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Meredith for cutting up to 300 jobs



Meredith
Corp.


MDP -0.46%

is the largest magazine publisher in the country, expected to lay off another 300 to 300 employees this week after the recent acquisition of Time Inc. has completed people familiar with the situation are.

Of the job cuts aimed at reducing double occupations, especially Time Inc.'s New York staff will be affected. The reductions are part of Meredith's drive to cut costs by $ 400 million to $ 500 million over the next two years.

Meredith is also expected to disclose a new distribution structure that allows for a greater focus on specific magazine brands. In recent years, Time Inc. has dedicated itself to a sales approach that highlighted advertising categories such as pharmaceuticals rather than individual magazines. As part of the reorganization, Meredith is also preparing a new opportunity to hire advertisers with much larger print and digital offerings.

Meredith, which owns broadcasters and publishes magazines such as Better Homes & Gardens, Allrecipes and Shape, has closed its $ 1

.85 billion acquisition of Time Inc. on January 31. One reason why Time Inc. was attractive to Meredith was the ability to eliminate double the cost, including business administration, legal, financial, and human resources. 19659006] Employees of the previous Time Inc. portfolio are not expected to be significantly affected by the upcoming layoffs, as the persons familiar with the situation know. Meredith, contemplating the potential sale of Fortune, Time, Sports Illustrated, and Money, would prefer potential new owners of these publications to make personnel decisions, a person familiar with the situation believes.

Meredith has previously said it is undergoing a full portfolio review. In a signal that the review is coming to an end, Meredith has scheduled a series of staff meetings for March 28 in New York City to be conducted by

Tom Harty,

Meredith's new CEO, and

Jon Werther,

President of Meredith's National Media Group

In a memorandum of 16 March, the two executives told employees that the event would serve as a forum for questions. There will be separate meetings for Meredith staff in Des Moines, Iowa, on April 11.

The layoffs expected for this week are likely to be only the first round, with additional redundancies later in the year as Meredith continues to operate Integrated into Time Inc.

According to regulators, Time Inc. employed approximately 7,450 people by the end of 2016, of which approximately 4,950 were employed in the United States, while Meredith employed approximately 3,500 full-time and 120 part-time workers as of June 30, 2017.

In a speech before a conference of Deutsche Bank

Steve Lacy,

The CEO, said that Meredith all its back-office activities in Des Moines, including sales, production, IT, finance and law, where the costs are much lower than New York.

The restructuring comes in a turbulent time in the media business. Magazine print advertising continues to decline, and even the digital businesses that media outlets have come under pressure as tech giants Google and Google

Facebook

Use their enormous audience and their data to collect the majority of digital advertising dollars.

Meredith recently said in a regulatory filing that it is now among the top 10 digital players in the US, reaching 170 million unique visitors per month.

Letter to Jeffrey A. Trachtenberg at [email protected]


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