DES MOINES, Iowa (AP) - Magazine publisher and multimedia company Meredith Corp. announced it will temporarily reduce pay for nearly two-thirds of its employees as it copes with plummeting advertising revenue caused by the coronavirus pandemic.
The pay reductions will begin May 4 and last through Sept. 4, the Des Moines Register reported.
The company said about 45% of its employees will see a 15% pay cut. The highest-paid employees will have their pay reduced between 20% and 40%, Meredith officials said. Employees taking a pay cut will have one paid day off each week.
No corporate or national media group employees earning less than $75,000 a year will have their pay cut, company spokesman Art Slusark said. That includes employees in Des Moines, where Meredith is based.
Meredith operates over a dozen national magazine brands, including People and Better Homes & Gardens, as well as television stations across the U.S. It employs about 850 people in Des Moines.
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