Meredith laid off more than 100 staffers this week, the first round of layoffs at the media company since the start of the Covid-19 pandemic.
In all, the Iowa-based publisher laid off 130 people at its Local Media Group and 50 more from its National Media Group, the portfolio of magazine brands. The layoffs were company-wide and particularly affected teams already dealt a blow by the pandemic in events and ad sales.
The layoffs came amid historic print ad declines that have affected all publishers. In all, print advertising was down 33% in the second quarter of 2020, according to the latest U.S. advertising data from Magna.
These steps were cost-cutting measures due to the revenue losses sustained in the Covid-19 pandemic and represent “a reallocation of resources to higher-growth areas,” according to a Meredith spokesperson.
As other media organizations have gone through rounds of layoffs, or temporarily adjusted salaries