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Meredith Corporation
said today it recorded a net special charge of
$7 million ($4 million after-tax, or $0.10 per share) in its fiscal 2013
second quarter. The charge was related to business realignments and selected
workforce reductions designed to realize the full value of recent
acquisitions, and as part of an ongoing process to optimize performance and
achieve further cost efficiencies.
Meredith has aggressively scaled its capabilities to deliver content over
multiple platforms to meet increased consumer demand and growing client
requests for multiplatform advertising and marketing programs in the past
year. As a result, Meredith has added or created approximately 300 jobs to
support key strategic growth initiatives including the:
o Acquisition of Allrecipes.com, doubling Meredith's digital presence. The
addition made Meredith the No. 1 digital food media company, and moved it
to No. 3 in the digital women's lifestyle category.
o Addition of the EveryDay with Rachael Ray and FamilyFun brands. These
moves increased Meredith's share of the U.S. magazine industry advertising
revenues to its current level of nearly 12 percent.
o Purchase of ShopNation and launch of a growing e-commerce platform.
o Execution of digital, mobile, video and social expansion strategies,
including creating tablet editions; developing new mobile apps; and
expanding video content creation capabilities.
o Expansion and monetization of Local Media Group video content through an
increase in local news programming, along with more national video content
creation.
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