Six magazines operated by the media mogul Barry Diller by means of his Dotdash Meredith group will instantly cease publishing in print and transfer on-line.
The transfer, which impacts Leisure Weekly, InStyle, EatingWell, Well being, Dad and mom and Folks en Español, will result in 200 job cuts, in line with a memo despatched to staff on Wednesday. The cuts quantity to lower than 5 % of the corporate’s whole work power.
The magazines have been acquired last year by Dotdash, a subsidiary of Mr. Diller’s InterActiveCorp, when it purchased the publishing large Meredith Company for roughly $2.7 billion.
“We’ve got mentioned from the start, shopping for Meredith was about shopping for manufacturers, not magazines or web sites,” Neil Vogel, the chief govt of Dotdash Meredith, wrote within the memo, which was obtained by The New York Occasions. “It’s not information to anybody that there was a pronounced shift in readership and promoting from print to digital, and in consequence, for a number of vital manufacturers, print is not serving the model’s core function.”
The net viewers for Dad and mom, InStyle and EatingWell elevated 40 % in contrast with final 12 months, in line with the memo, which was first reported by The Wall Street Journal.
Dotdash Meredith additionally runs Folks, Higher Houses & Gardens, Meals & Wine and different publications that can stay in print. Mr. Vogel mentioned that the corporate deliberate to speculate greater than $80 million in content material this 12 months and print greater than 350 million magazines.
“As we speak’s step is just not a value financial savings train and it isn’t about capturing synergies or every other acquisition jargon, it’s about embracing the inevitable digital future for the affected manufacturers,” he mentioned within the memo. “Naysayers will interpret this as one other nail in print’s coffin. They couldn’t be extra flawed — print stays core to Dotdash Meredith.”
https://www.nytimes.com/2022/02/09/enterprise/media/entertainment-weekly-barry-diller-dotdash-meredith.html Leisure Weekly, InStyle and different magazines owned by Barry Diller’s group to finish print editions.