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 ]
A report on the German publishing industry is focused on effects of the COVID-19 pandemic on continental Europe's largest book market. The post Coronavirus Impact: The Börsenverein’ Report on the German Market appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2020-07-09 14:42:48 UTC ]
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Ms. Canedy, a former journalist at The New York Times and the administrator of the Pulitzer Prizes, will run the namesake imprint at one of the country’s largest book publishers. Continue reading at The New York Times
[ The New York Times | 2020-07-06 14:06:33 UTC ]
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[caption id="attachment_175628" align="alignright" width="150"] Stuart Emmrich[/caption] Less than a year after being named editor of Vogue.com, Stuart Emmrich is stepping down from that role, Folio: has confirmed. Emmrich, the former longtime editor of The New York Times' Styles section who... Continue reading at Folio Magazine
[ Folio Magazine | 2020-06-29 16:47:32 UTC ]
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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... Continue reading at Folio Magazine
[ Folio Magazine | 2020-04-13 15:00:01 UTC ]
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LSC Communications, one of the country’s largest printers and its largest book printer, has filed for Chapter 11 bankruptcy. The company said it expects to operate normally as it works its way through the restructuring process. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-04-13 04:00:00 UTC ]
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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... Continue reading at Folio Magazine
[ Folio Magazine | 2020-03-25 18:34:08 UTC ]
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The worldwide system of Penguin Random House, world's largest book publisher, has pulled out of London Book Fair amid the mounting COVID-19 outbreak. The post Coronavirus: Penguin Random House Pulls out of London Book Fair appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2020-03-03 16:18:52 UTC ]
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Developing story: Leipzig Book Fair shutters its planned March 12 to 15 show; London Book Fair still hanging fire amid more cancellations. The post Coronavirus: Leipzig Book Fair Is Canceled; London Still On, Pan Mac Now Out with Hachette Livre appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2020-03-03 13:23:59 UTC ]
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Developing story: The States' Macmillan and HarperCollins pull out of London Book Fair over the weekend, along with the Hachette US rights team. The post Coronavirus: LBF Says It’s a Go for Now; US Macmillan, Hachette Sales and HarperCollins Exit appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2020-03-02 12:52:26 UTC ]
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The largest book event for publishers and authors in the Spanish-speaking world is burgeoning in size and value year after year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-12-06 05:00:00 UTC ]
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Andy Ward has been named a new vice president and publisher at Random House. Formerly editor in chief, Ward moves into the spot long held by the beloved Susan Kamil, who died in September. Ward has edited the likes of David Mitchell, George Saunders, and Imbolo Mbue, and will see his role as... Continue reading at Literrary Hub
[ Literrary Hub | 2019-11-19 15:22:43 UTC ]
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The shakeup continues at SourceMedia. Chief content officer David Longobardi is out after 11 years in the role and 15 with the company as it prepares to reveal a series of new additions to its executive team, Folio: has learned. The lone holdover on a five-person C-suite that has now entirely... Continue reading at Folio Magazine
[ Folio Magazine | 2019-08-22 18:08:05 UTC ]
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Advantage Business Marketing—the Rockaway, N.J.-based B2B media company formerly known as Advantage Business Media until rebranding in a last-ditch pivot to marketing services a year ago—abruptly shut its doors this week, notifying its more than 50 employees that they were out of a job,... Continue reading at Folio Magazine
[ Folio Magazine | 2019-06-19 21:06:21 UTC ]
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While the future of America's biggest sports magazine remains an open question, its second-biggest will soon call it quits on print entirely. ESPN The Magazine will shutter its monthly print edition after September's annual Body Issue, its parent company announced Tuesday morning, ending a... Continue reading at Folio Magazine
[ Folio Magazine | 2019-04-30 00:00:00 UTC ]
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EnsembleIQ—the b2b media company formed two years ago out of the merger of three smaller publishers—is undergoing a reorganization this month, grouping its 20 media brands into four distinct market verticals and trimming its overall headcount by around 10 percent, according to multiple... Continue reading at Folio Magazine
[ Folio Magazine | 2018-10-26 00:00:00 UTC ]
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After months of searching, Meredith Corporation has finally found a proper suitor for Time magazine. On Sunday, September 16, the company announced it has sold the legacy brand it acquired in January this year for $190 million in cash to Marc and Lynne Benioff. Marc Benioff is the founder,... Continue reading at Folio Magazine
[ Folio Magazine | 2018-09-17 00:00:00 UTC ]
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Anil Narang and Carl Wistreich—chairman and CEO, respectively, of AC Business Media—have sold their majority stake in the Wisconsin-based trade magazine publisher to Florida-based private equity firm Boyne Capital, the two sides announced Thursday. Concurrent with the sale, former Grand View... Continue reading at Folio Magazine
[ Folio Magazine | 2018-08-31 00:00:00 UTC ]
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[caption id="attachment_61878" align="alignright" width="150"] David Carey[/caption] Months after a $200 million acquisition of one of his company's largest competitors, David Carey has revealed plans to depart Hearst Magazines following eight years at the division's helm. Hearst Corp. CEO... Continue reading at Folio Magazine
[ Folio Magazine | 2018-06-25 00:00:00 UTC ]
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Rakuten Kobo has partnered with D&R, Turkey’s largest book and media retailer, to sell ebooks and devices to Turkish readers. Continue reading at The Bookseller
[ The Bookseller | 2016-04-29 00:00:00 UTC ]
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Centre Lane Partners has taken over the role of general partner of the investment funds that supported Perseus LLC, the parent company of the Perseus Books Group. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-02-03 00:00:00 UTC ]
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