Informa Cuts Executive Pay, Suspends Dividends and Issues New Equity

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 ]

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HC pays six figures for horse rescue memoir

HarperCollins has paid a high six figure sum for world rights in a memoir about saving horses in... Continue reading at The Bookseller

[ The Bookseller | 2011-11-28 00:00:00 UTC ]
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Eason job cuts talks continue

Talks between Eason and Irish workers union Siptu on job cuts will reconvene on Friday (25th... Continue reading at The Bookseller

[ The Bookseller | 2011-11-24 00:00:00 UTC ]
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Select committee to put libraries cuts under spotlight

The Culture, Media and Sport select committee is to hold an inquiry into library closures. The... Continue reading at The Bookseller

[ The Bookseller | 2011-11-24 00:00:00 UTC ]
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How AMI Cut Production Costs by 50 Percent

American Media, Inc. (AMI) and Michael Esposito, Senior Vice President of Operations and Digital Production, think they've hit upon a recipe that could work across the magazine industry for rationalizing print publishing costs and scaling up on digital platforms. Continue reading at Folio Magazine

[ Folio Magazine | 2011-11-03 00:00:00 UTC ]
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Hearst Magazines Hires Two New Senior Executives for U.S. Magazine Division

Today, Hearst Magazines announced that two new senior executives would be joining its U.S. magazine division. Debi Chirichella, former chief operating officer at Condé Nast Digital, will join as senior vice president, chief financial officer; while Grant Whitmore, former chief operating officer... Continue reading at Folio Magazine

[ Folio Magazine | 2011-10-31 00:00:00 UTC ]
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Meredith Increases Dividend by 50% and Authorizes a $100 Million Stock Repurchase

This story first appears on FOLIO: sister site, minonline. Meredith Corp. chairman/CEO (since July 2004) Steve Lacy announced that the board of directors approved a $1.02-to-$1.53 per-share increase in the quarterly dividend paid to investors and authorized the repurchase of $100 million of... Continue reading at Folio Magazine

[ Folio Magazine | 2011-10-27 00:00:00 UTC ]
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Amazon Cuts Publishers Out of the Mix, Makes Deals With Writers

Releasing a book on one of the world’s largest publishing marketplaces could help your company. Here's a quick guide to the basics of self-publishing. Continue reading at PC World

[ PC World | 2011-10-19 00:00:00 UTC ]
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Potential Spanish ebook VAT cut welcomed

Written By: Paul Rigg Publication Date: Fri, 07/10/2011 - 15:11 The Spanish socialists pledge to reduce ebook VAT (IVA) to 4% has been welcomed by the director of the Spanish ebook platform Libranda. The announcement came from Alfredo Rubalcaba, who is the socialists’ candidate to become prime... Continue reading at The Bookseller

[ The Bookseller | 2011-10-07 00:00:00 UTC ]
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Toubon confident over French VAT cut on ebooks

Written By: Barbara Casassus Publication Date: Wed, 05/10/2011 - 08:51 Former French culture minister Jacques Toubon has said he has high hopes that France will be able to cut VAT on ebooks from 19.6% to 5.5% next January as planned without triggering the wrath of the European Commission.... Continue reading at The Bookseller

[ The Bookseller | 2011-10-05 00:00:00 UTC ]
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Future sets aside £4.9m for job cuts and unused property

Magazine publisher Future expects to pay out up to £4.9m to cover redundancies and unused property, according to a trading update released today. Continue reading at Media Week

[ Media Week | 2011-09-28 00:00:00 UTC ]
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Reading scheme axed due to school spending cuts

Written By: Bookseller Staff Publication Date: Mon, 19/09/2011 - 09:39 A primary schools project that has helped thousands of struggling young pupils to read is being axed by the government, according to the National Association of Head Teachers (NAHT). The Reading Recovery Project involves... Continue reading at The Bookseller

[ The Bookseller | 2011-09-19 00:00:00 UTC ]
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Paper Cuts

The printed book is facing its share of challenges in the digital age. But one of the big­gest problems facing the future of the book has gone relatively unnoticed by book lovers—the quality of paper being used in many first edition hardcovers is declining, saddling consumers with inferior... Continue reading at Publishers Weekly

[ Publishers Weekly | 2011-09-02 00:00:00 UTC ]
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Waterstone's in pay row with 'legacy' staff

Written By: Lisa Campbell Publication Date: Fri, 02/09/2011 - 08:00 Waterstone's has refused 100 of its longest-serving staff a pay rise given to the rest of the company. The bookselling chain wrote to 100 staff on a "legacy contract" last Friday (26th August) informing them that they would... Continue reading at The Bookseller

[ The Bookseller | 2011-09-01 00:00:00 UTC ]
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Eason proposing job and wage cuts

Written By: Bookseller Staff Publication Date: Thu, 25/08/2011 - 07:48 Irish bookseller Eason is to hold talks at the Labour Relations Commission (LRC) next week with staff facing a reported 10% pay cut and 90 jobs at risk. The meeting will take place next Tuesday (30th August) in Dublin... Continue reading at The Bookseller

[ The Bookseller | 2011-08-25 00:00:00 UTC ]
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Penton Folds Second Magazine With August Issue

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[ Folio Magazine | 2011-08-23 00:00:00 UTC ]
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Report: Tablet Sales to Cut Magazine Paper Use 20 Percent by 2015

Even paper-focused companies are predicting a major fall for the printed page in the coming years. Continue reading at Folio Magazine

[ Folio Magazine | 2011-08-22 00:00:00 UTC ]
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Creed C. Black, Newspaper Executive, Dies at 86

As publisher of The Lexington Herald-Leader, Creed Black supported an investigation of the University of Kentucky basketball team that led to the first Pulitzer Prize for the paper. Continue reading at The New York Times

[ The New York Times | 2011-08-18 00:00:00 UTC ]
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BBC Worldwide Sells its Magazine Portfolio to Private Equity Firm Exponent

BBC Worldwide, a UK-based publisher, has sold its magazine business to Exponent, a private equity firm. Continue reading at Folio Magazine

[ Folio Magazine | 2011-08-16 00:00:00 UTC ]
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The Top Pay Grade

Executives in different parts of the publishing business did fairly well in 2010, according to PW's annual look at salaries. With the exception of those at Books-A-Million and Scholastic, compensation for the top managers went up in the past year as their companies saw generally improved results... Continue reading at Publishers Weekly

[ Publishers Weekly | 2011-08-12 00:00:00 UTC ]
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Digital makes 75% of Informa sales

Written By: Graeme Neill Publication Date: Tue, 26/07/2011 - 08:55 Digital is accounting for 75% of Taylor & Francis' parent company Informa's publishing sales, as it revealed half-year profits increased by 14.3% to £55.2m. For the first half of 2011, Informa's sales increased by 1.7% to... Continue reading at The Bookseller

[ The Bookseller | 2011-07-26 00:00:00 UTC ]
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