The world's largest exhibitions organizer, London-based Informa plc, outlined on Thursday morning a series of emergency actions it's taking to alleviate the impact of the COVID-19 pandemic on its events business, which drives nearly two-thirds of the company's overall revenues. Noting that the effects have been "significantly deeper, more volatile and wide-reaching," than was initially anticipated, the company says it's temporarily suspending dividends, cutting executive pay and issuing new shares worth about 20% of its total existing capital in an effort to strengthen its balance sheet and reduce its approximately £2.4 billion ($2.9 billion) in debt to £1.4 billion ($1.7 billion). Further, Informa says it's engaged in "constructive discussions" with its U.S.-based debt holders over a covenant waiver agreement. “Since the beginning of 2020, the impact of the COVID-19 pandemic has become progressively deeper and more far-reaching than initially predicted," said CEO Stephen Carter in a statement. "We have continued to adapt and respond quickly, always prioritizing the safety of colleagues and customers, making decisions for the long-term value of our brands and businesses and seeking to preserve jobs and invest in our intellectual property.” Informa says it's achieved more than £130 million ($162 million) in savings in part by pausing company-wide recruitment, salary reviews and merit raises and suspending its sabbatical program. Additionally, Carter and CFO Gareth Wright... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-04-16 18:02:14 UTC ]
The world's largest exhibitions organizer, London-based Informa plc, outlined on Thursday morning a series of emergency actions it's taking to alleviate the impact of the COVID-19 pandemic on its events business, which drives nearly two-thirds of the company's overall revenues. Noting that the... Continue reading at Folio Magazine
[ Folio Magazine | 2020-04-16 18:02:14 UTC ]
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Future’s shares tumble as investors vote down scheme in which CEO could be awarded £40mFuture, the UK’s biggest magazine publisher that is home to titles from Country Life to Metal Hammer, has been forced into an embarrassing sit-down with investors after a bruising shareholder revolt in which... Continue reading at The Guardian
[ The Guardian | 2022-02-03 16:27:30 UTC ]
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Hachette UK has released its latest gender pay gap report, revealing that the mean gender pay gap for Hachette UK Ltd dropped by four percentage points from 25.9% in 2019 to 21.9% in 2020. Continue reading at The Bookseller
[ The Bookseller | 2021-01-26 18:43:45 UTC ]
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Taylor & Francis owner Informa is issuing £640m worth of Euro bonds as part of its Covid-19 action plan. Continue reading at The Bookseller
[ The Bookseller | 2020-09-30 12:55:05 UTC ]
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Bloomsbury is issuing new shares and implementing a raft of cash-saving measures to counter the impact of recent retail closures on its business, which in a "prudent downside scenario" the company estimated could see print revenues fall as much as 75%. Continue reading at The Bookseller
[ The Bookseller | 2020-04-17 01:14:48 UTC ]
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Taylor & Francis owner Informa has launched an issue of shares worth 19.9% of its existing capital as the coronavirus pandemic hits its events business. Continue reading at The Bookseller
[ The Bookseller | 2020-04-15 15:21:35 UTC ]
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Bucking the newspaper industry trend, Hearst Corporation has told its newsrooms there will be no layoffs, no furloughs and no Continue reading at Editor & Publisher
[ Editor & Publisher | 2020-04-09 14:52:48 UTC ]
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Diamond Distributors founder Steve Geppi outlined the terms under which the distributor of comics, graphic novels, and prose books would resume payments to publishers and other vendors. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-04-07 04:00:00 UTC ]
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Several publishers have begun announcing their pay cuts and furlough plans as ad revenue continues drying up. Seeing patterns from previous recessions, former media execs explain why these cost controls are only temporary fixes. The post ‘Everyone feels the pain’: Major digital publishers enact... Continue reading at Digiday
[ Digiday | 2020-03-31 04:01:00 UTC ]
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At Informa, parent company of Taylor & Francis, top bosses are to take salary cuts "through the current period of uncertainty created by Covid-19", the company has announced. Continue reading at The Bookseller
[ The Bookseller | 2020-03-27 06:47:25 UTC ]
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After two decades as a division of Atlantic Media, GovExec is going independent. Atlantic Media owner David Bradley has sold a controlling stake in Government Executive Media Group (GEMG), a portfolio of media brands serving the public sector, to Growth Catalyst Partners, a Chicago-based... Continue reading at Folio Magazine
[ Folio Magazine | 2020-03-17 14:43:03 UTC ]
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Amid what Amazon Publishing's Mikyla Bruder describes as 'the unconscious bias you're confronted with every day,' panelists call for equal pay for women. The post Publishing Perspectives Talks: Executive Women on Pay and Bias in the Book Business appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2019-10-18 04:27:59 UTC ]
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With token redemptions up three per cent year on year and sales of the £1 books topping seven figures, World Book Day 2019 has been hailed a success by its organisers. Continue reading at The Bookseller
[ The Bookseller | 2019-07-08 08:19:01 UTC ]
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Seventeen magazine says they will only print special issues next year, timed around news events and "key moments" for readers as Hearst prioritizes growing its brands digitally. "Seventeen is leading an authentic conversation with a growing audience, from social issues to important life advice,... Continue reading at AdWeek
[ AdWeek | 2018-11-16 00:00:00 UTC ]
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Justin Dearborn, chief executive officer of publishing company Tronc Inc., has lowered the price on his Naples, Fla., home to $409,900, down from $419,000. That’s the fourth price-chop the one-story house has received this year. Hmm … can you say motivated seller? Built in 2004, the home opens... Continue reading at Los Angeles Times
[ Los Angeles Times | 2018-08-03 00:00:00 UTC ]
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Modern Luxury announces new group publisher, Galerie taps new EIC, and more people on the move. The post More Cuts and a New Executive Fashion Director at Vanity Fair| People on the Move appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2018-05-23 00:00:00 UTC ]
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Vice Media Inc. suspended President Andrew Creighton and Chief Digital Officer Mike Germano while it investigates harassment claims against them, according to a memo obtained by Bloomberg.Allegations against Germano will be reviewed by an external investigator, Chief Operating Officer Sarah... Continue reading at Advertising Age
[ Advertising Age | 2018-01-03 00:00:00 UTC ]
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Vice Media has suspended two top executives after a New York Times report on sexual misconduct at the digital media company. Vice has suspended its president, Andrew Creighton, and chief digital officer, Mike Germano, as it investigates allegations against them, according to a company memo sent... Continue reading at Los Angeles Times
[ Los Angeles Times | 2018-01-03 00:00:00 UTC ]
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Independent publishers and small presses stormed this year’s British Book Design & Production Awards, claiming a staggering 16 of the 18 awards on the night. Continue reading at The Bookseller
[ The Bookseller | 2017-11-17 00:00:00 UTC ]
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#independent publishers