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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Crowd-funding, the technical term for fund-raising sites like Kickstarter.com, has been an increasingly popular way for cartoonists to raise money to publish independent comic and graphic novel projects. While Kickstarter has just hit a new high point with the funding of the first $600,000... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-02-10 00:00:00 UTC ]
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Crowd-funding, the technical term for fund-raising sites like Kickstarter.com, has been an increasingly popular way for cartoonists to raise money to publish independent comic and graphic novel projects. While Kickstarter has just hit a new high point with the funding of the first $600,000... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-02-10 00:00:00 UTC ]
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As traditional revenue channels for newspapers collapse, publishers are seeking new and innovative ways to make a profit without expending a lot of resources. Finding the appropriate niche is the key to survival, and newspapers that recognize this ar ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-02-03 00:00:00 UTC ]
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Polar Mobile, a digital media platform provider that builds apps for some of the biggest media companies, today announced it has secured an additional $6 million in funding. The new round, led by growth equity firm Georgian Partners, joins more than ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-01-23 00:00:00 UTC ]
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Lawyers acting for the plaintiffs in the case against Apple and major publishers in the US over e... Continue reading at The Bookseller
[ The Bookseller | 2012-01-23 00:00:00 UTC ]
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Eight female novelists have made the Waterstones 11 2012 selection, with three novels each from... Continue reading at The Bookseller
[ The Bookseller | 2012-01-20 00:00:00 UTC ]
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Strong ebook sales over the festive period compensated for the decline in physical sales,... Continue reading at The Bookseller
[ The Bookseller | 2012-01-05 00:00:00 UTC ]
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At least one publisher is looking to capitalize on some last-minute changes to Wael Ghonim's upcoming book tour to promote Revolution 2.0. Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-01-05 00:00:00 UTC ]
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Gulf state Qatar has raised its stake in Lagadere to over 10%, becoming the company's largest... Continue reading at The Bookseller
[ The Bookseller | 2011-12-30 00:00:00 UTC ]
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Jeff Kinney, author of the Diary of a Wimpy Kid series, has filed a trademark lawsuit against... Continue reading at The Bookseller
[ The Bookseller | 2011-12-22 00:00:00 UTC ]
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Bonnier Corporation, publisher of magazines including Field & Stream and Outdoor Life, has purchased four hunting expos from Mequon, Wisconsin-based Target Communications for an undisclosed sum. Continue reading at Folio Magazine
[ Folio Magazine | 2011-12-07 00:00:00 UTC ]
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For those who still doubt that magazine content has a place in the digital world, new data proves magazines growing digital prowess. Continue reading at Folio Magazine
[ Folio Magazine | 2011-11-18 00:00:00 UTC ]
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At a time when many magazines are lowering prices or giving content away, New York Magazine is choosing another route. Continue reading at Folio Magazine
[ Folio Magazine | 2011-11-10 00:00:00 UTC ]
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Gail Kump, a former executive and director of Midpoint Trade Books, filed a lawsuit last week against Eric Kampmann, the majority owner of the distributor, and minority owner Christopher Bell. Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-09-05 00:00:00 UTC ]
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Once identified as the most notable magazine launch of the year in 2009, Hearst's Food Network magazine is continuing to ride a wave of reader enthusiasm with the announcement of its sixth rate base increase since the title went live. Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-18 00:00:00 UTC ]
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The Securities and Exchange Commission has charged a California man with insider trading in the run-up to the 2009 Disney-Marvel deal. The SEC says Toby G. Scammell took advantage of his girlfriend, an "extern" working at Disney's corporate strategy department, to learn about the company's $4... Continue reading at AllThingsD
[ AllThingsD | 2011-08-12 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Thu, 11/08/2011 - 09:10 HarperCollins ebook sales now comprise 11% of its total revenue, the company has said following parent NewsCorp's latest results. As has now become customary, figures for HarperCollins were not stripped out. There was no... Continue reading at The Bookseller
[ The Bookseller | 2011-08-11 00:00:00 UTC ]
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Written By: Bookseller Staff Publication Date: Thu, 14/07/2011 - 09:40 Borders could face liquidation in the United States after a committee of unsecured creditors rejected a proposed takeover by private equity firm Najafi Companies. The creditors are concerned Najafi would buy the company at... Continue reading at The Bookseller
[ The Bookseller | 2011-07-14 00:00:00 UTC ]
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GigaOM, a media company targeting the tech space, has secured a $6 million round of funding led by Reed Elsevier's investment group Reed Elsevier Ventures. Existing venture partners Alloy Ventures and True Ventures also participated in the round. Continue reading at Folio Magazine
[ Folio Magazine | 2011-05-31 00:00:00 UTC ]
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