Following yesterday’s news that HMH Books & Media had temporarily closed its Indiana distribution center as the state is on lockdown, parent HMH issued a business update, announcing a series of cutbacks. The “majority of employees” have been reduced to a four-day work week, at pro-rated pay, while directors and top executives have taken a 25 percent cut in base cash compensation. The ceo has taken a 50 percent reduction in base salary, and “senior leadership” has also taken unspecified salary reductions. They say that all of their warehouses and distribution centers, with additional facilities in Illinois, Missouri, and Florida, […]
Education
McGraw-Hill Cengage Merger Further Delayed As UK Announces Deeper Review
The UK Competition and Markets Authority (CMA) announced March 24 that it would conduct an in-depth review of the planned merger between McGraw-Hill and Cengage. The review, referred to as a Phase 2 investigation, is not expected to conclude before September; meanwhile, competition agencies in the US, Australia, New Zealand, and Mexico are also still reviewing the deal. In a report on the update, McGraw-Hill says, “The completion of the merger is subject to a number of conditions, including, among others, the receipt of approval from governmental entities. No assurance can be given that the required regulatory approvals will be […]
Pearson Pauses Share Buyback, Citing “Prolonged Uncertainty”
Pearson “has decided it is prudent” to pause the rest of their planned £350 million share buyback, the company announced March 23. That repurchase program, under which they have already spent £167 million, was initiated in January as part of a plan to reinvest some of the expected proceeds from selling their remaining stake in Penguin Random House to Bertelsmann. (The sale is expected to close in the second quarter of 2020). Pearson estimated that the temporary closing of their Pearson VUE test centres will reduce operating profit by approximately £25 million to £35 million, and cancellations of state tests […]
Corporate: Scholastic Closes DCs in Cost Cutting, Bloomsbury Acquires Zed, and More
Scholastic reported results for the third quarter ending February 29, and announced cost and service cuts due to the pandemic: “We are taking aggressive actions to reduce operating expenses throughout the company, including the temporary closing of warehousing and distribution centers, and a freeze on hiring, travel and other discretionary spending not directly tied to short-term revenue, while working hard to ensure the safety and well-being of our staff worldwide,” ceo Richard Robinson said in the release. Overall sales for the quarter were $373 million, up $13 million compared to a year ago. Trade sales were even stronger — at […]
Reference: Free Online Book Access for Students and Kids
With schools closing around the world and districts racing to develop remote learning programs, educational publishers, booksellers, and nonprofits are helping families and educators with free offerings. Below we compile updates on collections of digital books for students, both K-12 and higher ed. General reading Scribd The subscription reading and audio site always had a 30-day “free trial” with a credit card on file, but now through this page you can use the site for free without giving them a provisional card. For Kids Harry Potter and the Philosopher’s Stone The first book in JK Rowling’s series is available for […]
Clarity: Penguin Random House Formalizes Open License for Online Story Time and Classroom Read-Alouds
Responding to community needs and inquiries, Penguin Random House formally stated on Tuesday that it is “permitting teachers, librarians and booksellers to create and share story time and read-aloud videos and live events,” according to publicly posted guidelines. Teachers and educators providing distance learning in a virtual classroom setting can conduct story time or read-aloud videos with PRH books through closed educational platforms (such as Google Classroom, Schoology, Edmodo and Discovery Education.) Videos posted to YouTube must be designated as “unlisted” when uploading, and then can be linked to from within a closed educational platform. The permission lasts until the end […]