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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#takeover bid
#general partner
#manufacturing platform
#developing story
#largest book
The stores charge that secret agreements made between the publishers and Amazon give Amazon the advantage in selling ebooks, but some industry observers find flaws in their logic. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2013-02-22 00:00:00 UTC ]
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#selling ebooks
Eleven leading academic associations have written an open letter condemning the government's... Continue reading at The Bookseller
[ The Bookseller | 2013-01-28 00:00:00 UTC ]
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#open access
Penguin has benefited from a "good" fourth-quarter publishing performance and has... Continue reading at The Bookseller
[ The Bookseller | 2013-01-21 00:00:00 UTC ]
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#fourth quarter
News Publishing Co., parent corporation of the Rome News-Tribune, Calhoun Times, Walker County Messenger, Catoosa County News, Cedartown Standard and Rockmart Journal, has filed a petition for Chapter 11 reorganization. Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-01-03 00:00:00 UTC ]
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#news publishing
The story of Lee Enterprises is as interesting as an investigative piece reported by the local newspaper in town. Recently emerged from a prepackaged Chapter 11 bankruptcy in January 2012, it is now a newspaper publishing company trading at a minuscu ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-11-08 00:00:00 UTC ]
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Quarto has reported a drop in revenue but stable operating profit over the last nine months, with... Continue reading at The Bookseller
[ The Bookseller | 2012-11-01 00:00:00 UTC ]
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Facing financial and other pressures, the Canadian Booksellers Association voted October 18 to become a division of the Retail Council of Canada, which CBA has been affiliated with since 2009. Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-10-26 00:00:00 UTC ]
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HarperCollins has won a PR Week Award for internal communication. The corporate communications... Continue reading at The Bookseller
[ The Bookseller | 2012-10-25 00:00:00 UTC ]
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#corporate communications
After a round of key filings, two Authors Guild cases challenging Google’s ambitious library book-scanning program are on schedule for early fall trial dates. Final reply briefs were filed July 27 for the Authors Guild v. HathiTrust, with that case now fully briefed and all but set for a... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-08-03 00:00:00 UTC ]
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The Justice Department meant business when it accused Apple and five other publishers of price-rigging ebooks, and are officially taking Cupertino and two publishers to court. In a hearing on Friday, Judge Denise Cote set a bench trial for June 3, 2012, putting Apple, Macmillan and Penguin Group... Continue reading at Engadget
[ Engadget | 2012-06-23 00:00:00 UTC ]
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A protest demonstration has disrupted Amazon.com's latest shareholder meeting in Seattle,... Continue reading at The Bookseller
[ The Bookseller | 2012-05-25 00:00:00 UTC ]
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Plain, ordinary text files aren’t normally the most interesting ways to convey information, but if you’d like to change that then Toolwiz FlipBook may be able to help. Just point the program at a particular TXT file, and in a click it’ll be converted into an executable file. And launching this... Continue reading at Betanews
[ Betanews | 2012-05-18 00:00:00 UTC ]
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#txt file
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DALLAS, TX, May 18, 2012 – AIM Media Texas, LLC (“AIM” or the “Company”) announced today that it has reached agreement to acquire the Texas print and online newspaper publishing assets from Freedom Co ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-05-18 00:00:00 UTC ]
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US publisher Houghton Mifflin Harcourt (HMH) has agreed with the majority of its senior secured... Continue reading at The Bookseller
[ The Bookseller | 2012-05-14 00:00:00 UTC ]
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The educational and trade publisher, financially troubled for several years, has agreed with most of its senior lenders and bondholders to a restructuring that would convert existing long-term debt to equity. Continue reading at The New York Times
[ The New York Times | 2012-05-11 00:00:00 UTC ]
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Last week, the Department of Justice filed a lawsuit against Apple and five publishers for allegedly colluding on ebook prices, and class-actions suits in the U.S. continue. Three Canadian law firms are filing class-action suits against as well ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-04-19 00:00:00 UTC ]
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The U.S. Department of Justice has filed an antitrust lawsuit against Apple and five book publishers for alleged ebook price fixing the Wall Street Journal... Continue reading at PC World
[ PC World | 2012-04-11 00:00:00 UTC ]
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The U.S. filed an antitrust lawsuit against Apple Inc., Hachette SA, HarperCollins, Macmillan, Penguin and Simon & Schuster in New York district court, claiming collusion over eBook pricing. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-04-11 00:00:00 UTC ]
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#ebook pricing
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Yahoo files papers outlining ways of scattering adverts through digital books based on what is being read. Continue reading at BBC World
[ BBC World | 2012-04-09 00:00:00 UTC ]
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The Justice Department is reportedly preparing to go after Apple, Simon & Schuster, Hachette, Penguin, Macmillan and HarperCollins following its investigation into alleged ebook price-rigging. The case centers around a deal to switch to agency pricing, where the vendor takes a 30 percent cut... Continue reading at Engadget
[ Engadget | 2012-03-08 00:00:00 UTC ]
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