Meredith Corporation will lay off 80 workers in Iowa, as part of a larger restructuring effort to allocate resources more efficiently.
Also, Adweek reports that Martin Reidy, who led B2B unit Meredith Xcelerated Marketing, will leave the company. Reidy was hired in 2009 to turn the Meredith National Media Group into a full-service marketing services provider. David Brown, a general manager and executive vice president at Meredith, will assume Reidy's responsibilities.
While MXM at its peak accounted for about 20% of the Group's revenue, this share has declined. Meredith reported third-quarter earnings Wednesday: In the first three months of 2012, revenue in its National Media Group was $12 million lower than the same period a year ago, primarily due to MXM clients cutting back.
In the past year, Meredith acquired Allrecipes.com, FamilyFun and Everyday With Rachael Ray, adding about 350 positions to the company. However, the company cut 75 jobs across the U.S. last June, after it stopped publishing a do-it-yourself magazine, reports Whotv.
Sales Buzz
Groupon Tries to Save Face (Bloomberg)
Groupon will appoint at least two new directors to its board in an attempt to shore up investor confidence following the company's earnings restatement last month. One of the directors could eventually lead the daily deal site's audit committee.
Shutterfly to Buy Kodak Gallery (WSJ)
Shutterfly will buy Kodak Gallery from Eastman Kodak for $23.8 million. Although Kodak Gallery generated $150 million in revenue for Kodak at its peak, the service was never profitable. Kodak filed for bankruptcy protection in January and is currently restructuring.
Target Hires Gloria Estefan's Hubby (Retailing Today)
Target is partnering with singer Gloria Estefan's husband, Emilio Estefan, to curate and retail a selection of books, movies and music called "Emilio Estefan's Picks." Target will also leverage the Grammy Award-winning music producer's ties with Latin artists to develop other music deals.
Marketing Buzz
Facebook Timeline Ups Engagement (eMarketer)
Marketers take note, Facebook timeline could increase customer engagement with your brand. A study by social media measurement firm Simply Measured of brand pages that were early adopters of timeline found comments and likes on brand posts rose 46% in the three weeks after brands switched to timeline as compared with the three weeks prior.
AMI Appoints New Digital Exec. (AdWeek)
American Media's David Perel will take on a new, additional role as executive vice president of digital content for the company. Perel currently serves as EVP and managing editor of RadarOnline.com and editor in chief of Star magazine.
Starcom Wins Back P&G (AdAge)
Starcom will handle most of Procter & Gamble's media business in China in a deal that returns P&G's non-TV business to the Publicis Groupe-owned agency. Starcom handled the business before 2009, when it was taken over by WPP's MediaCom.
Skechers Breaks Sponsorship Mold (WSJ)
Skechers USA signed a new contract with Olympic medalist and New York City Marathon winner Meb Keflezighi that allows him to wear other corporate logos and doesn't include penalties for poor performance. The pact is a departure from terms sponsors typically impose on athletes.
Buzz Around the Office
Pencil Drawings or Photos? (FlavorWire)
Glaswegian artist Paul Cadden describes his work not so much as photorealism, but hyperrealism.
List of the Day: Readying Yourself for Perks
Some companies may have a little extra cash to throw at top performers to keep them from leaving. Here's how to get it.
1. Ask for training and development to show you're committed to your role.
2. Sit down with your boss to discuss your career goals.
3. Step up your performance even more.
(Source: Glassdoor.com)
