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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Métro Média will declare bankruptcy this week, permanently ending its coverage of local government in parts of the province's two largest cities, the head of the Quebec newspaper publisher said Sunday. Continue reading at CBC
[ CBC | 2023-09-17 21:15:07 UTC ]
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The 28-page complaint claims that the law—which is set to take effect in September—would impose sweeping, vague, and unconstitutional content-based restrictions and unduly burden booksellers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-25 04:00:00 UTC ]
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Publishers are encouraging bookstores to order early and are exploring alternative delivery options should UPS workers walk out on August 1. In some cases, publishers are extending payment terms. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-20 04:00:00 UTC ]
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Mona Awad and Paul Tremblay allege that their books, which are copyrighted, were ‘used to train’ ChatGPT because the chatbot generated ‘very accurate summaries’ of the worksTwo authors have filed a lawsuit against OpenAI, the company behind the artificial intelligence tool ChatGPT, claiming that... Continue reading at The Guardian
[ The Guardian | 2023-07-05 14:33:31 UTC ]
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Libraries need to prepare for "Hide the Pride," a conservative campaign to remove all LGBTQ children's and YA books from libraries. Continue reading at Book Riot
[ Book Riot | 2023-06-06 15:28:23 UTC ]
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Kirk Cameron is encouraging a national story time event in US public libraries August 5. Here's what library workers need to know. Continue reading at Book Riot
[ Book Riot | 2023-06-05 10:37:00 UTC ]
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With oral arguments set for June 7 before a judge on the Fifth Circuit Court of Appeals, librarians and publishers have weighed in on a closely watched case in Texas concerning the banning of books in Llano County, Texas. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-06-05 04:00:00 UTC ]
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Barnes & Noble workers at the Park Slope, Brooklyn, store filed for a union election with the National Labor Relations Board on May 25, making them the third B&N store to do so in less than two months. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-05-25 04:00:00 UTC ]
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As expected, lawyers for Simon & Schuster and bestselling author Bob Woodward have filed two new motions to dismiss an amended $50 million lawsuit filed by former president Donald Trump alleging that Woodward and S&S breached Trump’s copyright interests by publishing 'The Trump Tapes:... Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-05-23 04:00:00 UTC ]
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Rescue deal for publisher would wipe out existing shareholders, including James MurdochHow Vice and BuzzFeed fell to earthVice Media is nearing a deal to be bought out of bankruptcy by senior lenders in a process that will wipe out existing shareholders including James Murdoch.The Wall Street... Continue reading at The Guardian
[ The Guardian | 2023-05-05 16:21:38 UTC ]
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Plan comes amid waves of media layoffs and closures, including shuttering of BuzzFeed NewsVice, the global news publisher and TV company that was once valued at nearly $6bn (£5bn), is reportedly close to filing for bankruptcy.The company, whose assets include Vice News, Motherboard, Refinery29... Continue reading at The Guardian
[ The Guardian | 2023-05-02 14:10:53 UTC ]
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You might not want to use Google Drive for large system backups or other many-file transfers. Ars Technica has learned Google quietly instituted a user "creation limit" of 5 million files sometime in February. As Reddit user ra13 discovered, personal (Google One) and business (Google Workspace)... Continue reading at Engadget
[ Engadget | 2023-04-03 19:12:30 UTC ]
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Literary Hub is pleased to reveal the cover for Athena Dixon’s memoir in essays The Loneliness Files, forthcoming from Tin House this fall. Here’s a bit about the book from the publisher: In Spring 2020, the world as we knew it ground to a halt at the start of the COVID pandemic—streets emptied,... Continue reading at Literrary Hub
[ Literrary Hub | 2023-02-28 15:00:10 UTC ]
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Two CEOs have stepped down. A storied executive has retired. And a big legal loss isn't entirely in the rearview. This year, the U.S. book market's biggest publisher is planning some major structural changes. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-02-03 05:00:00 UTC ]
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Book Club for Inmates, a program run in federal penitentiaries, is having a big impact on inmates at Grand Valley Institution for Women in Kitchener, Ont., helping them develop great discussions and open up about their own lives. Continue reading at CBC
[ CBC | 2023-01-03 11:00:00 UTC ]
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Ethan Chatagnier, author of the novel 'Singer Distance,' recommends 10 mind-blowing stories about encountering alien life. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-11-21 05:00:00 UTC ]
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At a glanceExpert's Rating ProsExcellent continuous data protection with versioningEasy, timeline browsing of backed-up filesIntegrated into WindowsBacks up user-created librariesConsEasy “Add folder” function removed from Windows 11Our VerdictWindows File History is still the easiest,... Continue reading at PC World
[ PC World | 2022-09-06 14:30:00 UTC ]
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Depp’s lawyers submit documents a day after Heard challenged outcome of multimillion-dollar caseJohnny Depp has filed a notice of appeal one day after his former partner Amber Heard filed her own against the outcome of a multimillion-dollar defamation case.Documents filed on Friday in Fairfax... Continue reading at The Guardian
[ The Guardian | 2022-07-23 07:31:51 UTC ]
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Ibram X. Kendi joined Times columnist Sandy Banks for a thought-provoking L.A. Times Book Club conversation about his book, 'How to Raise an Antiracist.' Continue reading at Los Angeles Times
[ Los Angeles Times | 2022-06-23 20:16:18 UTC ]
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