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 ]
Hodder & Stoughton has paid tribute to Jill Paton Walsh, following the author's death at the age of 83. Continue reading at The Bookseller
[ The Bookseller | 2020-10-20 12:23:56 UTC ]
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In this David-versus-Goliath battle, mom-and-pop bookstores wrapped themselves in Amazon's familiar brown cardboard as a protest against the retail giant and a plea to shop local. The Instagram-ready stunt, with Amazon lookalike boxes covered in sick literary burns and topical quips, came... Continue reading at AdWeek
[ AdWeek | 2020-10-19 20:06:41 UTC ]
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EPAC Technologies was awarded $3 million in compensatory damages from Thomas Nelson last month after an eight-year lawsuit alleging breach of contract and fraud. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-10-19 04:00:00 UTC ]
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Plus: Barnes and Noble got hacked, Zoom adds real end-to-end encryption, and more of the week's top security news. Continue reading at Wired
[ Wired | 2020-10-17 13:00:00 UTC ]
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Customers have reported days of disruption to the Nook e-reader service, as well as other systems that the company said have since been restored. After users reported issues with Nook e-reader book access for days, with Barnes & Noble saying Monday that a “system failure” was interrupting... Continue reading at Fast Company
[ Fast Company | 2020-10-14 17:46:15 UTC ]
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The Victoria & Albert Museum is closing its dedicated bookshop and making 103 roles redundant across its retail and visitor experience teams as the Covid-19 crisis hits its finances. Continue reading at The Bookseller
[ The Bookseller | 2020-10-05 09:58:53 UTC ]
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Programming for this year's Weltempfang in the digital Frankfurt has Europe and its connections as the main focus. The post Weltempfang 2020: Issue-Driven Content Scheduled for Frankfurter Buchmesse appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2020-10-02 17:47:39 UTC ]
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As Houghton Mifflin Harcourt shifts more of its education publishing business to the creation of digital products, the company said it has implemented a restructuring program that will cut its workforce by 22% in order to save between $95 million to $100 million annually. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-10-01 04:00:00 UTC ]
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Wilson, previously executive director and publisher of the Feminist Press, has been named v-p and executive editor at Random House effective January 4. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-09-30 04:00:00 UTC ]
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Macmillan is raising the entry-level salary of its US trade publishing staff to $42,000 (£33,000). Continue reading at The Bookseller
[ The Bookseller | 2020-09-25 00:04:20 UTC ]
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With so many contemporary memoirs devoted to the sins of the author’s mother, a focus on a loving dad seems a welcome change. Continue reading at The Washington Post
[ The Washington Post | 2020-09-23 05:01:31 UTC ]
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After reporting success with a similar scheme in the US, Havas Media Group wants to make it easier for UK advertisers to buy digital media that targets underrepresented audiences. Continue reading at Media Week
[ Media Week | 2020-09-21 15:04:05 UTC ]
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Former Disney chairman Andy Bird is to take up job at education publishing group in OctoberPearson has suffered a significant shareholder revolt against controversial changes to its remuneration policy, which will grant its new chief executive a multimillion-dollar pay package.Almost a third of... Continue reading at The Guardian
[ The Guardian | 2020-09-18 14:02:55 UTC ]
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As part of an industry-wide effort to reckon with issues of diversity in trade book publishing, HarperCollins and Simon & Schuster have each named new high-ranking staffers to address issues of diversity at their companies. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-09-16 04:00:00 UTC ]
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The private equity firm Atlas Holdings, with the support of a creditor group, has agreed to acquire LSC Communications in a deal that is expected to close before the end of the year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-09-15 04:00:00 UTC ]
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Octopus has paid tribute to British designer, retailer and restaurateur Sir Terence Conran, who died aged 88 over the weekend. Continue reading at The Bookseller
[ The Bookseller | 2020-09-14 03:25:58 UTC ]
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Over the past five years, Ware has produced five suspense novels, almost all of them weighing in from really good to spectacular. Continue reading at The Washington Post
[ The Washington Post | 2020-09-07 12:00:00 UTC ]
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The Daily Telegraph and Sky News summit was designed to help reinvigorate rural towns but some councillors unhappy they were asked to help fund itThe Daily Telegraph and Sky News asked the Snowy Monaro regional council for $15,000 in cash and services to help pay for the newspaper’s “bush... Continue reading at The Guardian
[ The Guardian | 2020-09-04 20:00:35 UTC ]
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Joshua Powell, former second in command at the National Rifle Association, said the gun group caters "to the extreme fringe." Continue reading at The Huffington Post
[ The Huffington Post | 2020-09-03 17:27:20 UTC ]
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A federal judge in Washington has issued a preliminary injunction against a major e-book piracy operation known as the KISS Library, after the operators of the site failed to show up at a hearing or to file any response to a lawsuit filed in July by the Authors Guild, Amazon Publishing, Penguin... Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-09-01 04:00:00 UTC ]
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