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 ]
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Pearson shareholders have rejected chief executive John Fallon's £1.5m pay package at the company's a.g.m. today. Continue reading at The Bookseller
[ The Bookseller | 2017-05-06 00:00:00 UTC ]
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Investors’ revolt against deal for John Fallon comes after educational publisher reports largest annual loss in its historyMore than six out of 10 Pearson shareholders have voted against the £1.5m pay package awarded to the embattled chief executive, John Fallon, after the educational publisher... Continue reading at The Guardian
[ The Guardian | 2017-05-05 00:00:00 UTC ]
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Two-thirds of investors in the loss-making education publisher vote against John Fallon's pay rise. Continue reading at BBC News
[ BBC News | 2017-05-05 00:00:00 UTC ]
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Rupert Murdoch is hoping that Google's pain might be his gain.Murdoch's News Corp. is introducing a service that it says can ensure online ads don't appear next to fake news or offensive videos, marking the latest salvo in the billionaire media mogul's long battle with the world's biggest search... Continue reading at Advertising Age
[ Advertising Age | 2017-05-02 00:00:00 UTC ]
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The fledgling press, still not even five years old, prepares to launch a new series it hopes will prove to be as successful as the two that came before. Continue reading at Publishers Weekly
[ Publishers Weekly | 2017-04-28 00:00:00 UTC ]
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Unsung Stories is to publish 2084, a new collection of dystopian fiction featuring exclusive new stories from Christopher Priest, Lavie Tidhar, David Hutchinson and Jeff Noon, in July. Continue reading at The Bookseller
[ The Bookseller | 2017-03-29 00:00:00 UTC ]
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Tbilisi's textbook industry is in crisis because of what the International Publishers Association calls Georgia's 'self-defeating' government policy. The post IPA Prepares a Mission to Georgia, Where Publishers Are ‘Heading to Annihilation’ appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2017-03-24 00:00:00 UTC ]
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The Canadian Association of Research Libraries has released a plan to improve open and effective scholarly communication between publishers, libraries, researchers and others. The post Canada’s New CARL ‘Roadmap’: Toward Better Scholarly Communication appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2017-02-13 00:00:00 UTC ]
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Amid widening activities, German Book Office New York is renamed Frankfurt Book Fair New York, and Kathrin Grün is named the fair's chief of public relations and communications. The post GBO NY now is Frankfurt Book Fair New York; Grün Made Head of Frankfurt PR, Communications appeared first on... Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2017-02-07 00:00:00 UTC ]
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Vincent Monadé, president of the French National Book Centre (Centre National du Livre, CNL), yesterday called for all institutions in the book sector to join forces and prepare a common set of proposals for books to present to candidates in the French presidential election. Continue reading at The Bookseller
[ The Bookseller | 2017-01-25 00:00:00 UTC ]
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The brother of JonBent Ramsey is suing CBS and a slew of others for at least $750 million, claiming he was defamed after the network aired a four-hour documentary that allegedly painted him as his sister's killer.The brother -- Burke Ramsey -- claims CBS' marketing portrayed its four-hour... Continue reading at Advertising Age
[ Advertising Age | 2016-12-29 00:00:00 UTC ]
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Fran Owen, publicity director at Atlantic, is joining Vintage as publicity director for Chatto & Windus, Hogarth and Square Peg in a job-share role with publicity director Mari Yamazaki. Continue reading at The Bookseller
[ The Bookseller | 2016-11-29 00:00:00 UTC ]
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Maureen Corish, group communications director for Penguin Random House UK, is leaving the business at the end of November as the result of a restructure in PRH's communications function. Continue reading at The Bookseller
[ The Bookseller | 2016-11-25 00:00:00 UTC ]
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Katy MacMillan-Scott, previously an account director at Four Colman Getty, has joined Riot Communications this week in the role of campaigns director. Continue reading at The Bookseller
[ The Bookseller | 2016-11-18 00:00:00 UTC ]
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Forming its steering committee three years ahead, the land of Karl Ove Knausgård and Jo Nesbø inspected the 2016 Frankfurt Guest of Honor project at Buchmesse. Even as France takes on the mantle of Frankfurt Book Fair’s Guest of Honor project for 2017, the leadership of the 2019 Guest of Honor... Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2016-10-27 00:00:00 UTC ]
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What publishers are doing ahead of new Labor Department regulations that will expand the number of employees eligible for overtime pay. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-09-16 00:00:00 UTC ]
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Wednesday, at a hearing in its bankruptcy proceedings, the retailer won a short extension in the amount of time it has to find a buyer. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-07-08 00:00:00 UTC ]
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A Tribune Publishing investor sued the media company's directors and Chairman Michael Ferro for spurning an $864 million buyout offer from Gannett and seeking a cash infusion from a billionaire health-care entrepreneur.Tribune's board members are seeking to unfairly entrench themselves by taking... Continue reading at Advertising Age
[ Advertising Age | 2016-06-03 00:00:00 UTC ]
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Google just released a new Chrome OS application that allows Chromebooks to seamlessly access network file shares created by Windows PCs. This integrates network file shares directly into the Files app and the browser’s Save and Open dialogs.Get the app from the Chrome Web Store You can install... Continue reading at PC World
[ PC World | 2016-06-01 00:00:00 UTC ]
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Los Angeles Times owner Tribune Publishing Co. has rejected a second buyout offer from rival newspaper publisher Gannett Co., and this time it’s brought in new financial muscle to fend off further overtures: L. A. billionaire Patrick Soon-Shiong. Tribune Publishing announced Monday morning that... Continue reading at Los Angeles Times
[ Los Angeles Times | 2016-05-24 00:00:00 UTC ]
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