Meredith Corp. announces thousands of pay cuts due to 'COVID-19 crisis'

Des Moines-based Meredith Corporation announced Monday that it will cut pay for thousands of its employees due to financial struggles caused by the COVID-19 pandemic.According to a statement from the company, 2,225 employees will receive a 15% pay cut.The company said its highest-paid employees will receive pay cuts between 20-40%, totaling around 775 additional pay cuts.The pay cuts begin May 4 and continue through September 4.All impacted employees will receive one paid day off per week at the company's lower pay rate.Meredith President and CEO Tom Harty said in a statement that “the COVID-19 crisis has created an extremely challenging business environment, including significant advertising campaign cancellations and delays.”Meredith also announced that effective immediately, it will implement wage, salary and hiring freezes in addition to cuts to temporary and freelance workers.The company's Board of Directors also voted unanimously to pause Meredith's common stock dividend.

Des Moines-based Meredith Corporation announced Monday that it will cut pay for thousands of its employees due to financial struggles caused by the COVID-19 pandemic.

According to a statement from the company, 2,225 employees will receive a 15% pay cut.


The company said its highest-paid employees will receive pay cuts between 20-40%, totaling around 775 additional pay cuts.

The pay cuts begin May 4 and continue through September 4.

All impacted employees will receive one paid day off per week at the company's lower pay rate.

Meredith President and CEO Tom Harty said in a statement that “the COVID-19 crisis has created an extremely challenging business environment, including significant advertising campaign cancellations and delays.”

Meredith also announced that effective immediately, it will implement wage, salary and hiring freezes in addition to cuts to temporary and freelance workers.

The company's Board of Directors also voted unanimously to pause Meredith's common stock dividend.