Business

Mayhem at Meredith

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Meredith Corp., humming along with major expansion moves for the better part of a year — accomplished with a number of acquisitions — yesterday suddenly slammed on the brakes and announced sizable cutbacks of 80 people.

The flurry of pink slips comes on the heels of a drastic and sudden downturn in food and food-product advertising, which slashed ad pages by 17.8 percent in the first quarter of 2012.

The downturn was felt across its flagship titles such as Family Circle, Ladies Home Journal, Parents and Everyday with Rachael Ray.

Word began leaking yesterday that the Meredith cuts could go over 100, but after the markets closed, a spokesman confirmed that the cutbacks numbered 80.

“We must dedicate resources to meet the demands of the evolving business landscape, and operate as efficiently as possible,” the Des Moines-based publisher, led by CEO Stephen Lacy, said in a statement.

“As part of this process, today we are announcing selected work-force reductions of 80 employees companywide. These actions will enable us to allocate additional resources to our key strategic-growth initiatives.”

The cuts come as quite a shock to the 110-year-old company.

In 2011, everything seemed beautiful for the publicly traded magazine and TV broadcasting company as it snapped up Family Fun from Walt Disney for $20 million or so.

It also bought Eating Well early in the year and picked up the money-losing Everyday with Rachael Ray from Reader’s Digest near year-end, saving the title from a potential shutdown and coupling it with other food powerhouses.

This year, the expansion moves continued when in January it announced it bought Allrecipes.com from the Reader’s Digest Association.

When the deal was completed months later for $175 million, it gave Meredith one the largest foodie Web presences of any media company and more than doubled the digital footprint of the company.

But that was before the advertising roof caved in.

News scramble

There is another high-level departure at Mort Zuckerman’s money-bleeding Daily News.

Scott Cohen, portrayed as a rising digital star, is leaving. He triggered a small uprising among the News’ old guard when he was elevated to the post of senior managing editor/digital last fall, rising above the eight other managing editors on the masthead at that time.

He could not be reached at presstime.

One source said he was leaving for an Internet startup while others suggested he was being bumped aside.

Last year, his elevation was considered a key sign that Zuckerman and CEO William Holiber were preparing to place big bets on a digital future.

Cohen’s exit comes only weeks after the No. 2 editor, Bob Sapio, was forced to “retire” after 30-plus years.

Some say the paper is losing about $30 million a year. Zuckerman acknowledges it is losing money, but insists the losses are lower.

Cohen was particularly disliked by the old guard, who viewed the Web version of the paper as a celebrity-driven fluff site, divorced from the political, city and sports reporting that was its traditional core.

“There will be no tears shed over his departure,’ said one insider.

A News spokesman told Media Ink that the paper doesn’t comment on personnel matters.

Power centers

Time rolled out the red carpet for its annual Top 100 bash at Jazz at Lincoln Center at the Time Warner Building last night, and Media Ink had an exclusive look at who the weekly deemed to be the most influential people in the world this year — and who showed up to share the spotlight.

Although there are 33 tables in all, there are a few power tables that generated the most sparks.

Others, while deemed powerful, were situated in Siberia.

Rihanna, who was supplying some of the musical entertainment for the night, didn’t seem to mind her seat in an opera-like box in the third tier at Table 33, since she could gather all her friends and family at one table.

Chen Lihua may be the richest woman in China through her status as chairman of Fu Wah International Group, but that didn’t get her top billing last night. She was relegated to Table 27 in the fourth tier, near the late-responding New England Patriots head coach Bill Belichick.

But the real seat of power was not necessarily Table 1 — where Sports Illustrated’s Editorial Director Terry McDonell was dining with Giants wide receiver Victor Cruz.

Nor was Table 2 the “It” table — despite People Editor Larry Hackett sitting there while chatting with movie mogul Harvey Weinstein — a regular attendee who this year was also deemed to be one of the Chosen 100 in the annual lineup.

Even Table 4, with “Today” show anchor Ann Curry; the mysterious investor Vivi Nevo, CEO of NV Investments; and Amy Poehler, was not the place to be.

The megawatt tables appeared to be 7, 8 and 9 in the second tier, with 9 actually looking like the top spot — where Secretary of State Hillary Clinton and Knicks sensation Jeremy Lin were chatting it up with the newly minted Cardinal Timothy Dolan and Time’s top editor, Rick Stengel.

The injured Lin said he would “definitely” be back for the second round of the NBA playoffs. Even Dolan made a beeline for Lin as photographers snapped away.

Clinton was introduced by Stengel, who made the comment that she could be elected president of any country that she visited.

Clinton replied, “Welcome to my announcement to run for president — of Malta.”

She added, “Aside from the dictators — and I’m not just talking about my friend Harvey — this is truly an inspired list.”

A close second in the mega-wattage department was Table 8, where Stephen Colbert, who delivered zingers to some of the honorees, and NBC News anchor Brian Williams were breaking bread with Time Warner CEO Jeff Bewkes and Time Inc. Editor-in-Chief John Huey.

Colbert joked about Sandra Fluke, the Georgetown coed who complained that she could not get her birth control paid for under her health insurance; Colbert likened it to Dolan not having his Viagra covered.

Realizing he might have gone to far with the joke, he said, “It’s OK, I’m Catholic. I can always go to confession.”

Colbert also singled out influential conservative Republican businessman David Koch, up at third-tier Table 15: “If David Koch likes his waiter tonight, he will be your next congressman.”

Colbert also quipped, “Given the state of the publishing industry, this might be the only way to sell 100 copies of any magazine.”

Dolan seemed to take Colbert’s jibes in stride. “My name is Timothy Cardinal Tebow,” he joked, referencing the Jets’ popular, devout new quarterback, Tim Tebow.

There were 65 present or former Time 100 honorees at the black-tie gala, — second only to the 66 who showed up in 2008.

Editor is OK!

Big changes appear to be rumbling at American Media Inc., publisher of Star, the National Enquirer and OK!.

Richard Spencer, the editor-in-chief of OK! who has been MIA for weeks, was seen in the office for three days in a row! Sources say he has been huddling with top brass, and the situation may be coming to a head.

Meanwhile, the company announced that David Perel, who was most recently the editor-in-chief of Star and the executive vice president/managing editor of celebrity website RadarOnline.com, has been appointed executive vice president of digital content.