Meredith Corp. will cut 45 positions, the company announced today. The cuts are part of a “repositioning” of a subset of its magazine business, the Special Interest Media business. These are pubs focusing on home improvement and DIY, like Beautiful Kitchens, Country Gardens, Kitchen & Bath Ideas, that sort of thing.
Meredith said it plans to produce approximately 90 issues of Special Interest Media mags in fiscal 2011 compared to 150 in fiscal 2010.
Meredith’s Special Interest Media group currently contains 90 titles, but closures, as well as possible frequency cutbacks, are imminent: “The recessionary economy has impacted the consumer’s ability to execute these types of projects and led to a decrease in advertising spending,” Meredith President and Chief Executive Officer Stephen M. Lacy said in a statement. “As a result, we are repositioning our SIM portfolio to focus on certain home and food verticals, in particular those aligned with the Better Homes and Gardens brand.”
Meredith will pay $5.5 million for this repositioning, including severance.