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 ]
Canada's largest bookstore chain says it won't pay ransom to the online group claiming responsibility for the cyberattack that stole at least some personal data of current and former employees of Indigo Books & Music, and which likely caused... Continue reading at CBC
[ CBC | 2023-03-02 02:09:18 UTC ]
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"Just use your library" is not the solution to the new price hikes and benefit decreases in Barnes & Noble's membership changes. Continue reading at Book Riot
[ Book Riot | 2023-03-01 12:57:36 UTC ]
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Weeks after Fox merger scrapped investors say market value languishing because of underperforming businesses in portfolioThe shrinking of Rupert Murdoch’s News Corporation by 1,250 roles after a plunge in profits of almost a third serves as a stark reminder that the billionaire mogul’s abortive... Continue reading at The Guardian
[ The Guardian | 2023-02-10 16:37:18 UTC ]
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Reduced ad spends due to rising inflation and higher interest rates have battered Rupert Murdoch’s media conglomerateMedia conglomerate News Corp said on Thursday that it would cut 1,250 jobs after it missed estimates for second-quarter earnings due to weakness in its news and digital real... Continue reading at The Guardian
[ The Guardian | 2023-02-09 22:30:39 UTC ]
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Among the topics addressed in a joint PubWest/BMI meeting were the need for publishers to continue to support domestic printers and the steady increase in more sustainable printing processes. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-02-06 05:00:00 UTC ]
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Coffee House Press has hired Linda Ewing, a Twin Cities–based consultant with expertise in nonprofit management, as interim executive director while it searches for a new publisher. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-02-06 05:00:00 UTC ]
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The publisher, which has been embroiled in a labor standoff since November, will lay off 5% of its North American staff by June 30, the end of its current fiscal. CEO Brian Murray said the company was facing lagging demand and “unprecedented supply chain and inflationary pressures." Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-01-30 05:00:00 UTC ]
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While big deals dominated publishing acquisition activity in 2021—led by Clarivate’s buying ProQuest for $5.3 billion—acquisitions in 2022 were more a mix of private equity and niche purchases. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-12-30 05:00:00 UTC ]
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Drew Dixon, whose 14 years of editorial experience includes roles at Lifeway Christian Resources, is joining WaterBrook Multnomah as executive editor, effective immediately. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-12-14 05:00:00 UTC ]
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The U.K. bookseller's distribution center, known as the Hub, is now 'largely stable,' despite ongoing concerns, and the chain remains confident about Christmas shopping. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-11-29 05:00:00 UTC ]
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Publishing houses in 16 countries are to benefit from the Abu Dhabi Arabic Language Centre's 'Spotlight on Rights' grants. The post Arabic Language Centre Issues Rights Grants, Signs UAEU Agreement appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2022-11-21 14:41:00 UTC ]
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Traditional TV shunned in favour of digital media and last-minute promotional campaignsMore than two-thirds of the UK’s biggest advertisers intend to cut back spending on traditional TV next year, as the recession fuels a shift to digital media and last-minute bursts of promotion.A survey of 59... Continue reading at The Guardian
[ The Guardian | 2022-11-21 00:01:39 UTC ]
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As part of a companywide effort to reduce costs, Amazon has eliminated an unspecified number of jobs in its Books business. Word of the reductions came in a letter sent yesterday to employees from CEO Andy Jassy describing “role eliminations” in the company's Books and Devices units. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-11-18 05:00:00 UTC ]
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Dore tells staff he is ‘exhausted’ and is leaving News Corp Australia to ‘concentrate on restoring my health’Get our morning and afternoon news emails, free app or daily news podcastThe editor-in-chief of the Australian, Chris Dore, has resigned suddenly, citing “personal health issues”.The... Continue reading at The Guardian
[ The Guardian | 2022-11-16 07:28:50 UTC ]
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Workers at the only ‘big four’ publisher to have a union authorize indefinite strike over low wages and diversityStephanie Guerdan started working in the children’s book department of HarperCollins Publishers six years ago. It was a dream job – just not a dream paycheck. The $33,500-a-year... Continue reading at The Guardian
[ The Guardian | 2022-11-10 18:03:45 UTC ]
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After a large job cut in mid-July, Callisto Media made another significant staff reduction on Monday in a move to cut costs during an uncertain economic climate. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-10-25 04:00:00 UTC ]
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The moves at the nation’s largest newspaper publisher include a week of mandatory unpaid leave and voluntary buyouts. Continue reading at The New York Times
[ The New York Times | 2022-10-12 21:51:53 UTC ]
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Getting an e-reader can do wonders for bookworms struggling with library management. (Physical space is a finite and precious resource, as we all found out during the pandemic.) You don’t even have to spend that much either, as today’s entry-level options pack a slew of features. Case in... Continue reading at PC World
[ PC World | 2022-09-13 15:01:41 UTC ]
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Poet, associate professor at Reed College, and two-time Lambda Literary Award honoree Samiya Bashir has been selected as Lambda Literary's next leader. She spoke with 'PW' about her hopes for the organization. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-09-12 04:00:00 UTC ]
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The 16th UN Sustainable Development Goal is the focus of a new children's reading list released by the SDG Book Club. The post IPA: The SDG Book Club Issues a New Reading List appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2022-08-24 22:10:44 UTC ]
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