Capped by a blowout fourth quarter, HarperCollins reported that earnings for the fiscal year ended June 30, rose 23% over fiscal 2017, to $244 million. The jump in EBITDA (earnings before interest, taxes, depreciation, and amortization) came on a 7% revenue rise, to $1.76 billion. The sales gain included $28 million from a sublicensing agreement with Amazon Studios for the J.R.R Tolkien Lord of the Rings trilogy, plus $25 million from the positive impact of foreign currency fluctuations. Excluding foreign currency, sales were up 6% and earnings 22%. The Tolkien deal was finalized in this fiscal year’s fourth quarter, which helped fuel a 20% increase in revenue over the comparable period last year. Click Read More below for additional information.
Big publishers aren’t slacking on cost-cutting measures in the New Year. Women’s interest publisher Meredith Corp. revealed that it has cut 40 positions across the company, with half of the layoffs falling on its New York office and the rest spread across other locations.
The layoffs amount to a little over 1% of the company’s total workforce of 3,800. According to the company, the cuts are part of a broader reorganization that will also see some staff assuming new roles.
It’s not clear how the staff reductions are distributed between Meredith’s TV and magazine divisions, whose fortunes have diverged over the last few years. In the most recent quarter, TV revenues jumped 31% to $183 million, reflecting a big bump in cyclical political ad spending, while total ad revenues at the magazine division slipped 2% to $135 million.
Meredith has plenty of company among other magazine publishers, also trimming costs and reshuffling personnel amid a challenging print ad market.
Time Inc. recently reorganized its sales and marketing team as part of a broader push to sell advertising based on category, rather tha magazine title. The restructuring resulted in 30 staffers leaving the company, including six senior sales and marketing executives. Some took voluntary packages; others were let go when their positions were eliminated.
more at: http://www.mediapost.com/publications/article/294256/meredith-corp-announces-layoffs.html