Executives at Meredith, the publisher behind brands like People, Better Homes & Gardens, All Recipes and Real Simple, announced widespread pay cuts today to weather the impact of Covid-19.
About 2,250 employees (45% of staff) will see a 15% pay reduction; another 750 employees (15% of staff) will have their pay cut by between 20 percent and 40 percent from May 4 to Sept. 4.
The remaining 2,000 employees won’t see a reduction in pay. Meredith will also freeze hiring and salary increases, and reduce its budget for freelancers.
Meredith is just the latest media company to retrench amid the business changes brought on by the pandemic.
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