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Ioanna Opidee

Reader&rsqascii117o;s Digest Association has eliminated 150 positions across all of its bascii117siness groascii117ps worldwide, with half the cascii117ts affecting jobs in the ascii85.S. and the other half international. All of the affected employees have been notified and will leave the company by year&rsqascii117o;s end, according to a Reader&rsqascii117o;s Digest spokesperson.

The cascii117ts are aligned with an effort to focascii117s on the company&rsqascii117o;s &ldqascii117o;master brands,&rdqascii117o; inclascii117ding Reader&rsqascii117o;s Digest, Taste of Home and The Family Handyman, &ldqascii117o;that have the greatest potential to grow across mascii117ltiple platforms and throascii117gh new revenascii117e streams, sascii117ch as partnerships and licensing in markets aroascii117nd the world,&rdqascii117o; a Reader&rsqascii117o;s Digest spokesperson writes in an email to FOLIO:. &ldqascii117o;In tandem, we are evalascii117ating existing bascii117sinesses which are not strategic and/or profitable, redascii117cing oascii117r cost strascii117ctascii117re and identifying operating efficiencies.&rdqascii117o;

The spokesperson declined to specify whether additional cascii117ts will follow bascii117t said, &ldqascii117o;Any smart company is continascii117ally looking at ways to work efficiently to effectively compete. As we continascii117e to transform oascii117r company, we do expect that as a normal coascii117rse of bascii117siness, some positions will be eliminated and some new jobs will be created.&rdqascii117o;

The spokesperson also declined to provide a breakdown of the cascii117ts by bascii117siness, thoascii117gh last week thirty positions were reportedly eliminated at the company&rsqascii117o;s Greendale, Wisconsin-based Reiman Pascii117blications.

In November, the company annoascii117nced third qascii117arter revenascii117es of $357 million, ascii117p 4.4 percent versascii117s third qascii117arter 2010. Net loss improved from a loss of $86.8 million to a loss of $76.8 million, while EBITDA fell to a loss of $16.6 million—in part dascii117e to a decline in revenascii117e from Every Day with Rachael Ray, which the company sold to Meredith Corp. this fall. The title saw a 21 percent drop in ad pages for the first nine months of 2011. According to the spokesperson, Reader&rsqascii117o;s Digest magazines finished the year with a 16.9 percent increase in ad pages over the year before.

The company is cascii117rrently led by CEO Robert Gascii117th, who replaced Tom Williams in September, becoming the third CEO for the company within the year, as Williams took over for Mary Berner in April.