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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The second-largest shareholder of Los Angeles Times owner Tribune Publishing said Wednesday that passing up a buyout offer from rival publishing company Gannett could "destroy enormous shareholder value." In a letter sent to Tribune's board and filed with the Securities and Exchange Commission,... Continue reading at Los Angeles Times
[ Los Angeles Times | 2016-05-19 00:00:00 UTC ]
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This week I asked Jodie Mullish, Communications Director at Bluebird, Pan Macmillan about her role and what advice she had for those looking for a job in publishing. Continue reading at The Bookseller
[ The Bookseller | 2016-04-30 00:00:00 UTC ]
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With less than a week to go, 435 independent bookstores are getting ready for Independent Bookstore Day on Saturday. Bookstores intend to make it a party with everything from music to food to promotions and giveaways. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-04-26 00:00:00 UTC ]
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The high court could soon decide whether to review long-running case over Google’s library scanning program. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-03-16 00:00:00 UTC ]
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Your mommy guilt might be misplaced: A new book shows that working mothers raise great kids.Juggling work and family obligations makes working mothers feel that they're always dropping the ball somewhere. When you're at work, you're missing time away from your kids. When you're at home, you're... Continue reading at Fast Company
[ Fast Company | 2016-01-22 00:00:00 UTC ]
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Publishers initially welcomed Google's fast-loading articles format, as a way to compete on mobile devices. But with the launch of Accelerated Mobile Pages, or AMP, just weeks away, it doesn't support all ad formats yet, which limits their ability to monetize it. As with Facebook and Apple, the... Continue reading at Digiday
[ Digiday | 2016-01-20 00:00:00 UTC ]
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In the run up to the NFL's conference championships, ABC and CW have loaded up tonight with comic book TV. ABC has a celebration of 75 years of Captain America leading into the Agent Carter premiere, while CW has Justice League action. FX is premieri... Continue reading at Engadget
[ Engadget | 2016-01-20 00:00:00 UTC ]
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The first legislative communication on copyright reform, as part of the European Commisison's Digital Single Market strategy, is due later today. Continue reading at The Bookseller
[ The Bookseller | 2015-12-10 00:00:00 UTC ]
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At a special meeting held Tuesday afternoon, shareholders of Books-A-Million voted overwhelmingly to accept the $3.25 per share offer from the Anderson family to buy all the shares in the retailer that they didn’t already own. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-12-08 00:00:00 UTC ]
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Tribune Publishing Co., the owners of the Los Angeles Times, offered $3 million to fund Freedom Communication Inc.’s bankruptcy case during the newspaper publisher’s first bankruptcy hearing Wednesday. A lawyer for the ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-11-04 00:00:00 UTC ]
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Keen Communications announced this morning that it has acquired Adventure Publications. Effective immediately, the company will be known as AdventureKEEN. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-10-08 00:00:00 UTC ]
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Summary judgment motions were filed last week in a case in which three defunct ebook retailers claim that Apple's 2010 price-fixing conspiracy forced them out of business. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-09-22 00:00:00 UTC ]
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The two parties, which are locked in a libel and defamation suit, have each filed counter motions asking the court to rule immediately in their favor. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-09-03 00:00:00 UTC ]
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Publishers are joining the media maelstrom surrounding Pope Francis's visit to the U.S. by releasing a variety of Pope-themed titles from August to October. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-08-26 00:00:00 UTC ]
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Funny how #FutureChat can change your mind. Camille LaGuire, whose beret-ed avatar is familiar to many of us in our weekly discussion from The Bookseller and FutureChat, started Friday's chat by announcing: Not sure I have much to contribute about the Future of Enhanced books discussion on... Continue reading at The Bookseller
[ The Bookseller | 2015-08-07 00:00:00 UTC ]
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Keep up to date with the Family Christian's bankruptcy with PW's ongoing coverage, from the initial filings to the latest proposed deals. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-07-22 00:00:00 UTC ]
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With remand briefs now filed by both sides, the stage is set for a new decision in a closely watched copyright case. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-07-17 00:00:00 UTC ]
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Publishers are ready to ramp up content distribution on Facebook’s Instant Articles in the coming days, people familiar with the matter said, with some newsrooms preparing to post a few dozen stories a day. Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-06-25 00:00:00 UTC ]
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Independents are planning celebrations for the publication of Harper Lee's Go Set a Watchman (William Heinemann) on 14th July, with some holding midnight openings. Continue reading at The Bookseller
[ The Bookseller | 2015-06-25 00:00:00 UTC ]
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A United States Bankruptcy Court has denied the sale of Family Christian Stores, the largest retail Christian chain in the country, to FC Acquisition (a company founded by FCS owners to buy back the business). Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-06-19 00:00:00 UTC ]
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