Meredith will eliminate 250 jobs and close its Country Home magazine in March, as it suffers from sharp declines in publishing and broadcasting advertising amid the economic meltdown.
The company will record a one-time charge of $9 million, or 20 cents per share, in Q2 2009. The charge includes the cost of relocating some functions of its ReadyMade brand and Parents.com to Des Moines, Iowa.
The Des Moines-based company is the latest publisher to slash jobs amid continued declines in ad sales. Morning News owner AH Belo reduced payroll by 13% in 2008, and McClatchy went through two rounds of job cuts of about 10% each.
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