While these cuts are going to hurt, they are no-doubt necessary to power up other areas and pay down debt.
When i first started working with Meredith back in the mid-2010’s, they already had a formidable lineup of brands. But, what really attracted me to them (my team was buying a lot of media) was their data operations and direct to consumer marketing. As they add more brands, more apps, more touchpoints, it’s only going to get stronger.
Meredith, which owns broadcast TV stations and publishes such magazines as Better Homes & Gardens, Allrecipes and Shape, closed its $1.85 billion acquisition of Time Inc. on Jan. 31. One reason that Time Inc. was attractive to Meredith was the opportunity to eliminate hundreds of millions of dollars in duplicative costs, including corporate administration areas such as legal, financial and human resources.
Editorial staffers across the former Time Inc. portfolio aren’t expected to be affected significantly by the coming layoffs, according to people familiar with the situation.