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☆ News Corp. announces it will cut 1,250 positions this year
▼ + stars: | 2023-02-09 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

News Corp . said Thursday it will cut about 1,250 positions, or 5% of its workforce, in the latest round of layoffs that have hit the media and tech industries in recent months. Rupert Murdoch's media company, which owns such names as The Wall Street Journal, the New York Post, Barron's and HarperCollins, said the tough marcoeconomic environment and higher interest rates have been hurting the company. On Thursday the company reported earnings results and said its quarterly revenue decreased 7% to $2.52 billion from the year-earlier period. Thomson noted that despite "the obvious global challenges," its professional information business at Dow Jones, the publisher of the Journal, saw revenue surge. Quarterly revenue for the overall Dow Jones segment rose 11% from the year-earlier period.

☆ Fox News journalist back on air after almost dying in Ukraine: 'I've got one leg, I've got no feet, I see through one eye'
▼ + stars: | 2023-01-27 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Fox News' Benjamin Hall returned to the airwaves after surviving a devastating attack in Ukraine. Hall lost an eye and a leg in a missile strike that killed two of his colleagues. While Hall survived, 24-year-old Ukrainian fixer Oleksandra "Sasha" Kuvshynova and Irish photographer Pierre Zakrzewski were killed. "You ask me how I'm doing — I've got one leg, I've got no feet, I see through one eye, I've got one workable hand, I was burnt all over," he said. Fox News' Oleksandra Kuvshynova (second right), Pierre Zakrzewski (far left), and Trey Yingst working in Ukraine.

☆ Rupert Murdoch abandons plan to recombine Fox and News Corp
▼ + stars: | 2023-01-24 | by ( Oliver Darcy | ) edition.cnn.com time to read: +1 min

New York CNN —Rupert Murdoch has abandoned plans to combine Fox Corporation and News Corporation, a move that would have reunited his broadcasting and print publishing companies under one roof. Murdoch had proposed the deal last fall, nearly a decade after Fox Corporation and News Corporation split apart in 2013. Fox Corporation operates the right-wing channel Fox News, in addition to Fox Sports and Fox TV Stations. News Corporation is the parent of The Wall Street Journal, New York Post, HarperCollins, and other iconic print publications. Spokespeople for both companies did not immediately respond when asked whether Murdoch had a comment

When it comes to queer books, the loudest headlines may be about bans and censorship, but a quieter truth about the state of LGBTQ books reveals the resilience of their authors and commitment of their readers. The queer titles debuting in 2023 are as full of joy as they are examples of resistance, and those in the industry say LGBTQ writers are only getting more ambitious. And while queer young adult books are often the target of book-banning efforts, these titles drove the highest gains in the category, the report found. When it comes to considering a queer future, and what’s next for queer books, that’s something that’s been on the mind of Suzi F. Garcia, the editor of Lambda Literary, a nonprofit that advocates for LGBTQ books and authors. She described the book as having a “queer core” and a sense of hope while discussing issues critical to LGBTQ and Black communities.

☆ Ron DeSantis just announced he has a memoir coming out soon. Here's what we learned from his first book, a scathing take on Obama
▼ + stars: | 2022-11-30 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +13 min

DeSantis wrote the book during the Tea Party movement and before he ran for Congress. He did so throughout his 2011 book, "Dreams from Our Founding Fathers: First Principles in the Age of Obama." According to NPD BookScan, which tracks retail sales of US print books, "Dreams from Our Founding Fathers" sold 125 copies through July of 2022. In one section of the book, DeSantis wrote that Obama lacked the humility of George Washington, the first US president. Obama, DeSantis wrote, "garnered flattering media coverage by a press thoroughly enamored with his progressive politics."

☆ I worked 2 remote jobs during the pandemic, and it helped me break into my dream industry. But I wouldn't do it again.
▼ + stars: | 2022-11-22 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Norma M. worked two remote jobs during the pandemic. The experience helped her get a foot into the publishing industry, but she wouldn't try it again. Ultimately, I decided to move ahead with interviews for the publishing role. I was relieved to see that I only had one standing meeting for the publishing job. It was still a contract role, but we had reached an agreement that they would continue renewing it for the foreseeable future.

Many were especially wary of Penguin Random House — already by far the largest publisher in the United States — getting even bigger by absorbing a rival. Penguin Random House has about 100 imprints; together they publish more than 2,000 titles a year. The merger would have given it Simon & Schuster’s approximately 50 imprints, as well as the company’s vast and valuable backlist of older titles. “The market is already too consolidated,” said Mary Rasenberger, chief executive of the Authors Guild, an advocacy group for writers that opposed the purchase. The company’s recent performance has been strong, even as the results have sagged at other major publishers.

Persons: Simon, Schuster —, United States —, Schuster’s, ”, Mary Rasenberger, Simon & Schuster Organizations: Random, HarperCollins, Macmillan, Hachette, Penguin, United States, Justice Department, Guild, Simon & Locations: United

☆ Penguin Random House scraps $2.2 bln deal to merge with Simon & Schuster
▼ + stars: | 2022-11-21 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

REUTERS/Stefan Wermuth/File PhotoWASHINGTON, Nov 21 (Reuters) - Penguin Random House, the world's largest book publisher, and rival Simon & Schuster have scrapped a $2.2 billion deal to merge, Penguin owner Bertelsmann (BTGGg.F) said in a statement. But Bertelsmann said in a statement on Monday that it "will advance the growth of its global book publishing business without the previously planned merger of Penguin Random House and Simon & Schuster." Paramount said on Monday that Simon & Schuster was a "non-core asset" to Paramount. Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others. The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster and Hachette, with Walt Disney Co (DIS.N) and Amazon.com Inc (AMZN.O) also in the market.

Penguin was unable to convince Simon & Schuster to launch an appeal and extend their deal contract before it expires on Monday, the sources said. Penguin will owe Simon & Schuster a $200 million break-up fee as a result of the transaction falling apart. Following the deal's collapse, Simon & Schuster's owner, Paramount Global (PARA.O), will be free to explore a sale of the publisher anew. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

☆ I don't expect you to get my name right, but I want you to try: Why making the effort to pronounce names matters
▼ + stars: | 2022-11-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

It's Annika, and you pronounce it by saying the name "Ann," followed by the name "Nick" and a moment of realization: "Ah." Remembering any name is hard, and it's harder when they're uncommon like mine, so I don't always blame them. My name is closely tied to my identity, and mispronunciations weigh more heavily on me than most people think. Xuenan Lily Hu, a product manager in New York, says she often chooses to go by "Lily" instead of "Xuenan," but she doesn't always like it. "When I choose to go by Lily instead, it makes me feel like I let go of that part of my identity to settle comfortably in conformity."

The top five U.S. publishers are Penguin, HarperCollins, Macmillan, Simon & Schuster and Hachette. Following a collapse of the deal, Paramount will be free to explore a sale of Simon & Schuster anew. Previously known as ViacomCBS, Paramount had inked the Penguin deal so it could focus on its video and streaming businesses. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

☆ Murdoch deal will struggle to be fair and balanced
▼ + stars: | 2022-11-17 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

A decade ago, Murdoch split his movies-to-books empire because it had become too broad and complex. As it stands, both $16 billion Fox and $10 billion News Corp suffer from significant valuation discounts, partly due to their common owner’s grip. It owns roughly 62% of Australian housing portal REA, a stake worth $6.7 billion based on its Wednesday closing price in Sydney. On the same 16 times multiple as New York Times (NYT.N), it would be worth about $8 billion. Rupert Murdoch and his family trust control about 42% of Fox voting shares and 39% of News Corp voting shares.

☆ HarperCollins Union Goes on Indefinite Strike Over Pay and Benefits
▼ + stars: | 2022-11-10 | by ( Jeffrey A. Trachtenberg | ) www.wsj.com time to read: 1 min

A union representing approximately 250 members at HarperCollins Publishers went on an open-ended strike Thursday morning in an effort to secure higher wages and improved benefits. The union, Local 2110 of the United Auto Workers, put up a picket line outside the company’s headquarters in lower Manhattan. Employees represented by the union include editorial, sales and publicity staffers. HarperCollins Publishers employs about 4,000 people globally.

☆ News Corp Says Lower Book Sales on Amazon, Foreign Exchange Weigh on Results
▼ + stars: | 2022-11-09 | by ( Alexandra Bruell | ) www.wsj.com time to read: 1 min

News Corp, owner of The Wall Street Journal, reported that the latest quarter’s revenue was down 1% and net profit fell 80% from the year-earlier period. News Corp posted slightly lower revenue in the latest quarter as foreign-currency fluctuations and a decline at its book-publishing unit more than offset continued growth at Wall Street Journal parent Dow Jones & Co. The New York-based media company, which owns the Journal, HarperCollins Publishers and news organizations in the U.K. and Australia, reported revenue of $2.48 billion, down less than 1% from the year-earlier period. Net profit fell 80% to $40 million, or 7 cents a share, from $196 million, or 33 cents a share, a year earlier.

WASHINGTON, Nov 7 (Reuters) - A U.S. judge cited negative impacts on top-selling authors in blocking a planned $2.2 billion merger of Penguin Random House, the world's largest book publisher, and rival Simon & Schuster, according to a written opinion released Monday. Penguin is owned by German media group Bertelsmann SE & Co (BTGGg.F) while Paramount Global (PARA.O) owns Simon & Schuster. Pan said those best-selling authors "have fewer outlets that can satisfy their requirements, and therefore are vulnerable to anticompetitive behavior." Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others. The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster and Hachette, with Walt Disney Co (DIS.N) and Amazon.com Inc (AMZN.O) also in the market.

WASHINGTON, Oct 31 (Reuters) - A planned $2.2 billion merger of Penguin Random House, the world's largest book publisher, and rival Simon & Schuster cannot go forward, a U.S. judge ruled on Monday. Unlike most merger fights, which are focused on what consumers pay, this one focused on authors' earnings. Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others. Penguin is owned by German media group Bertelsmann SE & Co (BTGGg.F) while Paramount Global (PARA.O) owns Simon & Schuster. The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster and Hachette, with Walt Disney Co (DIS.N) and Amazon.com Inc (AMZN.O) also in the market.

☆ Investor Irenic Capital wants News Corp to split media, real estate units - sources
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Oct 17 (Reuters) - Activist investor Irenic Capital Management, which has a $150 million stake in News Corp (NWSA.O), wants the company to split its media and online real estate units, sources familiar with the matter said on Monday. Irenic's push comes after media mogul Rupert Murdoch's proposal last week to reunite his media empire by combining News Corp (NWSA.O) and Fox Corp (FOXA.O), nearly a decade after the companies split. Irenic has sought a meeting with panel from News Corp, sources said, adding the investor would be prepared to oppose a deal if it undervalues the company. Register now for FREE unlimited access to Reuters.com RegisterNews Corp did not immediately respond to a request for comment. It is anchored by REA Group, in which News Corp has a 61.4% stake, which is worth about $5.8 billion.

☆ News Corp. stock up, Fox shares down as investors weigh possible merger
▼ + stars: | 2022-10-17 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

Shares of News Corp. rose while Fox shares fell Monday as investors weighed the possibility of Rupert Murdoch's media companies recombining nearly decade after they split. The companies had announced Friday that they were exploring a merger, with each News Corp. and Fox saying they formed special committees to explore the possibility. News Corp. has a market capitalization of around $9.45 billion, while Fox Corp. is worth about $14.76 billion. Alphabet has a market cap of $1.32 trillion, Apple's market cap is $2.29 trillion and Amazon's market cap is $1.15 trillion. The source said Irenic would oppose the combination of News Corp. with Fox if the real estate arm remained undervalued.

☆ Rupert Murdoch’s odd reunion simplifies succession
▼ + stars: | 2022-10-17 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 17 (Reuters Breakingviews) - Rupert Murdoch is seeking to stitch his empire back together again. The media mogul’s family trust wants to reunite News Corp (NWSA.O) and Fox (FOXA.O) almost a decade after they split. The boards of News Corp and Fox said Friday they had formed special independent committees to explore a potential merger. Rupert Murdoch and his family trust control approximately 42% of voting shares in Fox and 39% of voting shares in News Corp. The companies split in 2013.

Rupert Murdoch is in the early stages of exploring whether to put his media companies News Corp. and Fox Corp. back together, according to a person familiar with the matter. Fox Corp., the leftovers from the $71.3 billion 21st Century Fox sale to Disney in 2019, owns right wing networks Fox News and Fox Business, which is a CNBC competitor. Murdoch, 91, split Fox and News Corp. in 2013. He is the chairman of Fox and the executive chairman of News Corp. His son Lachlan Murdoch is CEO of Fox and co-executive chairman of News Corp. The Murdoch family has a 42% voting stake in Fox and a 39% voting stake in News Corp., according to the Journal.

☆ Jada Pinkett Smith to write memoir discussing her ‘complicated marriage’ to Will Smith
▼ + stars: | 2022-10-07 | by ( Ariana Brockington | ) www.nbcnews.com time to read: +3 min

Jada Pinkett Smith has revealed she will be writing a memoir that shares details about her difficult journey in Hollywood and her “complicated marriage” to Will Smith. After starring in the hit sitcom “A Different World” and appearing in multiple films, Pinkett Smith met Smith. The press release also mentioned a “crisis” Pinkett Smith experienced at the age of 40 that caused her to reevaluate her life. Both Will and Jada Pinkett Smith have spoken candidly in the past about their struggles as parents and spouses. Last month, Pinkett Smith shared an Instagram video of her husband, family and friends singing happy birthday to her.

☆ Hilary Mantel, Prizewinning ‘Wolf Hall’ Author, Dies at 70
▼ + stars: | 2022-09-23 | by ( Sarah Ball | ) www.wsj.com time to read: 1 min

The success of Hilary Mantel’s ‘Wolf Hall’ trilogy is often credited with reinvigorating sales and publisher interest in the historical-fiction genre. Booker Prize-winning author Hilary Mantel, whose acclaimed reconsideration of Tudor politics in “Wolf Hall” received major Broadway and television adaptations, died Thursday, her publisher HarperCollins said. She was 70 years old. King Henry VIII’s chief minister Thomas Cromwell, historically portrayed as an artless bully in the centuries before Ms. Mantel’s books, was reimagined in the “Wolf Hall” trilogy as perhaps the first great political power broker.

☆ Hilary Mantel, British author of ‘Wolf Hall’ saga, dies at 70
▼ + stars: | 2022-09-23 | by ( The Associated Press | ) www.nbcnews.com time to read: 1 min

LONDON — Hilary Mantel, the Booker Prize-winning author of the acclaimed “Wolf Hall” saga, has died. Mantel died “suddenly yet peacefully” surrounded by close family and friends, publisher HarperCollins said Friday. Mantel is credited with reenergizing historical fiction with “Wolf Hall” and two sequels about the 16th-century English powerbroker Thomas Cromwell. The publisher said Mantel was “one of the greatest English novelists of this century.”“Her beloved works are considered modern classics. Mantel won the Booker Prize twice, for “Wolf Hall” in 2009 and its sequel “Bring Up the Bodies” in 2012.

☆ Trump once tried to pay a $2 million legal bill with a horse, a new book reveals. His reputation for shortchanging lawyers made the firm that helped him win the 2016 election doubt they would get paid
▼ + stars: | 2022-09-16 | by ( David Enrich | ) www.businessinsider.com time to read: +8 min

In a new book, David Enrich takes a deep dive into the 127-year-old law firm Jones Day. Donald McGahn, a partner at Jones Day, left the firm to serve as Trump's White House counsel. Harper CollinsOne day in the spring of 2015, McGahn took a Jones Day associate over to Trump Tower. David EnrichOn April 23, 2015, a check for $6,451.38 arrived at Jones Day. But against all odds, Trump paid and paid again.

☆ Say goodbye to paper money — banks are quietly working to get rid of cash
▼ + stars: | 2022-06-14 | by ( Brett Scott | ) www.businessinsider.com time to read: +15 min

A payments system without cash is one dependent on banks that are prone to financial crises, systems failure, and cyberattacks. The digital chips promise you government-issued dollar bills, and that promise is empty if you can't get those from the ATM. Despite how crucial it is to maintain an inclusive, multimodal payments system with nonbank and non-digital options, our payments system is being driven toward a monoculture. Ads for digital payments don't say, "Enjoy the speed, convenience, surveillance, cyber-hacking, exclusion, and critical infrastructure weaknesses that our platform brings," yet that is what lies beneath the surface-level slickness of digital payments. The world's most vulnerable people rely on the already existing, physical cash system, and our priority should be to protect that system.

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