Pearson profit warnings wipe almost £2bn off its value

Education giant plans sale of stake in Penguin Random House to Bertelsmann as it cuts payout to shareholdersAlmost £2bn was wiped from the stock market value of Pearson after the beleaguered FTSE 100 company issued profit warnings for the next two years and said it would cut its payout to shareholders.The group is also putting up for sale its 47% stake in publisher Penguin Random House. Related: Will the Pearson chief be brought to book over profits warnings? | Nils Pratley Related: Redundancy fears as Penguin Random House derecognises staff unions Continue reading... Continue reading at 'The Guardian'

[ The Guardian | 2017-01-18 00:00:00 UTC ]
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Pearson appoints Walt Disney exec Andy Bird as c.e.o.

Pearson has appointed Andy Bird, most recently president and chairman of Walt Disney International, to be Pearson's new chief executive. He will start on 19th October, subject to shareholder approval, with outgoing boss John Fallon remaining in the role until that date.  Continue reading at The Bookseller

[ The Bookseller | 2020-08-24 08:02:27 UTC ]
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Pearson pulls BTEC results on eve of release

Pearson pulled its BTEC results last night (19th August), the evening before they were to be released, saying it is regrading them in line with GCSEs and A-Levels. Continue reading at The Bookseller

[ The Bookseller | 2020-08-20 00:37:53 UTC ]
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Publishing Leaders Issuing Warning over Amazon’s Market Power

If Amazon's market power over book publishing is left unchecked, competition in the industry will continue to diminish, the heads of the AAP, ABA, and Authors Guild wrote in a letter to the chairman of the House Antitrust Subcommittee. Continue reading at Publishers Weekly

[ Publishers Weekly | 2020-08-18 04:00:00 UTC ]
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S&S Posts Q2 Profit Gain Despite Sales Decline

Lower production and distribution costs were enough to give Simon & Schuster a 9% increase in earnings in the second quarter, despite an 8% drop in sales. Digital revenue jumped 44% in the quarter. Continue reading at Publishers Weekly

[ Publishers Weekly | 2020-08-06 04:00:00 UTC ]
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Pearson reports first-half revenue drop of 17%

Pearson has reported revenue fell 17% in the first half of 2020 as the result of “significant disruption” caused by Covid-19. However, the company has said “things are improving”, citing better sales in June. Continue reading at The Bookseller

[ The Bookseller | 2020-07-24 08:05:58 UTC ]
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Toronto's Pearson airport cuts 1/4 of staff due to reduced travel demand amid COVID-19 pandemic

The biggest airport in Canada is eliminating 500 jobs because of the dramatic reduction in demand for air travel due to COVID-19. Continue reading at CBC

[ CBC | 2020-07-14 14:02:27 UTC ]
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Make sure mid-tier titles aren't lost in packed autumn, Fry warns

Marketing and publicity teams need to make sure their middle-tier titles don't get lost in the crowded autumn, Canongate commercial director Jenny Fry has warned. Continue reading at The Bookseller

[ The Bookseller | 2020-07-09 17:47:50 UTC ]
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Andrew Scheer spotted without a mask at Toronto's Pearson Airport

Conservative Leader Andrew Scheer was seen at a departure gate at Toronto’s Pearson Airport today without a mask on — an apparent contravention of the rules that apply to travellers passing through the terminal. Continue reading at CBC

[ CBC | 2020-07-07 20:47:39 UTC ]
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CILIP warns librarians over contact tracing

Library and Information Association CILIP has warned librarians not to participate in the government's contact tracing programme unless a series of criteria are met first. Continue reading at The Bookseller

[ The Bookseller | 2020-07-07 15:58:32 UTC ]
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Publishing Scotland warns sector at 'risk of collapse'

Publishing Scotland has warned the sector has seen a “catastrophic” drop in income over the past few months and could be a “risk of collapse”. Continue reading at The Bookseller

[ The Bookseller | 2020-07-02 04:05:53 UTC ]
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Coronavirus Impact in Russia: Publisher Cites Up to 75-Percent Profit Loss

The Russian market's book publishing sector has been designated by the state as eligible for special financial support during the pandemic. The post Coronavirus Impact in Russia: Publisher Cites Up to 75-Percent Profit Loss appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives

[ Publishing Perspectives | 2020-06-11 16:37:40 UTC ]
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The Sun and Times publisher warns of job cuts due to coronavirus

CEO of News UK, Rebekah Brooks, tells staff pandemic has hammered print sales and advertising revenueThe publisher of the Sun and the Times has warned of impending job losses as part of a major cost-cutting programme as the coronavirus pandemic hammers newspaper sales and advertising... Continue reading at The Guardian

[ The Guardian | 2020-06-11 12:06:20 UTC ]
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Printers relieved over Covid-19 bounceback but warn of autumn challenge

UK printing firms say the impact of Covid-19 on their business has not been as large as first feared but they have warned of further challenges as publishers gear up for a big autumn. Continue reading at The Bookseller

[ The Bookseller | 2020-06-08 17:51:52 UTC ]
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AAP bid: consumer watchdog warns Nine and News Corp against any attempt to block sale

Exclusive: ACCC chair says any ‘inappropriate impediments to sale’ would ‘raise concerns’, as consortium puts in bid for newswire serviceThe chair of the competition and consumer watchdog, Rod Sims, says any attempt by News Corp and Nine to block a potential sale of Australian Associated Press... Continue reading at The Guardian

[ The Guardian | 2020-05-24 03:58:08 UTC ]
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French publishers warn of 'severe and lasting damage' from pandemic

The French Publishers Association (Syndicat National de l’Edition, SNE) said on Tuesday (19th May) that the Covid-19 pandemic has inflicted “severe and lasting damage” to French publishers. Continue reading at The Bookseller

[ The Bookseller | 2020-05-19 15:13:17 UTC ]
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Bookshops need to 'build resilience', Thornton warns

Booksellers need to start “building in resilience” now for a possible second virus spike later in the year by embracing technology and phasing their re-openings, Mark Thornton has warned. Continue reading at The Bookseller

[ The Bookseller | 2020-05-19 14:02:50 UTC ]
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Baltimore Sun looks to non-profit status to stay afloat amid coronavirus threat

Paper owned by Tribune has seen deep cuts to newsroomBaltimore-based group wants paper to become non-profitThe Baltimore Sun has just won the Pulitzer prize for local reporting, despite years of job cuts and as the coronavirus pandemic appears set to ravage the nation’s journalism sector even... Continue reading at The Guardian

[ The Guardian | 2020-05-12 10:00:08 UTC ]
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Macmillan Children's hires Pearson and Timms as publishing directors

Macmillan Children’s Books has appointed Egmont's Nicole Pearson and Little Tiger's Barry Timms to new publishing director roles in its expanding Preschool, Brands and Classics division. Continue reading at The Bookseller

[ The Bookseller | 2020-05-05 14:15:14 UTC ]
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Quarto Posts Profit in 2019, Outlook for 2020 Uncertain

The Quarto Group posted its first profit since 2016 last year, despite a sales decline. The financial forecast for 2020 is clouded by the impact of the Covid-19 pandemic, which has already led to "falling orders and revenues," the publisher said. Continue reading at Publishers Weekly

[ Publishers Weekly | 2020-04-24 04:00:00 UTC ]
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Pearson down 5% in first quarter amid Covid-19 disruption

Pearson has reported it will pay its final dividend for 2019 to investors and is not furloughing any staff, despite a 5% fall in global revenues for the first quarter as a result of Covid-19. Continue reading at The Bookseller

[ The Bookseller | 2020-04-23 16:58:47 UTC ]
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