Amazon Publishing has launched Amazon Original Stories, a new imprint that will release short fiction and nonfiction works that can be read in a single sitting. The essays and reported pieces, available in the Kindle Singles store, will be free to Prime and Kindle Unlimited members. The pieces will be $1.99 for all other customers. The imprint's first titles are The Sign of the Beast by Joyce Carol Oates and Crown Heights by Colin Warner and Carl King. Forthcoming 2018 titles from the imprint include works by W. Kamau Bell, Jade Chang, Eddie Huang, Janice Y.K. Lee, Walter Kirn, Dean Koontz, Wednesday Martin, Nick McDonell, Harold Schechter, Dan Slater, Dodai Stewart, and Susan Straight. Click Read More below for additional information.
American Media, Inc. (AMI) announced on its earnings call on July 1, 2015 that its revenue and Adjusted EBITDA from continuing operations for the fiscal year ended March 31, 2015 were $245.2 million and $74.4 million, respectively. AMI also reported the deleveraging of its balance sheet through the repurchase of its first and second lien notes in the aggregate amount of $58.1 million. AMI stated that during Fiscal Year 2015, its digital revenue increased 26% to $9.9 million.
In his remarks, AMI Chairman, CEO and President David J. Pecker commented that advertising remains strong in the first quarter of AMI’s new fiscal year, with print and digital ad revenues for Men’s Fitness, Star and OK magazines all up versus the prior fiscal year. He also noted that for the first time since the publishing industry’s second largest wholesaler ceased operations in May 2014, AMI newsstand unit sales in the celebrity market have stabilized.
For Fiscal Year 2016, AMI provided revenue and Adjusted EBITDA guidance of $230-$235 million and $80-$85 million, respectively.
Mr. Pecker concluded his remarks by saying that, based on significant deleveraging during Fiscal Year 2015, AMI’s strong print and digital advertising performance, the stabilization of newsstand sales and AMI’s projected cash flow from operations of $35 million for Fiscal Year 2016, the company is evaluating refinancing options for its $273.2 million of outstanding First Lien Notes due December 2017. Any refinancing of the outstanding first lien notes will be subject to market conditions.