corporate overseeing both wings of the company.

The company said the TV operations will consolidate at its Atlanta location and centralize all graphic and creative services.

The company had imposed pay cuts in May ranging from 15 percent to 40 percent that had slammed more than half of its workforce. The pay cuts were reversed earlier this month.

The company last month reported fourth-quarter revenue for the period ending June 30 of $611.2 million, down 22 percent from a year earlier and adjusted EBITDA of $80 million, a decline of 53 percent from the $169 million in adjusted EBITDA reported in the same quarter a year earlier.

The company blamed COVID-19 advertising delays and cancellations, but also said there was a $40 million decline in the magazine division attributable to cutting print editions from some magazines.

New York Post

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