Meredith cutting 120 positions


Most of the cuts are in the book division, where the company has been cutting back on children’s books an other non-core titles to focus on the Better Homes and Gardens imprint. In all, the company says it will eliminate 60 open positions and lay off 60 staffers companywide and take a $16 million after-tax charge in its current quarter, fiscal Q4. Since its previous guidance for this quarter, Meredith says publishing revenues have weakened slightly, now down in the mid-teens, and broadcast pacings have strengthened slightly, now down in the high single digits.