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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Cheryl Strayed releases a cut scene from Wild in honor of the memoir’s 10th anniversary.

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 Rejects $15 Billion Acquisition Offer From Private-Equity Consortium

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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Shares in education publisher Pearson jump 20% on hopes of private equity bid

Market value increases by nearly £1bn as Apollo considers improved cash offer after £6.4bn deal rejectedPearson’s market value jumped by as much as a fifth after a US private equity group said it was considering making an improved cash offer after the educational publisher’s rejection of a... Continue reading at The Guardian

[ The Guardian | 2022-03-11 13:22:21 UTC ]
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Margot Atwell Named Executive Director and Publisher of Feminist Press

The former director of outreach and international for Kickstarter plans to build on the Press’s mission of centering marginalized voices. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-03-10 05:00:00 UTC ]
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Take a look at the beautiful cover—and partial contributor list—for Astra Quarterly’s first issue.

Last February, Astra Publishing House announced their new literary magazine, Astra Quarterly, billed as “the international magazine of literature.” Helmed by Nadja Spiegelman, former online editor of The Paris Review and author of I’m Supposed to Protect You from All This, Astra Quarterly is... Continue reading at Literrary Hub

[ Literrary Hub | 2022-03-03 16:27:33 UTC ]
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Three Religion Presses Name New Top Executives

Three publishing veterans—all women with extensive backgrounds in editing, acquisitions, and management —will take over leading roles at Westminster John Knox, Brazos, and Liturgical in challenging times for the church and society. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-02-23 05:00:00 UTC ]
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Sarah Baker Elected Executive Director of SCBWI

The Society of Children's Book Writers and Illustrators' board of directors has elected Sarah Baker the organization’s new executive director, succeeding the organization's cofounder, Lin Oliver. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-02-09 05:00:00 UTC ]
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Amazon’s upgraded Kindle Paperwhite just got its first huge price cut

Amazon released a fantastic new Kindle Paperwhite in late 2021 and right now it’s available for $45 less than usual. The online retailer has cut the price of the 32GB Kindle Paperwhite Signature Edition to $145, which is down from $190. We reviewed the new Paperwhite in December and gave... Continue reading at PC World

[ PC World | 2022-02-07 15:11:41 UTC ]
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Jason Epstein, publishing executive who shaped literary tastes, dies at 93

He founded Anchor Books, publishing high-quality paperbacks in the 1950s, then led Random House and helped launch the New York Review of Books. Continue reading at The Washington Post

[ The Washington Post | 2022-02-05 02:25:43 UTC ]
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HarperCollins releases its first ethnicity pay gap report

HarperCollins has released its first ethnicity pay gap report alongside its annual one for gender pay, announcing it will now use diverse, balanced shortlists for senior roles. Continue reading at The Bookseller

[ The Bookseller | 2022-01-25 13:17:00 UTC ]
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Rider pays tribute to 'Father of Mindfulness' Thich Nhat Hanh

Rider has paid tribute to spiritual leader, bestselling author and pioneer of the mindfulness movement Thich Nhat Hanh, who has died aged 95. Continue reading at The Bookseller

[ The Bookseller | 2022-01-24 11:23:19 UTC ]
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Former Sydney Morning Herald editor Lisa Davies appointed as new AAP chief executive

Emma Cowdroy to step down from heading newswire service that was saved from attempted closure by shareholders including News Corp and NineThe former Sydney Morning Herald editor, Lisa Davies, has been appointed as the chief executive of Australian Associated Press.The move comes as Emma Cowdroy... Continue reading at The Guardian

[ The Guardian | 2022-01-20 22:44:00 UTC ]
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Recurrent Ventures – the next big private equity-fueled media conglomerate?

Private equity-funded Recurrent Ventures now has 20 digital media brands under its purview — and is on the hunt for more acquisitions. But is its approach to injecting new life into these titles sustainable? The post Recurrent Ventures – the next big private equity-fueled media conglomerate?... Continue reading at Digiday

[ Digiday | 2022-01-18 05:01:00 UTC ]
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Gold House Issues a New Asian and Pacific Islander Reading List

Tasked with bringing more cohesion to the Asian and Island Pacific communities in diaspora, Gold House names the first six of its 2022 books. The post Gold House Issues a New Asian and Pacific Islander Reading List appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives

[ Publishing Perspectives | 2022-01-07 15:01:59 UTC ]
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After a Good 2021, Pietsch Sees Some Lingering Issues

In a letter welcoming the Hachette Book Group staff back from the holiday break, CEO Michael Pietsch called 2021 “a very successful year for HBG," while also noting that challenges such as supply chain disruptions and return-to-office uncertainties didn't end with the arrival of a new year. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-01-05 05:00:00 UTC ]
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Galley Beggar pays tribute to author Uschi Gatward

Independent publisher Galley Beggar has paid tribute to author Uschi Gatward, who has died following a battle with cancer. Continue reading at The Bookseller

[ The Bookseller | 2022-01-05 01:03:10 UTC ]
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The Loft Names New Executive Director

After a national search, the Loft literary center in Minneapolis announced that its new executive director is arts and social justice advocate Arleta Little, director of artist fellowships at the McKnight Foundation. Continue reading at Publishers Weekly

[ Publishers Weekly | 2021-12-09 05:00:00 UTC ]
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