Meredith eliminates 40 positions, one week following its strong Q2 2017 earnings report
The publisher and broadcast station owner Meredith today acknowledged that it had eliminated 40 positions, the AP said, which broke the news yesterday. The announcement comes less than a week following the release of the company’s Q2 2017 fiscal earnings.
Meredith was able to report strong earnings due to its broadcast side, which benefited from political advertising.
“In our Local Media Group, we generated a record $67 million of political ad revenues and increased net retransmission contribution,” said President and COO Tom Harty.
The print side, known as the National Media Group, saw its revenue fall slightly, though revenue was flat when taking out its shuttered magazine More, closed in February of last year.
Meredith previously this week announced that its board had approved a 5.1 percent increase of its regular stock dividend to $2.08 per share on an annualized basis, an increase of $0.10 per share.