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 ]
Grove Atlantic has created a six-person executive committee to help CEO Morgan Entrekin run the publisher and increased the entry-level salary to $40,000. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-12-15 05:00:00 UTC ]
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Earlier this year, Lisa Lucas announced that she would be stepping down as executive director of the National Book Foundation to become Senior Vice President & Publisher of Pantheon and Schocken Books. This morning, the National Book Foundation announced that Lucas will be joining the... Continue reading at Literrary Hub
[ Literrary Hub | 2020-12-10 14:46:45 UTC ]
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National Book Foundation deputy director Jordan Smith has been appointed interim executive director of the Foundation, succeeding current executive director Lisa Lucas, who is leaving to become senior v-p and publisher of Pantheon and Schocken books. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-12-10 05:00:00 UTC ]
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New figures show total spending on Great Britain's libraries fell by £20m in the last financial year, as Libraries Connected warned more budget reductions are on the way. Continue reading at The Bookseller
[ The Bookseller | 2020-12-04 10:12:19 UTC ]
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The founder of IFundWomen of Color lays out the hard-won lessons that helped her get investments and cofounder-level equity. Growing up with an entrepreneur mom meant my weekends looked different. We’d drive from event to event, in churches, convention centers, and community centers, where I... Continue reading at Fast Company
[ Fast Company | 2020-12-02 05:00:17 UTC ]
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Sara Lycett, a retired Williams & Wilkins publishing executive, has died at 81. Continue reading at Baltimore Sun
[ Baltimore Sun | 2020-11-30 22:13:50 UTC ]
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Penguin Random House has published its first ever ethnicity pay report, which found that BAME staff are paid 16% less than their white colleagues, on average. Continue reading at The Bookseller
[ The Bookseller | 2020-11-29 12:21:20 UTC ]
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News Corp c.e.o. Robert Thomson has said that it would be a "serious antitrust issue" for the industry if Bertelsmann were to acquire Simon & Schuster. Continue reading at The Bookseller
[ The Bookseller | 2020-11-19 09:05:23 UTC ]
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Under-represented writers’ platform Untitled has launched the second full issue of its global online journal Untitled: Voices, featuring work from 53 emerging writers from around the world. Continue reading at The Bookseller
[ The Bookseller | 2020-11-18 16:23:12 UTC ]
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Poets House, the poetry library in lower Manhattan founded in 1986, has suspended operations indefinitely, due to budgetary issues caused by the Covid-19 pandemic. In addition, Lee Briccetti, the executive director of Poets House for more than 30 years, will retire in 2021. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-11-17 05:00:00 UTC ]
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Ensuring transparency around pay, demystifying the hiring process and giving illustrators the recognition they deserve are among the most fundamental changes the industry needs to make now, delegates at The Bookseller's FutureBook conference heard. Continue reading at The Bookseller
[ The Bookseller | 2020-11-17 02:31:32 UTC ]
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The Frankfurt Book Fair has warned job cuts are on the way as director Juergen Boos outlined future “modernising” plans that will see virtual events play a larger part in future fairs. Continue reading at The Bookseller
[ The Bookseller | 2020-11-13 02:55:29 UTC ]
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The Aspen Words Literary Prize is focused on authors whose work deals in cultural relevance and contemporary conditions. The post Aspen Words’ Issue-Driven Literary Prize: The 2021 Longlist appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2020-11-10 18:06:42 UTC ]
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Penguin Random House has said it is “disappointed” after the company's gender pay gap widened by 2.1% over the past year, but insists new initiatives mean it is making long-term progress. Continue reading at The Bookseller
[ The Bookseller | 2020-11-05 11:01:34 UTC ]
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Bloomsbury has announced it will repay almost £700,000 to staff who took a pay cut during the first months of the pandemic, following the publisher's most succesful interim results since 2008. Continue reading at The Bookseller
[ The Bookseller | 2020-11-03 08:01:03 UTC ]
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Joan Bingham, longtime executive editor of Grove Atlantic and a key figure in the merger that created the house, died October 31. She was 85. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-11-02 05:00:00 UTC ]
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Last spring, Pan Macmillan announced the creation of One Boat, a new sustainability imprint from the team behind Bluebird. Its name references the power of “one—the idea that one person can make a significant impact; and that one changed habit can make a big difference”. Continue reading at The Bookseller
[ The Bookseller | 2020-11-01 23:08:18 UTC ]
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The cuts are the biggest since the surge in employees at the time of the Time Warner acquisition in 2018. Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2020-10-26 17:04:42 UTC ]
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The National Book Critics Circle has asked members to sign a Criticism Equity Pledge, which asks them to dedicate 30% of assignments to books by BIPOC authors. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-10-26 04:00:00 UTC ]
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Hay Festival director Peter Florence has been suspended from his role pending the outcome of a grievance procedure from a member of staff, the festival has confirmed. Continue reading at The Bookseller
[ The Bookseller | 2020-10-26 01:39:15 UTC ]
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