U.S. Readers's Digest slashes guaranteed circ 31% and cuts frequency from monthly to 10x

[This post has been updated] Reader's Digest has announced a major retrenchment, slashing its U.S. circulation rate base by more than 30% of 5.5 million and cutting its frequency from monthly to 10 times a year.

According to a story in MediaDaily News, RD is going to expand in future, but digitally, with a suite of new products it calls "Reader's Digest Versions". Total global print circulation will be about 14.5 million, so it will continue to be the largest paid circulation magazine in the world.

"As one of the world's largest producers of original content, we will continue our transformation into an innovative multimedia brand by delivering content to users whenever and by whatever means they want, through expanded digital and print investments and the development of new mobile, video, and multimedia applications," stated Eva Dillon, president of the Reader's Digest Community, noting that the RD brand is currently valued at more than $1 billion, and includes 50 editions worldwide.

Peggy Northrop, U.S. editor-in-chief has been promoted to global editor-in-chief and Amy Radin, formerly global direct banking head for Citigroup, has been named senior vice-president-chief marketing officer responsible for all RDA's blogal marketing including digital and research.

[Update: [Reader's Digest Association president Eva Dillon said RDA expects to save a “considerable” amount of money on the reduced printing and distribution fees, which it will reallocate into the new multimedia initiatives, according to a story in Folio:. No layoffs are associated with the changes, she said.]