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 ]
Novelist Cindy Fazzi says authors interested in addressing the great issues of the day should avoid preaching and focus on telling a good story. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-06 04:00:00 UTC ]
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Valve has failed to convince a court that it didn't infringe EU law by geo-blocking activation keys, according to a new ruling. The company argued that, based on copyright law, publishers had the right to charge different prices for games in different countries. However,... Continue reading at Engadget
[ Engadget | 2023-09-27 12:20:53 UTC ]
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Valve has failed to convince a court that it didn't infringe EU law by geo-blocking activation keys, according to a new ruling. The company argued that, based on copyright law, publishers had the right to charge different prices for games in different countries. However, the EU General Court... Continue reading at Engadget
[ Engadget | 2023-09-27 12:20:53 UTC ]
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The investor behind the Simon & Schuster deal explains what he’s really up to. Continue reading at Slate
[ Slate | 2023-09-19 09:50:00 UTC ]
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The former editor explains how she turned her acclaimed publishing world satire into a Hulu series, while learning to 'divide' herself from her heroine. Continue reading at Los Angeles Times
[ Los Angeles Times | 2023-09-13 19:57:43 UTC ]
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In the first half of 2023, publishers struggled to keep expenses down, with multiple companies citing higher costs as the major reason margins shrank in the first six months of 2023. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-09-01 04:00:00 UTC ]
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Ex-MP claims her account will lay bare ‘a corruption of democracy deep at the heart of the Conservative party and in Downing Street’Nadine Dorries’ book on the downfall of Boris Johnson will be delayed until November because of “the required legal process”, the publisher has said.The former... Continue reading at The Guardian
[ The Guardian | 2023-08-31 21:12:19 UTC ]
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Safiya Sinclair was raised to be Rastafari; instead, she became a poet. Why it took her more than a decade to write the lyrical memoir 'How to Say Babylon' Continue reading at Los Angeles Times
[ Los Angeles Times | 2023-08-28 15:00:14 UTC ]
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DeBin previously served as deputy director of Portland's Literary Arts, as well as a national account manager at Random House, Simon & Schuster, and Penguin Young Readers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-08-24 04:00:00 UTC ]
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Showing that publishers are better off controlling their own programmatic destiny, news publisher Salon has grown revenue after cutting off access to its inventory for the vast majority of resellers earlier this year. That increase comes that's from being able to charge more for its inventory... Continue reading at AdWeek
[ AdWeek | 2023-08-16 11:53:00 UTC ]
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An upcoming national survey on the parental perceptions of public libraries will launch in early September. Continue reading at Book Riot
[ Book Riot | 2023-08-15 13:09:24 UTC ]
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The 99-year-old publishing company is being sold to private equity firm KKR for $1.62 billion. The original sale to PRH was for $2.2 billion. Continue reading at Book Riot
[ Book Riot | 2023-08-08 13:23:36 UTC ]
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The sale comes after Paramount failed to sell the book publishing giant to Penguin Random House. Iconic American publishing company Simon & Schuster has a new owner. On Monday, the publisher was acquired by private equity firm KKR in a $1.62 billion deal. Here’s what you need to know.Read... Continue reading at Fast Company
[ Fast Company | 2023-08-08 08:50:00 UTC ]
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Simon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that competition would shrink the book market Continue reading at ABC News
[ ABC News | 2023-08-08 02:22:18 UTC ]
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The deal, for $1.62 billion, will put control of a cultural touchstone in the hands of a financial buyer. Continue reading at The New York Times
[ The New York Times | 2023-08-07 23:51:30 UTC ]
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Paramount Global has sold the publisher after a federal judge blocked rival Penguin Random House from buying itSimon & Schuster has been sold to the private equity firm KKR, months after a federal judge blocked its purchase by rival publisher Penguin Random House because of concerns that... Continue reading at The Guardian
[ The Guardian | 2023-08-07 21:05:30 UTC ]
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Rachel Goldstein has been promoted to executive v-p at Penguin Random House Publisher Services, the publisher's distribution arm, which services more than 50 publishers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-08-01 04:00:00 UTC ]
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Q+A’s executive producer, Erin Vincent, quits the ABC. Plus: News Corp staff told to pay for print copies of SMH and AFRQ+A is on life support. The ABC talk show is highly unlikely to be commissioned after this year, ending a headline grabbing 15-year run on ABC TV.Two days after Stan Grant... Continue reading at The Guardian
[ The Guardian | 2023-07-28 05:07:54 UTC ]
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In what is likely a record price for an audiobook publisher, KKR, the private equity firm that owns RBmedia—and a rumored contender to buy S&S—is selling the company for an alleged $1 billion sum. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-26 04:00:00 UTC ]
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The National Coalition Against Censorship has named Lee Rowland, currently policy director at the New York Civil Liberties Union, to replace the retiring Christopher Finan as its executive director. “The NCAC board of directors feels very fortunate to have found such an experienced and talented... Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-24 04:00:00 UTC ]
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