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Meredith Slims Special Interest Pubs, Sheds 45 Staffers
Friday, January 15, 2010
Steve Smith

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Meredith Corp. announced that it was cutting back the number of special interest publications (SIPs) it planned to publish in 2010 and was reducing staff accordingly. Forty-five jobs will be lost as the portfolio of SIP books shrinks from 150 in 2009 to 90 this year. Meredith informed investors yesterday that the move would incur a $5.5 million charge.

The newsstand publications in its Special Interest Media group are focused on home improvement and do-it-yourself topics that CEO Steve Lacy says have been impacted by the recession. “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 & Gardens brand,” Lacy said in a statement. “We continue to believe in the long-term viability of this business and believe this strategy will deliver substantially higher profitability going forward.”

If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com

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