Meredith Corp., Publisher of Ladies' Home Journal, Cuts 80 Jobs
Meredith Corp., the publisher of magazines including Ladies' Home Journal, is eliminating another 80 full-time positions in wide-ranging cuts.
Staffers said Tuesday that they were told every magazine in the portfolio would be affected. In addition to Ladies' Home Journal, Meredith 's titles include Better Homes and Gardens, Family Circle, More, Fitness, Every Day with Rachael Ray, Parents, Family Fun, Traditional Home, Midwest Living and Ser Padres.
Meredith has been investing in its business, spending $175 million earlier this year to buy Allrecipes.com, the largest food website in the country. But the national media group, where its magazines are housed, saw first-quarter revenue decline 9%, to $244 million, year-over-year. Operating profit fell 14.3%, to $36 million.
Ad sales so far this year have disappointed many magazine publishers, which had expected to see gains as the economy seemed to improve. Ad pages in monthlies' issues from January through May fell 5.8% from the year-earlier period, according to the Media Industry Newsletter.
At Meredith , ad pages declined 6.3% at Better Homes, 14.6% at Family Circle (which published one less issue than in 2011), 18.9% at Ladies' Home Journal, 26.7% at More, 4.7% at Fitness, 8.7% at Rachael Ray, 16.8% at Parents and 25.6% at Family Fun. They increased 19.6% at Traditional Home.
Meredith previously eliminated jobs for about 80 employees during second-quarter 2011, leaving the company with 3,150 full-timers at the end of June, according to its most recent annual report.
A spokesman confirmed the new layoffs Tuesday.
Meredith is reporting its first-quarter results Wednesday.