Fiscal 2022 first quarter revenues grew 2 percent to $709 million. Looking more closely at the quarter: *Digital revenues grew 24 percent to $200 million. Performance was led by strong 29 percent growth in digital advertising revenues. Meredith continues to benefit from its proprietary technology platform that brings together strong content and trusted brands, unique taxonomy, and first party data. Digital consumer revenues grew 24 percent, with performance driven by Apple News+ and performance marketing via retail partners, including Walmart, Amazon, and Target. *Magazine revenues declined 2 percent to $305 million. Magazine consumer related revenue, which accounted for nearly two-thirds of the segment's revenue, grew 6 percent, driven by newsstand and subscription revenue performance. Magazine advertising revenues declined as expected, due primarily to the food, prescription drug, and beauty categories, which continue to be adversely impacted by current economic conditions including ongoing work-from-home protocols and supply chain disruptions. *Local Media Group revenues declined 7 percent to $209 million. As expected in a non-political year, political spot advertising revenues were lower at $5 million compared to $52 million. Non-political spot advertising revenues grew 24 percent, reflecting a lack of political advertising crowd out, and driven primarily by gaming, professional services, and home categories. Retransmission revenue growth was driven primarily by annual escalations.
Overstock.com Inc. is calling on Congress to pass legislation to simplify, or clarify, online sales tax collection in the wake of Thursday’s U.S. Supreme Court decision that enables states and local governments to force online retailers to collect sales taxes, even if they don’t have a physical presence, or nexus, in the state.
“The U.S. Supreme Court has reshaped the interstate commerce landscape in a move that could impact small business innovation on the internet, which has been a driving force behind our nation’s economy for the last 15 years,” says Jonathan Johnson, an executive and board member at Overstock, No. 32 in the newly released Internet Retailer 2018 Top 1000, “The framers of the Constitution intended Congress to regulate interstate commerce by thoughtful legislation. To lessen the potential impact of today’s ruling on internet innovation, Congress can, and should, pass sound legislation allowing states to accomplish their aims while still permitting small internet business to thrive.”
Wayfair Inc., No. 16, which was named in the suit before the court, agreed in a statement that “the court was not the ideal venue for creating this level playing field,” before noting that it expects the decision will bring “clarity and certainty to this issue.”
more at source: https://www.digitalcommerce360.com/2018/06/21/overstock-urges-congress-to-act-in-the-wake-of-the-supreme-courts-online-sales-tax-decision/