Meredith Corp., which seemed to have such a successful year in 2009, announced today that it is planning to “reposition” its Special Interest Media business, resulting in the loss of about 45 jobs.
Meredith has over 90 special interest magazines covering remodeling, decorating, food and entertaining and gardening, including titles such as Diabetic Living and Kitchen and Bath Ideas. But Meredith’s president Stephen Lacy said today that the effects of the recession have led the company to reposition the division to focus on “certain home and food verticals, in particular those aligned with the Better Homes and Gardens brand.”
Although Meredith currently leads the special interest media industry, it is planning to cut the number of special interest issues it produces from 150 in fiscal 2010 to 90 in fiscal 2011. “We continue to believe in the long-term viability of this business and believe this strategy will deliver substantially higher profitability going forward,” Lacy said in a statement about the decision today.
A Meredith spokesperson told FishbowlNY that these layoffs will occur immediately in most cases, and that most employees won’t be reassigned within the company. Layoff notifications have already been made, so if you know anything let us know.
Meredith said that it was recording a special charge of $5.5 million for the second quarter of fiscal 2010 for the repositioning, which includes costs for severance.
Update: We have learned that there will be no layoffs from Meredith’s operations in New York. A bulk of the cuts will come from its Des Moines, Iowa headquarters.
Read the press release.