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 most pressing issues facing publishers today all stem from one central concern: To deliver relevant, targeted and in-demand content to readers where and whenever they want it, to break through the wall of information overload and determine what exactly that is—which seems to be expanding and... Continue reading at Folio Magazine
[ Folio Magazine | 2012-03-02 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#hot-button issues
#information overload
E-book sales increased by 11% at Informa's publishing business Taylor & Francis and now... Continue reading at The Bookseller
[ The Bookseller | 2012-02-23 00:00:00 UTC ]
More news stories like this |
Mecom is set to announce that it is to cut more than 10% of the workforce at its flagship Dutch newspaper publishing business, in excess of 300 jobs, as part of a plan to digitally restructure its business and save €70m (£59m). Tom ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-02-15 00:00:00 UTC ]
More news stories like this |
Hearst Corporation has upped its equity interest in global credit ratings agency Fitch Group again, adding an additional 10 percent. The transaction, valued at $177 million, brings Heart’s total equity interest to 50 percent. Continue reading at Folio Magazine
[ Folio Magazine | 2012-02-10 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#hearst corporation
Condé Nast’s much-beloved Domino magazine, which closed in 2009, is making a return to market as a special edition, called Domino Quick Fixes, set to hit newsstands in April. Continue reading at Folio Magazine
[ Folio Magazine | 2012-02-08 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#conde nast
#special issue
#special edition
#hit newsstands
Former children's laureate Anne Fine has condemned plans to cut Durham library services,... Continue reading at The Bookseller
[ The Bookseller | 2012-02-07 00:00:00 UTC ]
More news stories like this |
CARMEL — Putnam County is paying more than $13,000 to an outside law firm for defending it against a lawsuit brought by Elizabeth Ailes, a weekly newspaper publisher and the wife of Fox News honcho Roger Ailes. Elizabeth Ailes, who owns the ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-02-03 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#law firm
#lawsuit brought
News Corporation is said to be in advanced talks to hire Lex Fenwick as the chief executive of Dow Jones, filling a six-month vacancy created when the publisher’s top executive resigned amid the phone-hacking scandal in Britain. Mr. Fenwick ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-01-30 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#advanced talks
#news corporation
#dow jones
#phone-hacking scandal
Sources from Amazon's supply chain in the Far East indicated to DigiTimes that Kindle Fire orders with original device manufacturers are expected to be just 3 million units this quarter. That's half the 6 million units Amazon reportedly shipp ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-01-20 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#supply chain
vjoon®, a leading provider of cross-media publishing platforms and a global Adobe Digital Publishing Suite (DPS) reseller, announces that vjoon customers such as Condé Nast, National Geographic, Reader’s Digest, Red Bull, ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-01-19 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#leading provider
#national geographic
#red bull
Capitol Weekly will stop producing a print edition as of Thursday. The publication devoted to California government said on its website that it will continue posting stories online. Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-01-19 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#continue online
#california government
The Booksellers Association has pledged to write to the chief executives of all 390 local... Continue reading at The Bookseller
[ The Bookseller | 2012-01-18 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#booksellers association
#chief executives
Fnac, the leading French cultural products chain, will lay off 510 of its 17,000 staff and may... Continue reading at The Bookseller
[ The Bookseller | 2012-01-16 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#cut costs
A series of funding cuts to libraries in Somerset has been halted, after the High Court found... Continue reading at The Bookseller
[ The Bookseller | 2012-01-12 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#funding cuts
Karina Luke has been appointed executive director of Book Industry Communication (BIC), taking up... Continue reading at The Bookseller
[ The Bookseller | 2012-01-10 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#karina luke
Sales of ebooks will "double in size in a flat market" over the course of 2012,... Continue reading at The Bookseller
[ The Bookseller | 2012-01-06 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#flat market
Liverpool is the latest city to suffer library cuts as the council announced three locations will... Continue reading at The Bookseller
[ The Bookseller | 2012-01-05 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#latest city
#council announced
Arts Council England has appointed Simon Mellor, currently the general director of the Manchester... Continue reading at The Bookseller
[ The Bookseller | 2012-01-04 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#general director
Readers Digest Association has eliminated 150 positions across all of its business groups worldwide, with half the cuts affecting jobs in the U.S. and the other half international. Continue reading at Folio Magazine
[ Folio Magazine | 2011-12-16 00:00:00 UTC ]
More news stories like this |
Somerset County Council has confirmed it is reversing its library cuts programme following the... Continue reading at The Bookseller
[ The Bookseller | 2011-12-08 00:00:00 UTC ]
More news stories like this |