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 country's largest educational publishers have filed a lawsuit seeking to stop pirate sites from illegally selling their e-books and have won a temporary restraining order. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-11-26 05:00:00 UTC ]
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WH Smith’s plans to buy the Marshall Retail Group (MRG) have been approved by the FCA and the transaction now only requires shareholder approval. Continue reading at The Bookseller
[ The Bookseller | 2019-11-25 19:46:04 UTC ]
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Doyel Maitra has been appointed Clare Harington’s replacement as Hachette UK’s new group communications director from March 2020. Continue reading at The Bookseller
[ The Bookseller | 2019-11-21 16:56:32 UTC ]
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Tribune Publishing Company (NASDAQ: TPCO), one of the nation’s leading media companies, today announced that funds managed by Alden Global Continue reading at Editor & Publisher
[ Editor & Publisher | 2019-11-20 15:37:42 UTC ]
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Publishers including And Other Stories, Cambridge University Press and HarperCollins are preparing to take part in Work in Publishing Week, a campaign to inspire young people aged 14–24 to pursue a career in publishing. Continue reading at The Bookseller
[ The Bookseller | 2019-11-13 04:20:22 UTC ]
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Headline has reorganised its communications team following the departure of marketing director Viviane Basset to Quarto last month, with Louise Swannell moving up to the role of communications director. Continue reading at The Bookseller
[ The Bookseller | 2019-11-11 13:46:00 UTC ]
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Welcome to Ad Age’s Wake-Up Call, our daily roundup of advertising, marketing, media and digital news. If you're reading this online or in a forwarded email, here's the link to sign up for our Wake-Up Call newsletters. You can get an audio version of this briefing on your Alexa device; sign up... Continue reading at Advertising Age
[ Advertising Age | 2019-10-24 10:29:51 UTC ]
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Lawyers for Audible are doubling down on their claim that a lawsuit filed by seven publishers over Audible’s forthcoming Captions program is fundamentally a contract dispute. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-09-24 04:00:00 UTC ]
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The groups argue Audible should be required to "license the rights it seeks to exploit for its profit—just as others must—as required by copyright law and fundamental fairness.” Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-09-24 04:00:00 UTC ]
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The U.S. Justice Department this week filed suit against former NSA contractor and whistleblower Edward Snowden and his publisher, Macmillan, looking to seize Snowden's proceeds from his new memoir, arguing that the manuscript violates nondisclosure agreements Snowden signed. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-09-18 04:00:00 UTC ]
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News and Events The prize-winning poster design by OU student Marley Smith NORMAN, OKLA. (Friday, September 13, 2019) – University of Oklahoma students Marley Smith, Abby Merz, and Sadie Gorham have been awarded first, second, and third place,... Continue reading at World Literature Today
[ World Literature Today | 2019-09-13 16:04:43 UTC ]
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In a pair of briefs, Audible argued that Captions is simply a tool for enhancing audiobooks, and rejected what they see as an attempt to “paint Audible and its customers as copyright pirates guilty of ‘classic, willful' copyright infringement.’ Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-09-13 04:00:00 UTC ]
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Former White House Press Secretary and noted baby cage enthusiast Sarah Huckabee Sanders is writing a novel memoir that will likely be full of lies. It will be published by St. Martin’s Press in fall 2020. The book will detail her time as Trump’s press secretary, “including the most dramatic... Continue reading at Literrary Hub
[ Literrary Hub | 2019-09-05 14:44:57 UTC ]
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Library campaigners in Essex are gearing up for a county wide day of action next month, as more than 1,600 people sign a petition against plans for volunteers to run some facilities. Continue reading at The Bookseller
[ The Bookseller | 2019-08-28 05:47:04 UTC ]
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Nearly 100 million Americans will be hopping in the car for a road trip this year, according to AAA, with most of us embarking in the summer. A recent survey commissioned by the Audio Publishers Association reveals that 74 percent of audiobook readers prefer to read them in cars. Given those... Continue reading at Literrary Hub
[ Literrary Hub | 2019-08-02 08:50:47 UTC ]
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Peak Media Properties, a new company owned by Terence O’Toole’s private investment vehicle Macanta Investments, LLC, launched on Monday to house 20 former F+W Media crafts, design and fine arts titles. F+W’s former Artist’s Network and Crafts communities, which includes Artists Magazine, The... Continue reading at Folio Magazine
[ Folio Magazine | 2019-07-30 19:32:49 UTC ]
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After F+W Media filed for chapter 11 bankruptcy protection and auctioned off its portfolio of 50 magazines earlier this year, Active Interest Media’s Cruz Bay Publishing placed the winning bids for 14 total brands across the Woodworking, Writing, Horticulture and Collectibles Groups, in order... Continue reading at Folio Magazine
[ Folio Magazine | 2019-07-23 18:09:05 UTC ]
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Quad and LSC Communications announced this morning that they have mutually agreed to call off the planned purchase of LSC by Quad following a DoJ lawsuit. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-07-23 04:00:00 UTC ]
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Late last week, Judge Charles R. Nagle denied Quad’s motions for an expedited trial in the Department of Justice’s lawsuit aimed at blocking Quad’s purchase of LSC Communications. The trial is set for November 14. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-07-15 04:00:00 UTC ]
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