After weeks of credible speculation and reporting, LSC Communications announced clarity around its reorganization plans, which includes filing for Chapter 11 bankruptcy with the Southern District of New York. The company was left with few option after accumulating at least $893 million in debt, and a balance sheet that saw continued declines, capped off by a 17% year-over-year drop in revenue in the fourth quarter of 2019. According to a company statement, it has “sufficient liquidity to continue operating its business,” which should have several publishers across the U.S. breathing a sigh of relief, at least for now. LSC is the largest book printer in the country, and also boasts a sizable clientele of magazines. In addition to filing for bankruptcy, the company secured $100 million in additional cash in debtor-to-possession financing from undisclosed lenders. It has also filed a number of “customary motions” to ensure it maintains business as usual and doesn’t fall behind in vendor payments. We previously reported that the failed merger with Quad/Graphics last year left LSC in a vulnerable position and that the company was closing as eight of its manufacturing plants across the country as one step forward in its plans to stabilize the organization. This was again addressed again by CEO Thomas Quinlan in today’s statement. “Since the termination of our merger… [we] have taken proactive and aggressive steps to improve our overall cost structure and streamline our... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-04-13 15:00:01 UTC ]
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Shamrock Capital, the parent company of Adweek, has acquired New York-based Bayard Advertising, which specializes in recruitment marketing. Founded in 1923, on Bayard Street in Lower Manhattan, Bayard offers a suite of services, including branding, creative, digital media strategy, programmatic... Continue reading at AdWeek
[ AdWeek | 2021-01-27 23:07:08 UTC ]
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This morning, PR Newswire broke the news that Literati, an “innovative literary brand,” has just raised 40 million dollars in Series B funding. Among its investors is NBA giant Steph Curry. If you’re anything like me, you may have some questions, among them: What’s the $40 million being used... Continue reading at Literrary Hub
[ Literrary Hub | 2021-01-27 18:53:56 UTC ]
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Indie publishers are struggling with increased costs and ongoing delays caused by Brexit, with one describing the situation as a “complete nightmare” and another warning it may have to ditch export sales from its site. Continue reading at The Bookseller
[ The Bookseller | 2021-01-20 13:30:15 UTC ]
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Peter McGuigan, the cofounder of Foundry Literary + Media, filed a lawsuit against his former business partner, Yfat Reiss Gendell, on Friday. The suit claims that Gendell made illegal withdrawals of more than $860,000 from the former partners' literary agency. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-01-19 05:00:00 UTC ]
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Amazon is being sued for anti-competitive behaviour in the United States by the same law firm that successfully sued Apple and five major publishers for colluding to fix e-book prices in 2011. Continue reading at The Bookseller
[ The Bookseller | 2021-01-17 12:13:54 UTC ]
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When white supremacist mobs threaten democracy: David Zucchino on the Wilmington Insurrection of 1898 and the Capitol Insurrection of 2021. | Lit Hub Politics Navigating the intricacies of race and the violence of antiblackness: Nadia Owusu reflects on her early years in America. | Lit Hub... Continue reading at Literrary Hub
[ Literrary Hub | 2021-01-16 12:30:01 UTC ]
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HarperVia wins a debut novel, Philomel buys a guide to the internet for young readers, and more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-01-08 05:00:00 UTC ]
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V.E. Schwab has the #10 book in the country with October’s ‘The Invisible Life of Addie Larue.’ Plus TV tie-ins to ‘Bridgerton’ and ‘The Queen’s Gambit’ debut, and new year, new you books are on the menu once more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-01-08 05:00:00 UTC ]
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The books we love coming out this week include new titles from C.M. Waggoner, Eley Williams, and Kwei Quartey. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-01-08 05:00:00 UTC ]
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A special edition of The Invisible Child (Sort Of Books), featuring two short stories from the collection Tales from Moominvalley, has helped to raise £1m for Oxfam's projects supporting women and girls around the world. Continue reading at The Bookseller
[ The Bookseller | 2020-12-21 05:12:22 UTC ]
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A number of bookstores across the United States are still relying on GoFundMe to keep afloat during a catastrophic year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-12-18 05:00:00 UTC ]
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Grove Atlantic has created a six-person executive committee to help CEO Morgan Entrekin run the publisher and increased the entry-level salary to $40,000. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-12-15 05:00:00 UTC ]
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Courtney Milan explains how a group of romance novelists rallied behind one of their own: Stacey Abrams. Continue reading at Slate
[ Slate | 2020-12-07 19:30:17 UTC ]
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In the U.S. and around the world, the third quarter of 2020 wasn't a pretty one for traditional advertising revenue. But digital media is looking up. According to Magna's latest quarterly advertising forecast, U.S. linear advertising revenues for 2020 (which include linear TV, linear radio,... Continue reading at AdWeek
[ AdWeek | 2020-12-07 02:00:00 UTC ]
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This year has been a dumpster fire and we mean that literally. But the shining bright spot in the literary world is an abundance of great new books by Indigenous writers being published in 2020. Since it’s National Native American Heritage Month, we’re focusing on books coming out of the U.S.... Continue reading at Electric Literature
[ Electric Literature | 2020-11-27 12:00:00 UTC ]
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Laugh, cry and be inspired by tales from David Sedaris, Elizabeth Berg, Brit Bennett and more. Continue reading at The Washington Post
[ The Washington Post | 2020-11-18 13:00:00 UTC ]
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Eleven areas in Scotland are being moved to tier four restrictions, meaning all non-essential shops have to close, Nicola Sturgeon has announced. Continue reading at The Bookseller
[ The Bookseller | 2020-11-17 11:02:32 UTC ]
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Total book sales across the industry fell by 11% in the first six months of 2020, despite a big increase for fiction and a surge in digital formats, figures released by the Publishers Association (PA) show. Continue reading at The Bookseller
[ The Bookseller | 2020-11-13 17:51:49 UTC ]
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Government will oversee online news, social media and video streaming platformsIndia’s government has ordered that all online news, social media and video streaming platforms such as Netflix and Amazon Prime are to be subject to state regulation, raising fears of increased censorship of digital... Continue reading at The Guardian
[ The Guardian | 2020-11-11 18:02:04 UTC ]
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In the last four years, there have been so many Trump books. Many have been massive bestsellers. Many have dominated the headlines, steered the conversation for days. So can you really blame any publishing house for jumping at the chance to publish the outgoing president’s memoir? Well . . .... Continue reading at Literrary Hub
[ Literrary Hub | 2020-11-11 14:59:09 UTC ]
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