Children's book publisher Scholastic Corp. slashed its 2013 profit guidance and said revenue will be $1 billion lower than expected because schools are spending money on curriculum and holding back on orders, fearing federal spending cuts. Shares fell $6.34, or 20%, to $25.50 in light after-hours trading. The company also said sales are lower than expected for The Hunger Games trilogy as well as in its book club business. And Hurricane Sandy hurt business in its School Book Fair and School Book club businesses in the Northeast. Scholastic now expects to earn $1.40 to $1.60 per share for the year ending May 31, down from its prior forecast of $2.20 to $2.40 per share. It expects revenue of $1.8 billion to $1.9 billion, down from an earlier outlook for $1.9 billion to $2 billion. Scholastic cited two top reasons for the shortfall. One is that schools are spending money on training to get ready for Common Core, a set of uniform benchmarks for math and reading. That's leaving less money for spending that would go to its profitable educational technology products. Scholastic also said schools are delaying spending decisions "due to continued uncertainty regarding the federal budget." A series of automatic spending cuts and tax increases are set to take effect at the beginning of 2013 unless Congress and the White House can make a deal to avert them. Scholastic plans to announce fiscal second-quarter results in mid-December. Continue reading at 'Crains New York'
[ Crains New York | 2012-11-21 00:00:00 UTC ]
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Digital publisher and owner of Vice News and Vice TV was once valued at $6bn but has agreed sale for $225mVice, the once high-flying media startup that reached a peak valuation of nearly $6bn (£5bn), has filed for bankruptcy protection in the US as the digital publisher engineers a cut-price... Continue reading at The Guardian
[ The Guardian | 2023-05-15 09:23:50 UTC ]
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What do Amanda Gorman, Truman Capote, John Updike, and Joyce Carol Oates have in common? Each won a Scholastic Art & Writing Award as a teen. The Scholastic Art & Writing Awards began in 1923 and continue to support young writers thanks to The Alliance for Young Artists & Writers.... Continue reading at Literrary Hub
[ Literrary Hub | 2023-05-08 12:47:48 UTC ]
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Pulitzer Prize winning digital media outlet BuzzFeed News is being shut down as part of a cost-cutting drive by its corporate parent that's shedding about 15% of its entire staff Continue reading at ABC News
[ ABC News | 2023-04-20 23:02:36 UTC ]
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The new integrated school reading events business will be launched by June under the direction of Sasha Quinton, who has been president of Scholastic Book Fairs. Judy Newman, president of Scholastic Book Clubs, has been named Scholastic’s first chief impact officer. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-04-03 04:00:00 UTC ]
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Stocks that traded heavily or had substantial price changes Friday: Oxford Industries, Scholastic fall, Activision rises Continue reading at ABC News
[ ABC News | 2023-03-24 20:31:47 UTC ]
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The publisher cited a number of economic factors for a disappointing quarter, including weaker consumer demand for books and lower orders from retailers and wholesalers that are still working through high levels of inventory acquired last year that remains unsold. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-03-24 04:00:00 UTC ]
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"Just use your library" is not the solution to the new price hikes and benefit decreases in Barnes & Noble's membership changes. Continue reading at Book Riot
[ Book Riot | 2023-03-01 12:57:36 UTC ]
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Take a stroll through this grown-up Scholastic Book Fair with nostalgic school supplies, accessories, and decor.- Susie Dumond Continue reading at Book Riot
[ Book Riot | 2023-02-13 11:33:00 UTC ]
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Weeks after Fox merger scrapped investors say market value languishing because of underperforming businesses in portfolioThe shrinking of Rupert Murdoch’s News Corporation by 1,250 roles after a plunge in profits of almost a third serves as a stark reminder that the billionaire mogul’s abortive... Continue reading at The Guardian
[ The Guardian | 2023-02-10 16:37:18 UTC ]
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Reduced ad spends due to rising inflation and higher interest rates have battered Rupert Murdoch’s media conglomerateMedia conglomerate News Corp said on Thursday that it would cut 1,250 jobs after it missed estimates for second-quarter earnings due to weakness in its news and digital real... Continue reading at The Guardian
[ The Guardian | 2023-02-09 22:30:39 UTC ]
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The publisher, which has been embroiled in a labor standoff since November, will lay off 5% of its North American staff by June 30, the end of its current fiscal. CEO Brian Murray said the company was facing lagging demand and “unprecedented supply chain and inflationary pressures." Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-01-30 05:00:00 UTC ]
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As the shift to a younger readership is examined in Italy, Scholastic and LitWorld roll out a new format for World Read Aloud Day. The post Scholastic and LitWorld: A 24-Hour ‘World Read Aloud Day’ Event appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2023-01-26 08:47:42 UTC ]
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A 19% increase in Scholastic's children's book publishing and distribution segment drove total sales up 12% in the second quarter, while operating income rose 20%. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-12-16 05:00:00 UTC ]
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The Gaumont-Scholastic Entertainment project is developing Down syndrome advocate Sofia Sanchez' 'Rocket Park' books for television. The post Scholastic in ‘Rocket Park’ Deal With France’s Gaumont appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2022-12-14 18:06:00 UTC ]
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Traditional TV shunned in favour of digital media and last-minute promotional campaignsMore than two-thirds of the UK’s biggest advertisers intend to cut back spending on traditional TV next year, as the recession fuels a shift to digital media and last-minute bursts of promotion.A survey of 59... Continue reading at The Guardian
[ The Guardian | 2022-11-21 00:01:39 UTC ]
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As part of a companywide effort to reduce costs, Amazon has eliminated an unspecified number of jobs in its Books business. Word of the reductions came in a letter sent yesterday to employees from CEO Andy Jassy describing “role eliminations” in the company's Books and Devices units. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-11-18 05:00:00 UTC ]
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After a large job cut in mid-July, Callisto Media made another significant staff reduction on Monday in a move to cut costs during an uncertain economic climate. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-10-25 04:00:00 UTC ]
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The moves at the nation’s largest newspaper publisher include a week of mandatory unpaid leave and voluntary buyouts. Continue reading at The New York Times
[ The New York Times | 2022-10-12 21:51:53 UTC ]
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The author’s latest, Chapter by Chapter: The Voice of God Study Bible, provides an intimate approach to understanding the word of God. (Sponsored) Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-10-07 04:00:00 UTC ]
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Higher costs increased Scholastic's first quarter loss to $58.1 million, from $32 million in the first quarter of fiscal 2022, despite a 1.2% increase in sales. The results were "on plan," the publisher said, adding that it still expects sales and earnings in fiscal 2023 to rise over fiscal 2022. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-09-22 04:00:00 UTC ]
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