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 ]
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“I aligned with stories that were messy and vulnerable. Writers who were messy and vulnerable.” Betsy Lerner remembers working with writers who had demons to wrestle with. | Lit Hub Memoir Caroline Carlson recommends 10 new children’s books that span the globe. | Lit Hub Reading Lists Cornelia... Continue reading at Literrary Hub
[ Literrary Hub | 2024-10-02 10:30:16 UTC ]
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Derek Schnell has been promoted to regional director of news for Hearst Television. Schnell has been the news director at KCRA and KQCA in Sacramento since 2018. He will continue to serve as KCRA/KQCA news director. In his new position, Schnell will have management... Continue reading at AdWeek
[ AdWeek | 2024-10-01 18:28:35 UTC ]
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Broadleaf Books acquires Artists for Joy podcaster Merideth Hite Estevez’s invitation to experience art as a spiritual doorway, Whitaker House signs Faith And Composition blogger Shalene Roberts’s inspirational book for moms, and more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-10-01 04:00:00 UTC ]
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Sally Rooney's new novel becomes a status symbol, the ALA releases data showing book bans on the decline, and more. Continue reading at Book Riot
[ Book Riot | 2024-09-29 15:00:00 UTC ]
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Here are the latest numbers out of Banned Books Week. Spoiler: book banning is not slowing down. Continue reading at Book Riot
[ Book Riot | 2024-09-27 13:30:00 UTC ]
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Banned Books Week is drawing to a close, but that's not going to put a stop to the censorship happening across the country. Continue reading at Book Riot
[ Book Riot | 2024-09-27 12:00:00 UTC ]
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Helped by the acquisition of 9 Story Media, sales rose 4% at Scholastic in the quarter ended August 31, 2024, and the publisher cut its operating loss. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-09-27 04:00:00 UTC ]
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Organizers of October's Frankfurter Buchmesse tell reporters that the show will be firmly in touch with books' place in current affairs. The post Frankfurt News Conference: An Issue-Energized Trade Show appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2024-09-24 10:15:38 UTC ]
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The 2024 Booker Prize Shortlist, an update on plagiarism allegations against the WHITE FRAGILITY author, and more! Continue reading at Book Riot
[ Book Riot | 2024-09-22 15:00:00 UTC ]
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Stevie Wilson: Tablets Are a New Way for Prisons to Profit off the Incarcerated In 2015, the PA DOC introduced tablets sold by GTL (now Viapath) to the general population. We were told we would be able to send and receive emails, buys songs and books, submits requests to staff and order... Continue reading at Literrary Hub
[ Literrary Hub | 2024-09-20 08:56:11 UTC ]
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Plus cover reveals, the Booker Prize shortlist, and the trailer for HEARTSTOPPER Season 3 . Continue reading at Book Riot
[ Book Riot | 2024-09-19 14:30:00 UTC ]
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Six 2024 YA releases that you'll want on your TBR for Hispanic/Latine Heritage Month. Continue reading at Book Riot
[ Book Riot | 2024-09-19 14:00:00 UTC ]
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National Book Award longlist week, historical fiction and the literary canon, THE POWER BROKER at 50, and more in this week's biggest book news. Continue reading at Book Riot
[ Book Riot | 2024-09-14 16:03:33 UTC ]
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From revoking tenure to cutting an entire library staff, academic libraries are losing—so are students. That, plus this week's book censorship news. Continue reading at Book Riot
[ Book Riot | 2024-09-13 12:00:00 UTC ]
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The heavily-anticipated showdown between Vice President Kamala Harris and former President Donald Trump on Tuesday night was seen by 67.135 million viewers, according to Nielsen Media Research. Hosted by ABC News and simulcast across 17 networks, the Harris/Trump... Continue reading at AdWeek
[ AdWeek | 2024-09-12 14:10:13 UTC ]
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Comic book superfans have San Diego Comic-Con. Bravo superfans have BravoCon. And now dedicated MSNBC viewers have an in-person experience to satiate their particular strain of superfandom. The network took over the Brooklyn Academy of Music on Saturday for MSNBC Live:... Continue reading at AdWeek
[ AdWeek | 2024-09-09 13:10:00 UTC ]
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The biggest BookTok hits of the year so far, Neil Gaiman's GRAVEYARD BOOK adaptation on hold after sexual assault allegations, and more. Continue reading at Book Riot
[ Book Riot | 2024-09-08 15:00:00 UTC ]
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Catch up on an exciting week of book news, including the trailer for NIGHTBITCH, Reese's 100th book club pick, and more. Continue reading at Book Riot
[ Book Riot | 2024-09-05 15:00:00 UTC ]
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Kindle Unlimited is celebrating their tenth year with a sale: three months of KU for the price of one if you sign up by September 15th. Continue reading at Book Riot
[ Book Riot | 2024-09-03 14:11:16 UTC ]
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Book bans aren't the only form of censorship rampant in public libraries right now. That, plus this week's book censorship news. Continue reading at Book Riot
[ Book Riot | 2024-08-30 13:30:00 UTC ]
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