News Corp.'s publishing spinoff will be armed with $2.6 billion in cash and no debt, demonstrating Chairman Rupert Murdoch's passion for print even as the new company confronts an industry in decline.The cash pile could come in handy for acquisitions or just to shore up the publishing business, which includes the Wall Street Journal in the U.S. and the Sun newspaper in the U.K. The unit, which will become a separate publicly held business in June, will also have access to a revolving credit line, New York-based News Corp. said today in a filing.Mr. Murdoch, News Corp.'s founder and chief executive officer, is breaking off the division from the company's entertainment operations, which will be called Fox Group Inc. News Corp. agreed to the spinoff last year, bowing to pressure from shareholders who wanted the company to focus on its more valuable television and film businesses.News Corp. rose 1% to $30.25 at 10:20 a.m. The stock had increased 17% this year through yesterday, compared with an 8.3% gain for the Standard & Poor's 500 Index.The publishing spinoff will have $18.6 billion in total assets. Its debt-free balance sheet puts it far ahead of publishers such as New York Times Co., with $163 million in net debt; Gannett Co., with $1.26 billion; and McClatchy Co., with $1.78 billion, according to data compiled by Bloomberg.The parent company will give $1.82 billion in cash to the new publishing business, pushing its total to $2.6 billion, according to today's... Continue reading at 'Crains New York'
[ Crains New York | 2013-03-08 00:00:00 UTC ]
Eric Adams stood alone in City Hall on Tuesday and tried to project confidence in his imperiled mayoralty as he answered in-depth questions for the first time since his federal corruption indictment.Adams was not seated at a table surrounded by his usual phalanx of deputy mayors, and instead... Continue reading at Crains New York
[ Crains New York | 2024-10-01 19:47:39 UTC ]
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Among the week's headlines: it was a busy Banned Books Week in court with developments in two major book banning cases; an anti–book banning resolution is reintroduced in Congress; Delaware libraries grapple with a ransomware attack; and the Carnegie Corporation gives $4 million to New York City... Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-09-27 04:00:00 UTC ]
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Old-fashioned address books and rolodexes are becoming an increasingly rare sight as the world goes digital. What’s more, digital address books are not something you need to buy separately. If you have an email address with Google (Gmail), Microsoft (Outlook), or Apple (iCloud), for... Continue reading at PC World
[ PC World | 2024-09-05 14:00:00 UTC ]
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Peel Regional Police and the U.S. Alcohol, Tobacco and Firearms Bureau say they plan to announce arrests on Wednesday in the theft of roughly $20 million in gold and nearly $2 million US in cash from Toronto's Pearson International Airport. Continue reading at CBC
[ CBC | 2024-04-16 19:47:31 UTC ]
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On Tuesday, the ownership group that controls Denver's Tattered Cover bookstores filed the first part of its bankruptcy reorganization plans, citing some $3.1 million owed to unsecured creditors, including half a million dollars to its former CEO. A further $820,000 is owed to secured lenders. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-01-18 05:00:00 UTC ]
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When I began working on the design for the cover of Kyle Dillon Hertz’s debut novel The Lookback Window, I had two goals in mind: I wanted the book to be taken seriously, and I wanted to get it into the hands of readers who might not otherwise find it. Right from the beginning of […] Continue reading at Literrary Hub
[ Literrary Hub | 2023-08-15 09:40:29 UTC ]
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In a new filing, the AAP said that it will not seek to recoup costs and legal fees it incurred in its successful challenge to a Maryland e-book law that was declared unconstitutional earlier this year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-08-10 04:00:00 UTC ]
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After successfully challenging Maryland’s library e-book law in court, the Association of American Publishers is now seeking to recover roughly $300,000 in court costs and legal fees from the state. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-06-30 04:00:00 UTC ]
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Amazon is bringing two mobile games to its subscription-based entertainment platform for children. Known as Amazon Kids+, the $2.99 per month service has served as sort of a one-stop shop for kid-friendly books, TV shows, movies, games and more. The first game, Super Spy Ryan is a multiplayer... Continue reading at Engadget
[ Engadget | 2022-04-14 13:00:13 UTC ]
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If you’re like me and have a deep appreciation and love of classic Hollywood, then you’ll be delighted to hear that Knopf plans to publish Paul Newman’s memoir in the fall of 2022. The actor, who died in 2008 at the age of 83, began working on his memoir in the 1980s; according to the […] Continue reading at Literrary Hub
[ Literrary Hub | 2021-11-03 14:46:35 UTC ]
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Up to 200 U.S. libraries of all types will be selected to receive $10,000 grants to support, restore, and sustain their core activities. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-10-06 04:00:00 UTC ]
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A new industry initiative to help independent booksellers and comic shops recover from the Covid-19 pandemic is being launched today, with a $500,000 contribution from Ingram Charities and Ingram Content Group as well as significant gifts from Bookshop.org and four major publishers. The Survive... Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-03-30 04:00:00 UTC ]
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John Bolton’s tell-all book about his time in the Trump administration was supposed to come out on March 17. Then it was supposed to come out on May 12. It didn’t come out on either date, because in both cases, the White House, which Bolton served as national security adviser until September,... Continue reading at Columbia Journalism Review
[ Columbia Journalism Review | 2020-06-23 12:10:14 UTC ]
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Telecommunications giant Spectrum Inc. is investing nearly $2 million in a Northern Kentucky facility ahead of a push to hire on 300 more workers. Spectrum, born from the acquisition of Time Warner Cable by Charter Communications (Nasdaq: CHTR), is investing $1.7 million in upgrades to its... Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2019-10-11 16:16:40 UTC ]
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Google has long been a philanthropic powerhouse, with STEM education, economic security and inclusion as top priorities. Through its charitable arm, the company also is tackling housing and homelessness, along with criminal justice reform. Next up — libraries. On Thursday, Google.org announced... Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2019-10-03 21:51:27 UTC ]
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AT&T is now part of Harry Potter lore as the first brand to ink a sponsorship deal with the new augmented reality game about the wizarding world. AT&T stores are incorporated into the landscape of the game, called “Harry Potter: Wizards Unite,” which is by Niantic, the creator of... Continue reading at Advertising Age
[ Advertising Age | 2019-06-21 21:00:51 UTC ]
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'Nomophobia', a word used to describe stress and anxiety caused by being separated from a mobile phone, has been deemed the Cambridge Dictionary’s inaugural People’s Word of the Year. Continue reading at The Bookseller
[ The Bookseller | 2018-11-30 00:00:00 UTC ]
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Bookstore sales rose from $741 million last May to $745 million in May 2018, according to preliminary estimates released by the U.S. Census Bureau, an increase of 0.5%. Continue reading at Publishers Weekly
[ Publishers Weekly | 2018-07-16 00:00:00 UTC ]
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A two-year literature research project at Bath Spa University has culminated in a digital ghost story which personalises the “haunting” to each reader through their mobile phone. Continue reading at The Bookseller
[ The Bookseller | 2018-01-31 00:00:00 UTC ]
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When Brooke Gladstone, the cohost (with Bob Garfield) of the popular podcast "On the Media," began working on her new book, "The Trouble with Reality" (Workman), her brief was to “provide a consolation” to readers troubled by the recent presidential election. Continue reading at Publishers Weekly
[ Publishers Weekly | 2017-06-01 00:00:00 UTC ]
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