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 ]
Newspaper publisher Gannett Co. confirmed Friday that it’s laying off some of its newsroom staff as part of a cost-cutting effort to lower its expenses as its revenue crumbles amid a downturn in ad sales and customer subscriptions Continue reading at ABC News
[ ABC News | 2022-08-12 21:45:49 UTC ]
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Binc issued a plea to donors this past weekend, asking them to contribute to the organization to help booksellers affected by flooding after torrential rains hit parts of Missouri and Kentucky. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-08-08 04:00:00 UTC ]
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NFT advocates often tout the technology's ability to grant the creator a cut of second-hand sales as one of its major attributes. Artists can earn from one of their digital creations years after first selling it. Others are looking at NFTs to earn a buck from the secondary market too, including... Continue reading at Engadget
[ Engadget | 2022-08-03 20:10:20 UTC ]
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Facebook's parent company Meta is telling its U.S. publishing partners that the company will no longer pay for news content that aggregates on Facebook's news tab. Facebook's News Tab and Bulletin newsletters will be put on the back burner as Meta moves forward with investing in AI-based video... Continue reading at AdWeek
[ AdWeek | 2022-07-29 17:11:09 UTC ]
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Over his 30-plus-year career in publishing, Brown held executive roles at Atheneum, New American Library, Viking Penguin, and Penguin USA. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-07-27 04:00:00 UTC ]
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Watson takes the reins following interim executive director Cindy Myers, who stepped in to lead Small Press Distribution after the resignation of Brent Cunningham. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-06-07 04:00:00 UTC ]
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Ikkanda will join the Penguin Random House imprint as executive editor August 1. She will also acquire selectively for Dutton and Plume. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-06-06 04:00:00 UTC ]
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Sales of jigsaw puzzles and games remain strong sellers, along with art supplies more than two years into Covid. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-06-03 04:00:00 UTC ]
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Stan Corwin, an executive with Pinnacle Books, Grosset & Dunlap, and Prentice-Hall who also founded his own multimedia company, died on May 18. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-05-31 04:00:00 UTC ]
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The hearing, set for Thursday, May 19, at 10:00 a.m. ET, will focus on the "ongoing efforts to prohibit discussion in K-12 classrooms about American history, race, and LGBTQ+ issues and to punish teachers who violate vague and discriminatory state laws by discussing these topics." Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-05-18 04:00:00 UTC ]
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In this panel—scheduled for May 24, 3–4 p.m. ET, and moderated by Carlyn Robertson, marketing lead at BookBub—book marketing experts will discuss what’s changed in the world of digital advertising in the past year. Topics of discussion include how marketers can adapt as major ad platforms and... Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-05-16 04:00:00 UTC ]
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Maryann Palumbo, who rose to become v-p and director of advertising, promotion, and publicity at New American Library, died April 3. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-04-27 04:00:00 UTC ]
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In today’s “why do we have to share a country with these jackasses” news, the board of the public library of Enid and Garfield County in Enid, Oklahoma, voted 3-2 to ban “book displays and library programs that focus on sexual content”—which resulted in the library cancelling not only an adult... Continue reading at Literrary Hub
[ Literrary Hub | 2022-04-20 17:26:39 UTC ]
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With the sale, Captain America joined Superman and Spider-Man in having debut issues that topped $3 million at auction. Continue reading at The New York Times
[ The New York Times | 2022-04-08 13:21:14 UTC ]
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The publishing industry faces continuing supply chain issues and paper shortages, while another set of challenges has appeared in early 2022, in the form of employee resignations and work-life balance issues. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-04-08 04:00:00 UTC ]
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A consortium of private equity firms is buying video and TV ratings firm Nielsen in an all-cash $16 billion deal. The group is led by Evergreen Coast Capital Corp. and Brookfield Business Partners. Nielsen's board of directors voted unanimously to support the acquisition proposal after rejecting... Continue reading at AdWeek
[ AdWeek | 2022-03-29 13:52:12 UTC ]
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Veteran university press and religion publisher Richard Brown will join Rowman & Littlefield as senior executive editor of religion and his tasks include reviving the company's Sheed & Ward Catholic book imprint. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-03-22 04:00:00 UTC ]
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It’s been ten years since the release of Wild, Cheryl Strayed’s bracingly honest memoir about hiking the Pacific Crest Trail as a young adult after her mother’s death with no experience or training—and to ccelebrate the anniversary, Strayed has released a cut scene from Wild, free to read... Continue reading at Literrary Hub
[ Literrary Hub | 2022-03-21 19:22:02 UTC ]
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Nielsen Holdings has rejected an acquisition offer of roughly $15 billion from a private equity consortium, explaining that the deal "significantly undervalues" the measurement company. On Sunday night, Nielsen said its board of directors had determined not to proceed with an "unsolicited... Continue reading at AdWeek
[ AdWeek | 2022-03-21 01:43:07 UTC ]
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