Mere weeks after activist investor Elliott Management publicly pressed AT&T to slash costs and dial down its acquisitions strategy, it appears as if Chairman-CEO Randall Stephenson has knuckled under to those demands. Speaking today on AT&T’s third-quarter earnings call, Stephenson laid out a three-year plan that includes a pledge to conduct a comprehensive review of all non-essential businesses that may be be sold or spun off, while also making a commitment to retire all the debt related to its $85 billion acquisition of Time Warner. Stephenson also said that he plans to stay aboard through at least 2020. This is particularly important, as speculation that he was about to hand the reins to WarnerMedia boss John Stankey may have been one of the factors that precipitated Elliott’s decision to put the squeeze on the AT&T board. “I believe we’re on the threshold of something really remarkable, in terms of the next chapter of AT&T’s storied history,” Stephenson said. “I have every intention of being here, and I will be here through 2020.” Stephenson added that when the time comes for AT&T to choose his successor, the CEO and chairmanship positions will be made separate, a split for which Elliott advocated in its Sept. 9 letter to the board. Stankey, who recently was upped to chief operating officer at AT&T, remains the heir apparent. “Following five-plus years of heavy investment, it’s now time to reap the rewards of these investments and deliver... Continue reading at 'Advertising Age'
[ Advertising Age | 2019-10-28 20:32:03 UTC ]
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Ad units in magazines' iPad editions climbed 16% in 2013, according to a report out Monday by MPA-The Association of Magazine Media and Kantar Media.The report, which looked at 69 magazines with monitored print and iPad editions, is a hopeful sign for traditional publishers stymied by secular... Continue reading at Advertising Age
[ Advertising Age | 2013-12-30 00:00:00 UTC ]
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Johnston Press, the newspaper and online publisher, is helped by its lenders to ease pressure of managing its debt. Continue reading at BBC News
[ BBC News | 2013-12-27 00:00:00 UTC ]
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Books that showed strong on English language bestseller lists in recent months populated the top spots on foreign charts in November. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-12-20 00:00:00 UTC ]
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Late Thursday afternoon, the American Booksellers Foundation for Free Expression issued a statement defending the right of booksellers to sell The Anarchist Cookbook and Happy Happy Happy. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-12-20 00:00:00 UTC ]
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In the week after Alice Munro won the Nobel Prize for literature, sales of her books jumped 6,650% in Canada, and saw significant bumps around the world. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-12-11 00:00:00 UTC ]
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Despite threat of legal action, Guido Fawkes blog publishes tape of Nick Pollard allegedly admitting omission was a 'mistake'Lord Patten is facing mounting pressure to get to the bottom of an allegation that the internal inquiry into the BBC's handling of the Jimmy Savile scandal may have... Continue reading at The Guardian
[ The Guardian | 2013-12-11 00:00:00 UTC ]
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Barnes & Noble chairman Len Riggio sold 2 million of his shares in the bookstore chain on Tuesday for $13.81 a share. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-12-11 00:00:00 UTC ]
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Jennifer Brenninger of the Doylestown Bookshop in Doylestown, Pa., talks about several books she's enjoying handselling during the holiday season. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-12-10 00:00:00 UTC ]
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In an unexpected move, Phaidon, a publisher best known for its lavishly produced art books, has hired Judith Regan to oversee a new division at the company called Regan Arts. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-12-10 00:00:00 UTC ]
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Tribune Co. took a key step in the planned spinoff of its publishing business on Monday, filing a Form 10 registration statement with the Securities and Exchange Commission. Continue reading at Baltimore Sun
[ Baltimore Sun | 2013-12-10 00:00:00 UTC ]
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News UK red-top outsold by rival by more than 20,000 copies in November, but remains the UK's top-selling title across six daysThe Daily Mail overhauled the Sun in November to become the UK's biggest-selling Saturday paper for the first time.However, the News UK red-top remains by some distance... Continue reading at The Guardian
[ The Guardian | 2013-12-06 00:00:00 UTC ]
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Johnston Press is trying to dispose of its Irish newspapers. According to the Sunday Times in Ireland, the company "is in advanced talks" to sell its 12 Irish titles to the British advertising executive Malcolm Denmark.The indebted publisher paid about £115m in 2005 to acquire the stable of... Continue reading at The Guardian
[ The Guardian | 2013-12-02 00:00:00 UTC ]
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Tribune Co. announced a restructuring of its publishing business Wednesday to focus on its digital efforts and streamline operations, resulting in nearly 700 job losses across the Chicago Tribune, Los Angeles Times and six other daily newspapers. Continue reading at Baltimore Sun
[ Baltimore Sun | 2013-11-21 00:00:00 UTC ]
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Forbes Media LLC, the closely held publisher founded by the family of former U.S. presidential candidate Steve Forbes, is exploring a sale after getting interest from potential buyers.The New York-based publisher of 96-year-old Forbes magazine and Forbes.com is working with Deutsche Bank AG on... Continue reading at Crains New York
[ Crains New York | 2013-11-15 00:00:00 UTC ]
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Amazon's new program invites indies to sell Kindles and receive a commission from ebooks bought by their customers (if the store is eligible). Many stores are unimpressed, with one bookstore worker likening the program to 'being complicit in your execution.' Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2013-11-08 00:00:00 UTC ]
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US manga titan Viz Media is seeking growth in non-traditional manga markets and is launching its first list in India, after starting in the Philippines this year. Will it work? Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-11-07 00:00:00 UTC ]
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Brazil's turn as Guest of Honor at the Frankfurt Book Fair put added pressure on publishers to work at a higher level. Will the positive impact last? Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-11-06 00:00:00 UTC ]
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Amazon, which has been blamed in part for the decline of independent bookstores, said it has a new program called Amazon Source to allow them and other retailers to resell Kindle devices and accessories, and also give them 10 percent on every ebook bought on them for two years. "With Amazon... Continue reading at AllThingsD
[ AllThingsD | 2013-11-06 00:00:00 UTC ]
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As USA Today celebrates the 20th anniversary of its bestseller list, the organization says romance novels, children's books, and inspirational books defined the last two decades of reading. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2013-11-02 00:00:00 UTC ]
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McLean, Va. – USA TODAY celebrates the 20th anniversary of the USA TODAY Best-Selling Books list, crowning not one, but three No.1 books for three different eras that reflect the changes in publishing over the past two decades. Given ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-10-31 00:00:00 UTC ]
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