Weeks after issuing an earnings that report that revealed the company lost $295 million last year, publication printer LSC Communications is preparing to file for Chapter 11 bankruptcy, Bloomberg reports, citing "people with knowledge of the plans." The news comes less than a year after the company called off a proposed merger with its chief competitor, Quad/Graphics, following a Justice Department challenge on antitrust grounds. Since then, LSC, the nation's largest book printer in terms of market share, has looked to reduce its position in magazine and catalog printing, closing or planning to close eight manufacturing plants in order to narrow its focus on its books business. Quad/Graphics, meanwhile, has been moving in the opposite direction, as the pseudonymous writer D. Eadward Tree points out, seemingly creating two separate lanes in which the companies can maintain dominant positions unimpeded. More immediately concerning for LSC is the need to reconcile its $893 million in debt against diminishing revenues, which declined 17% year-over-year in the fourth quarter of 2019 to $778 million. Concurrent with the earnings report on March 2, LSC announced that as of December 31, 2019, it fell into noncompliance with its financial covenants, essentially in danger of defaulting on its loans because its debt-to-equity ratio now exceeds the maximum level permitted in its agreements with lenders. The company says it's reached a forbearance agreement with its lenders,... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-03-25 18:34:08 UTC ]
Earlier this afternoon, hundreds of book workers from around the UK gathered in the rain outside the London Book Fair (one of the largest book publishing trade fairs in the world) to mourn and remember the 187 Palestinian writers, poets, journalists, and scholars killed by Israeli forces since... Continue reading at Literrary Hub
[ Literrary Hub | 2024-03-12 18:47:13 UTC ]
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Three organisations argue that more transparency is needed after research found AI models have been trained using pirated works by authors such as Zadie Smith and Stephen KingThree major European publishing trade bodies have urged the EU to “act now” on transparency over artificial intelligence... Continue reading at The Guardian
[ The Guardian | 2023-10-19 13:53:46 UTC ]
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Representatives of the south-east Asian country stated that the event, the world’s largest, has allied itself with Israel in its war with Hamas, after an award due to be presented to a Palestinian writer was cancelledMalaysia’s education ministry has pulled out of the Frankfurt book fair, citing... Continue reading at The Guardian
[ The Guardian | 2023-10-17 14:46:40 UTC ]
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As Banned Books Week opens its October 1 to 7 run, Penguin Random House is taking some of the most attacked books on the road. By Porter Anderson, Editor-in-Chief | @Porter_Anderson Taking the Fight on the Road t Frankfurter Buchmesse (October 18 to 22), programming on tap in many parts of the... Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2023-09-30 01:09:21 UTC ]
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A free-speech organization and the country’s largest book publisher said the district violated the First Amendment and the equal protection clause. Continue reading at The New York Times
[ The New York Times | 2023-05-17 17:45:29 UTC ]
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The departure of Madeline McIntosh, who has led the country’s largest book publisher since 2018, is the latest shake-up for the company during a turbulent period. Continue reading at The New York Times
[ The New York Times | 2023-01-31 14:38:01 UTC ]
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A filmmaker has accused Canadian writer Leah McLaren of sexual assault, saying that Penguin Random House Canada knowingly published a memoir by McLaren that depicts the alleged incident as consensual. Continue reading at CBC
[ CBC | 2022-12-09 19:13:28 UTC ]
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Film-maker Zoe Greenberg says she raised concerns with Penguin Random House Canada over Leah McLaren’s bookA Canadian film-maker who was allegedly sexually assaulted as a teenager has accused the country’s largest book publisher of knowingly releasing a memoir by one of her alleged assailants... Continue reading at The Guardian
[ The Guardian | 2022-12-08 14:58:26 UTC ]
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Penguin owner Bertelsmann will not appeal US judge’s ruling that merger would be illegal because it would hit authors’ payPenguin Random House, the world’s largest book publisher, and rival Simon & Schuster have scrapped a $2.2bn deal to merge, Penguin’s owner said in a statement on... Continue reading at The Guardian
[ The Guardian | 2022-11-21 22:41:38 UTC ]
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Justice department argued the melding of the publishing house with Simon & Schuster would harm competition and authors’ payA US judge has blocked the $2.2bn planned merger of Penguin Random House, the world’s largest book publisher, with rival Simon & Schuster.Judge Florence Pan of the... Continue reading at The Guardian
[ The Guardian | 2022-11-01 00:30:18 UTC ]
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The French Publishers Association (Syndicat National de l’Edition, SNE) and a group of authors have sounded alarm bells over the imminent merger between France’s two largest book publishers, Hachette Livre and Editis, into a single media group. Continue reading at The Bookseller
[ The Bookseller | 2022-01-05 15:58:02 UTC ]
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Vivendi has denied a report that it plans to sell off Editis, France’s second largest book publisher, after it takes over Lagardère, owner of market leader Hachette Livre, French trade magazine Livres Hebdo has reported. The newsletter La Lettre A reported on Wednesday (22nd December) that... Continue reading at The Bookseller
[ The Bookseller | 2021-12-23 07:07:12 UTC ]
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Alden Global Capital hedge fund, owner of the Chicago Tribune, stepped up its attempts to buy Lee Enterprises this week, filing a lawsuit that accuses its board of denying shareholders of the newspaper publisher a voice in the matter. Continue reading at Baltimore Sun
[ Baltimore Sun | 2021-12-16 17:02:32 UTC ]
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Nearly a week after Lee Enterprises rejected Alden Global Capital’s attempt to buy the newspaper publisher, the hedge fund responded Wednesday with a lawsuit accusing Lee’s board of improperly denying shareholders the chance to have a say on the offer Continue reading at ABC News
[ ABC News | 2021-12-15 23:34:05 UTC ]
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The board of Lee Enterprises voted 8-0 against an unsolicited offer by the hedge fund that valued the newspaper chain at $141 million. Continue reading at The New York Times
[ The New York Times | 2021-12-09 20:44:02 UTC ]
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Independent Publishers Group has acquired U.K.-based United Independent Distributors. IPG CEO Joe Matthews called the deal a “game-changing acquisition,” and one that will make IPG one of the world’s largest book distributors for indie publishers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-10-20 04:00:00 UTC ]
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Three months after the post-Brexit transition period ended on 31st December, wholesalers and booksellers in Germany, one of the largest book export markets on the continent, have joined British publishers in concerns about delays and rising costs hitting the trade since the UK became a... Continue reading at The Bookseller
[ The Bookseller | 2021-03-31 15:59:15 UTC ]
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The private equity firm Atlas Holdings has completed its purchase of LSC Communications, the country's largest book printer, which filed for bankruptcy in April. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-12-07 05:00:00 UTC ]
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The world's largest book publishing trade show has announced a modernization project for future iterations. The post Frankfurter Buchmesse Announces Restructuring and Streamlining appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2020-11-13 20:51:30 UTC ]
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