Savvas Learning Company, a next-generation K-12 learning solutions leader, today announced the acquisition of Pointful Education, a provider of innovative, online career and technical education (CTE) courses that prepare students with the industry knowledge and skills needed for future careers. Specializing in career-focused courses and certification exam preparation for middle and high school students, Pointful Education offers a wide range of virtual and blended learning solutions that engage students in career exploration and prepare them for the workforce. Its robust catalog features 55 courses that are aligned with nationally recognized career clusters. The courses offer engaging instructional design packed with interactives, videos, projects, language translations, and text-to-speech functionality.

Local publications, like city and regional magazines, comprise a unique class. That’s because most people like where they live, and they enjoy reading content that echoes the best aspects of local life. City/Regional magazines are masters at civic storytelling, celebrating the soul of neighborhoods and capturing the essence of local life. And readers respond with a strong passion for their local magazines. Savvy publishers support this passion in a variety of ways. City/Regional magazines often are defined by their great design, excellent photography, insightful long-form journalism and superior printing.

This temporary price adjustment is to help cover extra handling costs to ensure a successful peak season. The planned peak-season pricing, which was approved by the governors of the Postal Service on Aug. 8, would affect prices on the following commercial and retail domestic competitive parcels: Priority Mail Express (PME), Priority Mail (PM) and USPS Ground Advantage. No other products or services would be affected. Pending favorable review by the PRC, the temporary rates would go into effect at midnight Central on Oct. 6 and remain in place until midnight Central on Jan. 19, 2025. This seasonal adjustment will bring prices for the Postal Service’s commercial and retail customers in line with competitive practices.

Costco Wholesale Corporation reported net sales of $19.83 billion for the retail month of August, the four weeks ended September 1, 2024, an increase of 7.1 percent from $18.51 billion last year. For the 16-week fourth quarter, the Company reported net sales of $78.2 billion, an increase of 1.0 percent compared to net sales of $77.4 billion in the 17-week fourth quarter of fiscal year 2023. For the 52-week fiscal year ended September 1, 2024, the Company reported net sales of $249.6 billion, an increase of 5.0 percent from $237.7 billion reported in the 53-week fiscal year 2023.

Google has been hit with a second privacy lawsuit over its Google Cloud Contact Center AI -- an artificial intelligence service used at call centers operated by some outside companies. In a complaint filed this week in U.S. District Court for the Northern District of California, California resident Christopher Barulich alleges that Google “secretly wiretapped” phone calls he placed to Home Depot. He adds that Google used its technology to transcribe and analyze the conversation, and suggest potential replies to the Home Depot agent who was on the phone.

Contend, a leading content creation and marketing company in Canada and the U.S., has announced a strategic partnership with Postmedia Network Inc., to launch Postmedia Studios, an ambitious project aimed at transforming the Canadian media landscape. This collaboration seeks to harness the potential of Bill C-11, the Online Streaming Act, which mandates that all broadcasters, including digital platforms, contribute to the development, production, and distribution of Canadian content. As part of this partnership, all intellectual property will be created, owned, and produced by Canadians, focusing on amplifying Canadian stories through the nation’s largest media network. This initiative aims to enhance the cultural landscape of Canada by providing a platform for Canadian voices and narratives.

“The Wiley leadership team and I are pleased with how we started the year, as measured by both our performance indicators and financial results,” said Matthew Kissner, Wiley President and CEO. “Research delivered solid growth driven by robust demand to publish in our journals and execution of our publishing and go-to-market strategies. Learning delivered strong growth as it sees continued demand for its authoritative content in training GenAI models and core growth in Academic. Finally, we closed our third and final divestiture and actioned the remainder of our $130 million cost savings program, positioning us for further performance and profit improvement.” GAAP Results: Revenue of $404 million (-10%), Operating Income of $29 million (+$45 million)

The United States Court of Appeals for the Second Circuit affirmed the District Court’s March 2023 opinion in favor of publishers Hachette Book Group, HarperCollins, John Wiley & Sons, and Penguin Random House, finding Internet Archive liable for copyright infringement and rejecting all four factors of Internet Archive’s fair use argument. The Court squarely addressed the question of whether it is “fair use” for a nonprofit organization to scan copyright-protected print books in their entirety, and distribute those digital copies online, in full, for free, subject to an asserted one-to-one owned-to-loaned ratio between its print copies and the digital copies it makes available at any given time, without any authorization from the copyright owner.

“Our letter carriers and facilities teams across the country, the 640,000 women and men of the Postal Service, are fully focused on the critical mission of delivering the nation’s election mail – just as we have done so excellently through this current primary season and as we have done in the past,” said Postmaster General and CEO Louis DeJoy. “We are proud to do our part to help citizens’ who choose to use the mail to vote to do so effectively.” In the 2020 general election, the Postal Service delivered 99.89 percent of ballots from voters to election officials within seven days. The 2022 midterm elections saw a similar level of on-time performance, with 99.93 percent of ballots delivered within the same timeframe. Post election analysis of the Postal Service’s performance in the 2020 and 2022 elections can be found here and here. The Postal Service has the operational capacity to deliver the nation’s ballots in the final weeks of the election. In 2020, ballots accounted for just .11% of the Postal Service’s total mail volume. USPS officials announced that the organization will once again implement proven extraordinary measures in the weeks immediately before and after the general election (Oct. 21 - Nov. 15, 2024) to enhance the timely delivery of mail-in ballots entered close to or on Election Day and/or the state’s ballot return deadline. These efforts may include additional pickups, extra deliveries, and special sort plans on processing equipment to expedite and enhance ballot delivery.

Penguin Random House, Hachette Book Group, HarperCollins Publishers, Macmillan Publishers, Simon & Schuster, and Sourcebooks have filed a lawsuit against Florida public officials, challenging sweeping book removal provisions of HB 1069, an education law that restricts books in school libraries. The additional plaintiffs joining the publishers are the Authors Guild, bestselling authors Julia Alvarez, Laurie Halse Anderson, John Green, Jodi Picoult, and Angie Thomas, two students, and two parents. As a result of HB 1069, hundreds of titles have been banned across the state since the bill went into effect in July 2023. The list of banned books includes classics such as Brave New World by Aldous Huxley, A Tale of Two Cities by Charles Dickens, For Whom the Bell Tolls by Ernest Hemingway, and The Adventures of Tom Sawyer by Mark Twain, as well as contemporary novels by bestselling authors such as Margaret Atwood, Judy Blume, and Stephen King. Among nonfiction titles, accounts of the Holocaust such as The Diary of a Young Girl by Anne Frank have been removed.

When it comes to its financial future, America’s mood is improving. In McKinsey & Co.’s latest ConsumerWise analysis, 41% of respondents say they are optimistic about the U.S. economy, up from 33% in the previous quarter. They plan to spend -- and even trade up -- a little more freely in the coming months, especially on essential, semi-discretionary, and discretionary items. That jibes with the just-released monthly Consumer Confidence Index, which shows an increasingly rosy outlook for the economy, the job market and income.

The Postal Regulatory Commission submitted its Fiscal Year (FY) 2025 Budget Justification to the Postal Service Board of Governors. Members of the Commission unanimously approved the budget. This marks the third budget request for the Commission under the Postal Service Reform Act- Title 39, United States Code, Section 205. The Commission’s request of $25,400,000 of annual funding for FY2025 supports a total Commission requirement of $28,644,000 and is in line with its role as the primary regulator providing critical oversight, transparency, and expert reporting and analyses on the Postal Service. The remaining $3.264 million would come from a Commission reserve fund and the Technology Modernization Fund. The Commission recently added a new office of Budget and Finance that will serve as a strategic partner for the Commission to plan, execute, and manage fiscal resources necessary for the successful execution of its mission as well as compliance with applicable laws and regulations.

Tom Kingsbury, Kohl’s chief executive officer, said, “We have taken significant action to reposition Kohl’s for future growth. However, our efforts have yet to fully yield the intended outcome due in part to a continued challenging consumer environment and softness in our core business.

Nordstrom, Inc. reported second quarter net earnings of $122 million and earnings before interest and taxes of $190 million. For the second quarter ended August 3, 2024, net sales increased 3.4 percent versus the same period in fiscal 2023, and total Company comparable sales increased 1.9 percent.

Consumers are feeling more confident even as they grow more concerned about the labor market. The Conference Board’s Consumer Confidence Index rose in August to a better-than-expected reading of 103.3 — its highest reading since February — from an upwardly revised 101.9 in July.

Surfer Magazine, the iconic title that served the surfing community for 60 years, is back in print. The publication put out its first print edition in four years, a limited edition of 50,000 copies. The cover of the issue features world champion surfer Kelly Slater, who also contributes copy to the magazine. Jake Howard is the editor of the new Surfer.

Postmedia Network Inc. reported it has successfully closed its acquisition of certain businesses and assets of Saltwire Network Inc. and The Halifax Herald Limited (together, “Saltwire”). “We are delighted to welcome these outlets into the Postmedia family while preserving their vital roles within the community,” said Andrew MacLeod, President and Chief Executive Officer of Postmedia. “We are grateful to those who collaborated with us in developing a more sustainable model for these publications. Our industry has experienced monumental transformations and continues to face significant challenges, necessitating our adaptation. Through this acquisition, we are not only broadening our reach but also reinforcing our commitment to quality journalism and community engagement.”

The commitment letter provides for a new senior secured credit facility with funds managed by affiliates of Apollo of up to $900 million, to be comprised of an initial term loan facility of approximately $675 million, to be funded at the time of closing, and a delayed draw term loan facility of approximately $225 million, which will be available at the Company’s discretion at closing and during the six months following closing, subject to certain customary funding conditions. Net proceeds from the Term Loan Facility will be used to repay in full the outstanding principal of the Company’s five-year senior secured term loan facility maturing October 15, 2026, to purchase or redeem the 6.0% first lien notes due November 1, 2026 and to repurchase for cash up to 50% of the outstanding 2027 Notes. The Term Loan Facility will mature five years after the closing date and will bear interest at an annual rate equal to SOFR plus a margin of 5.0% with a floor of 150 basis points.

A decision obliging more than 9,000 Canadian rail workers to stay on the job is a win for the railways and could impact bargaining in other federally regulated sectors like aviation, the head of a Canadian rail workers' union told Reuters. Paul Boucher, president of the Teamsters Canada Rail Conference, also said the union would work with other labour groups as it mounts a legal challenge to a Saturday decision that halted work stoppages at the country's two largest railways and imposed arbitration. While the Teamsters will obey the order to return to work, the union has warned it could lead to the imposition of future contracts, eroding workers' bargaining power. The decision comes as Air Canada pilots (AC.TO), opens new tab press for a new contract and can commence job action as early as mid-September if there is no agreement with the country's largest carrier.

The United States Postal Service announced it will host a pre-filing virtual conference to discuss its plans to improve mail processing and transportation, and how these improvements will align with proposed refinements within its existing service standards for Mail and Package Products. The Postal Service will consider the comments received during the virtual conference and will thereafter file its formal request asking for an advisory opinion from the Postal Regulatory Commission (PRC). After receiving an advisory opinion from the PRC, the Postal Service will consider the Commission’s opinion and finalize its decision. Central to the virtual conference discussion will be the proposed operational improvements and corresponding refinements to process, transport and deliver all categories of mail and packages through an integrated network without expanding the existing day ranges of service standards, and for some products shortening the current day ranges. These refinements will deliver important benefits to the organization and its customers as the Postal Service continues to implement a more efficient and effective operating model.

The Association of American Publishers (AAP) released StatShot Annual for calendar year 2023, estimating that the U.S. publishing industry generated a healthy $29.9 billion in aggregate publishing revenue for books and course materials across print and digital formats. The result is a minor 0.8% decline when compared to final stated numbers for 2022. It is a 6.1% increase over the pre-pandemic figure of $28.2 billion total recorded in 2019. “This year’s report captures an industry that is both resilient and forward-thinking about how people read, enjoy, and learn from works of authorship,” commented Syreeta Swann, Chief Operating Officer, Association of American Publishers. “In addition to the strong numbers for 2023, the report shows positive trends over a five-year period across multiple categories, formats, and channels.”

Canada’s two major freight railroads have shut their operations, according to management of the two companies, locking out 9,000 members of the Teamsters union who operate the trains and dealing a potential blow to both the Canadian and US economies. Nearly a third of the freight handled by the two railroads — Canadian National (CN) and Canadian Pacific Kansas City Southern (CPKC) — crosses the US-Canadian border, and the shutdown could disrupt operations in a number of US industries, including agriculture, autos, home building and energy, depending upon how long the shutdown lasts. “CPKC is acting to protect Canada’s supply chains, and all stakeholders, from further uncertainty and the more widespread disruption that would be created should this dispute drag out further resulting in a potential work stoppage occurring during the fall peak shipping period,” the company said in a Thursday statement shortly after the start of the lockout at 12:01 am ET. “Delaying resolution to this labor dispute will only make things worse.”

The Onion is known for its satirical headlines, but the latest news to come out of the Chicago-based publication isn’t a joke: It’s back in print after more than a decade. The Onion is offering 12 monthly print editions for a limited-time price of $60, including a special issue for the Democratic National Convention available for those who subscribe within the next two weeks. The price will normally be $99. Learn more and buy a subscription here.

Playboy’s print magazine is being resurrected. Today, PLBY Group, Inc. announced it will return to issuing a print version of its legendary magazine, but this time around on an annual basis, starting with a February 2025 issue. In March 2020, Playboy stopped producing its 66-year-old print magazine, which had been published since 1953, citing the disruptions caused by the coronavirus pandemic as the reason. Along with reviving the print magazine, the company is relaunching its Playmate franchise with a worldwide search for both the 2024 and 2024 Playmate of the Year and as of this week a newly designed website at Playboy.com. This time around, media veteran Mark Healy will be at the helm of Playboy. His resume includes senior roles at GQ, Rolling Stone, and Men’s Journal. The February 2025 issue will make its debut in conjunction with Big Game Weekend and Super Bowl LIX, which will take place on February 9, 2025, at Caesars Superdome in New Orleans, Louisiana.

“During the second quarter, we delivered strong earnings performance in a challenging consumer environment,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc. “Our colleagues executed with discipline, supporting gross margin expansion and effective expense control throughout the organization. We are seeing signs of our strategy taking root, including two consecutive quarters of positive comparable sales in Macy’s First 50 locations. We are encouraged by the early traction of our Bold New Chapter and remain committed to returning Macy’s, Inc. to sustainable profitable growth.” Second Quarter Highlights (comparisons are to the second quarter of 2023) *Diluted earnings per share of $0.53 and Adjusted diluted earnings per share of $0.53. *Net sales of $4.9 billion decreased 3.8%. *Comparable sales down 4.0% on an owned basis and down 3.3% on an owned-plus-licensed-plus-marketplace basis.

Paper is an important part of the American election process. Paper ballots help provide reliability and security. Paper ballots are made from specialty graphic paper based on detailed specifications from election officials and equipment manufacturers. Paper is an important part of the American election process. The paper industry is proud to make paper ballots and other election materials, including: *“I Voted” stickers *Ballot envelopes *Voter registration forms Instruction materials. Paper ballots help provide reliability and security. According to Verified Voting, in 2024, 95% of voters are expected to use a ballot with a verifiable paper trail. Is a Specific Kind of Paper Used for Paper Ballots? Yes, paper ballots are made based on specifications from election officials and equipment manufacturers. This ensures ballot scanners and ballot marking devices correctly process the ballots.

The Manufacturing Standards and Specifications for Textbooks (MSST) Committee has updated the standard for the first time since 2020. Due to shifts in the paper market, leading publishers and printers in the industry were concerned about the potential scarcity of paper meeting current MSST testing specifications. The Committee looked at revising the MSST testing specifications to allow for the use of alternative paper stocks in the future without compromising the durability of textbooks. Following comprehensive testing in 2023/2024, the committee has approved minor adjustments, including a 10% reduction in the Machine Direction Tear specification for 40# and 45# paper grades and a 1-point reduction in the opacity specification for 50# grades. These changes aim to ensure a broader range of paper stocks meet MSST standards while maintaining textbook durability and quality.

According to the latest Signifyd E-commerce Pulse data for July 2024, online spending continued the growth trend seen in June, but shifted toward lower-cost items and alternatives as the fastest year-over-year growth (17.7%) was in orders under $100. Meanwhile, purchases above $500 were nearly flat with 1.5% year-over-year growth. Overall online spending was up 10% year-over-year, and the number of e-commerce orders increased 15% but average order value was down 4% compared to July 2023, which Signifyd said signals caution among consumers.

S&P Global (NYSE: SPGI) today announced that it has completed the sale of its Fincentric business to Stellex Capital Management, a global private equity firm. The transaction does not have material impact to S&P Global and the financial terms of the transaction were not disclosed. The transaction will include local closings in certain jurisdictions, which are expected to occur during the balance of 2024 and into the first half of 2025. Fincentric, formerly known as Markit Digital, became part of S&P Global following the company's merger with IHS Markit in 2022. The transaction follows the announced intent in February 2024 to explore strategic options for the business.

Walmart Inc. announces second quarter results with strong growth in revenue and operating income. Globally, eCommerce penetration is higher across all segments. Walmart U.S. comp sales up 4.2%2 . Looking ahead, the Company issues guidance for Q3 and raises its outlook for FY25. For Q3, net sales are expected to grow 3.25% to 4.25% and operating income to grow 3.0% to 4.5% in constant currency (“cc”)1 . For FY25, net sales are expected to grow 3.75% to 4.75% and adjusted operating income to grow 6.5% to 8.0% cc.

The U.S. Court of Appeals for the Eighth Circuit on August 9 vacated a December 2023 injunction blocking parts of Iowa's controversial book banning law, SF 496. But the move could only be a temporary setback for freedom to read advocates, with court watchers noting that the decision also rejected the state's core legal argument: that the plaintiffs lacked standing to challenge SF 496 because the placement and removal of books from public school libraries and classrooms is government speech. In a brief but thorough opinion, the appeals court held that the plaintiffs in the case—which include the Big Five publishers led by Penguin Random House as well as four bestselling authors—do have standing to sue, and swiftly dispatched with the state’s government speech argument.

Adaptive learning company HMH announced that its award-winning English language development program, English 3D, which is now available for students in grades K-3, provides a complete K-12 solution with expanded reach to support younger learners. “Multilingual learners now make up more than 10% of the US student population and we know this number will continue to grow each year,” said Matthew Mugo Fields, HMH General Manager, Supplemental and Intervention Solutions. “At HMH, we aim to support the unique needs of all learners so they can come into the classroom every day and have the resources they need to thrive. English 3D’s expanded support creates growth for our youngest learners during one of the most critical points in their learning journey.”

Hearst announced it has agreed to acquire QGenda, LLC from investment firms Francisco Partners and ICONIQ Growth. QGenda is a leading provider of healthcare workforce management solutions. More than 4,500 organizations, including leading physician groups, hospitals, academic medical centers and health systems use QGenda to advance workforce scheduling, optimize capacity and improve access to care. The announcement was made by Steven R. Swartz, president and CEO of Hearst; Gregory Dorn, M.D., president of Hearst Health; and Greg Benoit, CEO of QGenda, who will continue to lead the company. Terms were not disclosed. Pending regulatory approval, QGenda will become part of Hearst Health, the healthcare division within Hearst. Hearst Health is currently comprised of market-leading companies FDB, Homecare Homebase, MCG, MHK and Zynx Health. The transaction is expected to close later this year.

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During this quarter we continued our aggressive efforts to stabilize service, implement necessary network initiatives, reduce costs, grow volume and revenue, and lead change both internally and externally. We addressed local pockets of deficient performance and made improvements. We expect these improvements to continue in the coming weeks. Despite significant weather events, service performance for market-dominant and competitive products improved when compared to last quarter — with 60 percent of market-dominant volume delivered early and 95 percent of volume delivered within a day of its service standard. And I’m happy to say, on average, our customers still receive their mail and packages in less than three days. These improvements are attributed to our focused persistence and cross-functional engagement, in areas where performance does not meet our high expectations.

Four Maine newspapers--The Free Press, The Courier-Gazette, Camden Herald and The Republican—are being consolidated into a single title called the The Midcoast Villager. The combined product will be published by Reade Brower, with Kathleen Fleury Capetta serving as co-publisher. “This change is not a cost-saving move; in fact, it is an investment in creating a more robust, impactful product for our region — because we truly believe the health and well-being of our communities is at stake,” Fleury Capetta writes.

*Operating revenue increase of $191 million to $18.8 billion, extending the growth trend to four consecutive quarters *Transportation expense reductions of $236 million reflect continued progress under the Delivering for America plan *Shipping and Package growth continues to benefit from USPS Ground Advantage. The U.S. Postal Service today announced its financial results for the third quarter of fiscal year 2024 (Apr. 1, 2024 - Jun. 30, 2024). The net loss for the quarter under generally accepted accounting principles (GAAP) totaled $2.5 billion, compared to a net loss of $1.7 billion for the same quarter last year.

Costco Wholesale Corporation reported net sales of $19.26 billion for the retail month of July, the four weeks ended August 4, 2024, an increase of 7.1 percent from $17.99 billion last year. Net sales for the first 48 weeks were $229.81 billion, an increase of 7.1 percent from $214.53 billion last year.

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “It was a strong second quarter for The Times – one in which we made further progress on the path to grow our subscriber base and become the essential subscription for every curious person seeking to understand and engage with the world. The combination of our world-class news destination plus market-leading lifestyle products means we have complementary offerings in big spaces, each with multiple growth levers fueling multiple revenue streams. Together we believe these make The Times resilient in a changing media landscape and well positioned for continued value creation.”

Commenting on the results, Chief Executive Robert Thomson said: “Fiscal 2024 was an outstanding year for News Corp, as we not only delivered robust earnings growth and created substantial shareholder value, but took a significant step to prepare the Company to prosper in the AI age. Our landmark agreement with OpenAI is not only expected to be lucrative, but will enable us to work closely with a trusted, pre-eminent partner to fashion a future for professional journalism and for provenance. Meanwhile, we have begun to take legal steps against AI aggressors, the egregious aggregators, who are predatory in the confiscation of our content. ‘Open source’ can never be a justification for ‘open slather.’

Newspaper company McClatchy is merging with a360media, a magazine firm, creating a giant that will reach 100 million unique readers per year. The firms, both of which are owned by hedge fund Chatham Asset Management, are profitable, but the merger could triple overall revenue and profits, says Tony Hunter, chairman and CEO of McClatchy, who will hold the same titles at the new entity. “At the highest level, this creates value that, separately, both of us cannot do,” Hunter says. “If we don’t come together, the value of the individual companies is limited in the near-term.”

Kohl’s announced more than $2.5 million in commitments to Milwaukee-area nonprofits through partnership renewals with Acts Housing, Boys & Girls Clubs of Greater Milwaukee, Greater Milwaukee Urban League, Milwaukee Art Museum, Ronald McDonald House Charities Eastern Wisconsin, Safe & Sound, and Zoological Society of Milwaukee. This support furthers Kohl’s commitment to helping improve the health and wellness of families in its hometown. “It’s an honor for Kohl’s to call the Milwaukee area home, and we are proud to do our part in making our communities stronger by providing support to nonprofits helping to improve the lives of local families,” said Tara Geiter, Kohl’s director of community relations. “These organizations do incredible work and we’re looking forward to continuing to make a positive impact together.”

Net sales increased 10% to $148.0 billion in the second quarter, compared with $134.4 billion in second quarter 2023. Excluding the $1.0 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with second quarter 2023. *North America segment sales increased 9% year-over-year to $90.0 billion. Operating income increased to $14.7 billion in the second quarter, compared with $7.7 billion in second quarter 2023. *North America segment operating income was $5.1 billion. Net income increased to $13.5 billion in the second quarter, or $1.26 per diluted share, compared with $6.7 billion, or $0.65 per diluted share, in second quarter 2023.

"We are pleased to report another strong quarter of financial results. In fact, our operational execution led to year-over-year growth in Adjusted EBITDA and further improvement to our same store revenue trends. Same store revenue trends improved sequentially for the sixth consecutive quarter, and we remain on track and expect to hit the revenue growth inflection point as we exit 2024. Each of our digital revenue streams continued to grow over the prior year, and as a result, total digital revenues now account for 44% of total revenues." "As part of our strategy, we continued to further optimize our capital structure. During the second quarter, we repaid $24.3 million of debt, which combined with our Adjusted EBITDA growth, reduced our first lien net leverage below 2.0x. Equally important, our total net debt fell under $1.0 billion for the first time since the 2019 acquisition of legacy Gannett, and we continued to maintain a strong liquidity position with approximately $99 million in cash on the balance sheet."

With labor negotiations at a standstill, a Canadian rail strike is likely to occur in late August, Canadian Pacific Kansas City CEO Keith Creel said today (Tuesday, July 30). CPKC and the Teamsters Canada Rail Conference are still talking but remain far apart on a new contract, Creel said on the railway’s second-quarter earnings call. The Canadian Industrial Relations Board has said it will release a decision by Aug. 9 on what commodities are vital to health and safety and must keep moving during a work stoppage. Members of the TCRC, which represents engineers and conductors on CPKC and Canadian National, have voted to authorize a strike that could begin with 72 hours notice once the CIRB decision is issued.

The International Longshoremen’s Association (ILA) contract with maritime employers, represented by the United States Maritime Alliance (USMX), is set to expire on the 30th September 2024 and with under 10 weeks remaining, negotiations have stalled, making a strike increasingly likely. Any strike that potentially impacts all Atlantic and Gulf Coast ports would cause significant disruption to containerised US import and exports, especially with West Coast port workers potentially refusing to handle diverted cargo in solidarity. However, the ILA has a record of resolving contracts without strikes, with the last major disruption occurring in 1977 and had planned to resolve local jurisdiction contracts before starting master contract talks but these negotiations were cancelled due to a dispute at the Port of Mobile. The USMX has expressed a desire to move forward productively but acknowledges that time is running out.

Grainger reported results for the second quarter of 2024 with sales of $4.3 billion, up 3.1%, or 5.1% on a daily, organic constant currency basis, and adjusted diluted EPS of $9.76, up 5.2% compared to the second quarter of 2023. "I'm proud of our team for providing a flawless experience and creating tangible value for our customers. Amidst the backdrop of a slow, but generally stable demand environment, we focused on what matters and produced another quarter of solid results," said D.G. Macpherson, Chairman and CEO. "As we look to the second half of the year, I'm confident in our ability to execute well and deliver results for all stakeholders."

The Company reported second quarter 2024 revenue of $3.549 billion, an increase of 14% compared to the second quarter of 2023. Second quarter GAAP net income increased 98% to $1.011 billion and GAAP diluted earnings per share increased 102% to $3.23 as higher net income was driven primarily by strong growth in Ratings and Indices. Excluding the impact of Engineering Solutions (ES), revenue growth would have been 16% year over year. Adjusted net income for the second quarter increased 27% to $1.267 billion and adjusted diluted earnings per share increased 30% to $4.04. On June 27, 2024, the Company announced that Douglas L. Peterson will retire as President and CEO effective November 1, 2024. Martina Cheung was unanimously selected by the Board as the next President and CEO. Ms. Cheung is currently serving as President of S&P Global Ratings. As previously announced, Yann Le Pallec will succeed Ms. Cheung as President of S&P Global Ratings, also effective November 1, 2024.

The company said it achieved its fastest Prime delivery speeds ever so far this year in the U.S. and around the world, with more than five billion items arriving the same or next day globally — an increase of more than 30% year-over-year, the company said. The majority of the items were delivered on behalf of independent sellers via Fulfillment by Amazon. In a post on its corporate website, Amazon said the speed improvements came primarily from shortening the distance deliveries had to travel to reach customers by regionalizing its fulfillment network. In the first half of 2024, Amazon reduced the distance items traveled between its U.S. sites and the customer by nearly 10% year-over-year.

Postmedia Network Inc., a wholly owned subsidiary of Postmedia Network Canada Corp. announced that it has entered into an agreement to acquire certain businesses and assets of Saltwire Network Inc. and The Halifax Herald Limited, Atlantic Canada’s largest media company, which is currently under Companies’ Creditors Arrangement Act protection. This potential acquisition aligns with Postmedia’s commitment to preserving local journalism and supporting the communities it serves. Local journalism is essential for keeping communities informed and connected. Saltwire, with over a dozen media titles, plays a crucial role in this regard. “If the transaction can be completed, Postmedia intends to provide the necessary back office resources and operational infrastructure to ensure there continues to be reliable and high-quality local news provided to the affected communities,” said Andrew MacLeod, President and Chief Executive Officer of Postmedia.

Dear Industry Member: I'm pleased and excited to announce that longtime ACMA staffer Paul Miller has been promoted to the new position of Executive Vice President & Managing Director. Paul has been a familiar fixture among ACMA members and the overall e-com/DM/catalog industry for years. A "jack of all trades" at the ACMA since 2010, Paul (on the left of the picture with members of the group he led in meetings on Capitol Hill in May) has been responsible for bringing on many new members over the years and the steady growth of the annual ACMA Forum, making it the can't-miss event is has become. Thanks largely to Paul's diligent management, the May 2024 event was off the charts this year compared to 2023, with attendance up 33% and overall revenues increasing by 58%.

President Joe Biden announced his intent to nominate the following individuals to serve as leaders in his administration: Val Butler Demings, Nominee to be a Governor of the United States Postal Service Board of Governors: Val Butler Demings is a lifelong public servant who broke numerous glass ceilings. In 2016, Demings was elected by the voters of Florida’s 10th District to serve in the U.S. House of Representatives. She fought to grow the economy, reduce household costs, and end gun violence. She served on the House Committees on Judiciary, Intelligence, Homeland Security, and Oversight and Government Reform, and chaired the House Homeland Subcommittee on Emergency Preparedness, Response, and Recovery. William Zollars, Nominee to be a Governor (Republican) of the United States Postal Service Board of Governors: William Zollars grew up in Minneapolis, Minnesota as one of four children. He attended Edina High School and the University of Minnesota where he graduated magna cum laude with a Bachelor’s degree in Economics, and as a member of Phi Beta Kappa. After graduation, Zollars spent 24 years at Eastman Kodak where he held roles in finance, strategic planning, marketing, logistics, and general management.

Starbucks has entered into a new solar power partnership to help power its stores in one of America’s largest states. The coffee giant is partnering with Nexamp as a long-term renewable electricity purchaser, anchoring the deployment of more than 40 Megawatts of solar energy in Illinois communities. The six new community solar projects being added to Nexamp's Illinois portfolio will provide significant electricity savings to more than 1,100 local residents who subscribe within the ComEd and Ameren utility territories. Through the Nexamp solar project, Starbucks will purchase electricity coverage for 170 Illinois stores. This builds on the 340 company-operated Illinois stores already powered by wind energy.

The legislative effort to hold the U.S. Postal Service accountable for on-time delivery of periodicals received a boost on Tuesday when Representative Abigail Spanberger (D-Virginia) helped introduce, bicameral legislation to support rural newspaper delivery by incentivizing on-time U.S. Postal Service (USPS) delivery and limiting excessive rate increases for periodicals. The Deliver for Democracy Act would hold the U.S. Postal Service accountable for on-time newspaper delivery service while incentivizing reliable service. In addition, the legislation now on tap in the House would limit rate increases for periodicals unless delivery and service standards are met. “I remain frustrated that U.S. Postal Service leadership is once again planning to raise postal rates — for the sixth time in three years — without fixing the persistent mail service and delivery issues that they know hurt Virginians and Virginia businesses,” Spanberger says.

The Association of American Publishers released its StatShot report for May 2024 reflecting reported revenue for Trade (Consumer Books), Religious Presses, Higher Education Course Materials, PreK-12 Instructional Materials and Professional Publishing. Total revenues across all categories for May 2024 were up 10.9% as compared to May 2023, coming in at $1.1 billion. Year-to-date revenues were up 5.5%, at $5.2 billion for the first five months of the year. Trade (Consumer Books) revenues were up 16.5% in May, coming in at $789.1 million. In terms of physical paper format revenues during the month of May, in the Trade (Consumer Books) category, Hardback revenues were up 21.0%, coming in at $289.1 million; Paperbacks were up 16.7%, with $289.6 million in revenue; Mass Market was up 118.2% to $11.2 million; and Special Bindings were up 28.4%, with $13.6 million in revenue.

Amazon announced that Prime Day 2024 was Amazon’s biggest Prime Day shopping event ever, with record sales and more items sold during the two-day event than any previous Prime Day event. During the 48-hour shopping event, Prime members globally saved billions on deals across every category. With Amazon’s vast selection at some of the lowest prices of the year so far, millions more Prime members shopped the two-day shopping event compared to Prime Day 2023. The opportunity to save big meant a record-breaking number of customers signed up for Prime in the three weeks leading up to Prime Day, with millions of new members worldwide. "Prime Day 2024 was a huge success thanks to the millions of Prime members globally who turned to Amazon for fantastic deals, and our much-appreciated employees, delivery partners, and sellers around the world who helped bring the event to life for customers," said Doug Herrington, CEO of Worldwide Amazon Stores.

Adaptive learning company HMH today announced a refreshed brand that reflects its commitment to accelerating dynamic learning and helping educators create growth for every student. This refresh marks a significant milestone in HMH's evolution, underscoring its promise to integrate the best of technology with the best of in-class instruction to support student success. This is represented by a new visual identity and streamlined name — HMH. “Just as there isn’t one kind of student, there isn’t a one-size-fits-all approach to education. Educators need an intuitive digital ecosystem that helps drive momentum, growth and continuous learning for every student,” said Jack Lynch, HMH CEO. “Everything we do at HMH is in service of creating thriving classrooms built on meaningful student-teacher relationships.”

The Times Hudson Valley Media group, a publisher in New York State, is acquiring two weekly newspapers:The Cornwall Local and The News of the Highlands, increasing the company’s roster to five publications. The sale is effective on August 1. Carl Aiello, founder of the Times Hudson Valley Media group, will serve as publisher and Mary Jane Pitt will remain as editor. Both papers will be converted to tabloid size, marching The Wallkill Valley Times, Mid Hudson Times, and Southern Ulster Times. All five newspapers will go to press on Tuesday evenings, and will hit newsstands on Wednesdays, and local mailboxes on Thursdays.

Steep Life Media, LLC, a family-owned publishing company based in Phoenix, Arizona, has acquired UltraRunning Magazine, effective immediately. UltraRunning publishes eight issues per year. Steep Life’s first will be the September 2024 edition. Founded in 1981, Ultrarunning was owned by UltraRunning Media Group, LLC, which is headed by Karl Hoagland and based in Bend, Oregon.

More evidence has come in that points to 2024 being a very good year for sales of religion books. For the first half of 2024, unit sales of print religious book rose 12.1% over the comparable period in 2023 at outlets that report to Circana BookScan. The gain came entirely from nonfiction titles, which rose 12.8% offsetting a 5% decline in the much smaller fiction category. Religion was the best performing category among all adult nonfiction subject areas in the first half of the year, and sales easily outperformed total print sales in the first six months of 2024, which were down 0.4% from a year ago.

Online retail sales grew more than five times faster in June than total sales, according to data from the National Retail Federation’s Retail Monitor and CNBC. And while online and total retail sales both grew in June — year over year as well as month over month — consumers are still prioritizing non-discretionary purchases in the face of high interest rates and lingering inflation, said NRF president and CEO Matthew Shay. “Inflation has dropped to nearly zero for goods, but remains persistent with services, and solid economic fundamentals are helping consumers make ends meet,” Shay said.

The U.S. Postal Service is harming both publishers and itself with its current ratemaking process, the News/Media Alliance (NMA) charges in a letter to the Postal Rate Commission. “While the Postal Service incurs record losses, Periodicals mailers have been forced to make difficult business decisions ranging from cutting staff to shuttering titles and closing their doors, all of which ultimately harms our society,” the letter states. Since 2021, the USPS has raised periodical rates “generally twice a year by a cumulative total of 47.8 percent,” the NMA writes. “During that time, the portion of those increases due to the additional rate authorities have exceeded the rate of inflation by more than 150 percent.”

The New York Times -- which is fighting OpenAI and Microsoft in court, attempting to block use of its content for training models -- is not beyond testing AI to write headlines and enforce its style guide, according to The Intercept. The Times has developed a tool that would use OpenAI to perform those tasks, The Intercept continues. A Times spokesperson acknowledged the effort, but said it was temporary.

U.S. publishers are not alone in experiencing problems with their postal system. Their neighbors to the north are also unhappy with theirs — for different reasons. A coalition of Canadian news publishers is demanding that Canada Post reverse a decision that would allow consumers to opt out of receiving community newspapers with commercial inserts. These are now seen as junk mail, thanks to the ending of an exemption from Canada Post’s Consumers’ Choice program. As of January 8, 2024, community newspapers with commercial inserts were no longer exempt from Canada Post’s Consumers’ Choice program, which allows Canadians to opt out of receiving ‘junk mail.’

“With over 85% of all digital advertising being allocated to foreign platforms, the entire Canadian media sector remains significantly distressed. Yet Canadians’ appetite for trusted journalism has never been higher,” said Andrew MacLeod, President and CEO. “Initiatives like the Journalism Tax Credit and bill C18 implemented by the Federal government are providing critical support. Ultimately our industry’s future will be determined by Canadian media companies’ ability to capture a greater share of the market and so we applaud the Ontario government for their commitment to spending 25% of their advertising dollars on Ontarian media platforms.” Revenue for the quarter was $100.8 million as compared to $111.2 million in the same period in the prior year, representing a decrease of $10.4 million (9.3%). The revenue decrease was primarily due to decreases in advertising revenue of $6.5 million (12.0%) circulation revenue of $3.4 million (9.4%) and other revenue of $1.6 million (16.6%), partially offset by increases in parcel revenue of $1.2 million (10.8%). Net loss in the quarter ended May 31, 2024 was $15.9 million, as compared to a net loss of $24.8 million in the same period in the prior year.

Costco Wholesale Corporation reported net sales of $24.48 billion for the retail month of June, the five weeks ended July 7, 2024, an increase of 7.4 percent from $22.78 billion last year. Net sales for the first 44 weeks were $210.55 billion, an increase of 6.9 percent from $196.93 billion last year. The Company also announced that, effective September 1, 2024, it will increase annual membership fees by $5 for U.S. and Canada Gold Star (individual), Business, and Business add-on members. With this increase, all U.S. and Canada Gold Star, Business and Business add-on members will pay an annual fee of $65. Also effective September 1, annual fees for Executive Memberships in the U.S. and Canada will increase from $120 to $130 (Primary membership of $65, plus the Executive upgrade of $65), and the maximum annual 2% Reward associated with the Executive Membership will increase from $1,000 to $1,250. The fee increases will impact around 52 million memberships, a little over half of which are Executive.

Wiley announced that its Board of Directors has appointed Matthew Kissner as president and CEO, following a successful interim period. “Over the past nine months, Matt has made great progress improving our organization, accelerating our value creation plans, driving strong momentum in our core, and rallying around new AI opportunities,” said Jesse Wiley, chair of the board. “As an experienced C-suite operator and Wiley veteran, he brings a deep understanding of our markets, customers, operations, financials, and people – all of which has been evident in our material progress.” Wiley continued: “After a formal process that included a global search, the Board has concluded that Matt is the right person to lead Wiley through the next phase of our journey as a knowledge solutions company. We look forward to working alongside him to continue our momentum and deliver significant value for our stakeholders, including shareholders, customers, and colleagues.”

Christian Jünger is to become the new Chairman of the Management Board/CEO of the German Penguin Random House Verlagsgruppe. As Nihar Malaviya, CEO of Penguin Random House, announced yesterday, Jünger will take up his new position on October 1. Jünger succeeds Thomas Rathnow, who stepped down from the role in April after resigning for personal reasons. Penguin Random House Verlagsgruppe has since been managed on an interim basis by Britta Egetemeier and Thomas Pichler. In his new role, Jünger will lead Verlagsgruppe’s strategy to drive its future growth and consolidate its position as leading German-language publisher. As CEO of Verlagsgruppe, he will report to Nihar Malaviya and will sit on Penguin Random House’s Global Executive Committee. Christian Jünger will join Penguin Random House Verlagsgruppe from Rowohlt Verlag, where he has supervised Sales, Purchasing/Manufacturing, Controlling, Rights and Licenses, IT, and HR as Managing Director since 2021. Previously, he gained significant experience in the retail book sector at Amazon Germany, where he most recently served as Head of Vendor Management Books, managing the business with specialist and foreign-language books, calendars, and wholesalers.

Books by Sarah J. Maas and Rebecca Yarros, among the bestselling books of 2024 so far, sparked a huge increase in the adult fantasy category and helped keep print sales roughly flat with the first half of 2023. Spurred by huge gains in the adult fantasy genre, unit sales of print books rose 1.1% in the second quarter of 2024 over the comparable period in 2023 at outlets that report to Circana BookScan. The second quarter increase was nearly enough to offset the 1.7% decline in the first quarter, putting unit sales down only 0.4% in the first half of the year.

A new 2023-2024 estimate projects political advertising revenues will rise to $10.7 billion -- up from an earlier estimate of $10.2 billion, according to AdImpact. This total would show 19% growth versus the 2019-2020 Presidential political advertising period, when political ad revenue totaled $9.02 billion. The advertising research company says this breaks down to broadcast platforms (local and national) estimated at $5.35 billion, with local cable TV systems at $1.93 billion, connected TV at $1.51 billion and digital media at $1.12 billion.

Times Media Group has acquired the Record Gazette and Sun Lakes Life, from Century Group Media, effective June 30. The terms were not disclosed. Also included in the deal were Redlands Community News, Fontana Herald News and Yucaipa and Calimesa News Mirror, Record Gazette reports. The weekly publications serve the San Bernardino/Riverside area of California’s Inland Empire. Times Media Group is based in Tempe, Arizona.

One of the largest online book retailers is launching a new program for customers to sell their books and help promote sustainability. ThriftBooks Global’s new BuyBack program offers customers a convenient way to sell their books directly to ThriftBooks and earn extra money or store credit from the books collecting dust on their bookshelves. The ThriftBooks’ BuyBack program encourages sustainability, giving old books a second life. The e-tailer says it accepts high-demand books based on its inventory needs, provided the books are in good condition. Books must be clean, free from water damage and missing pages, with the spine intact, though showing some wear is acceptable.

The Postal Regulatory Commission has opened an inquiry into the Postal Service’s internal Service Performance Measurement (SPM) system for Market Dominant mail products. The Commission’s goal in this proceeding is to address concerns that the SPM may not accurately represent customer experience in the current environment. The Commission intends to carefully examine how measurements reported by the SPM are derived and whether the SPM is currently producing accurate, reliable, and representative results as the law requires. If the Commission’s review reveals that the SPM is not producing accurate, reliable, and representative results, the Commission would identify changes to the SPM to align it with legal requirements.

The Commission’s in-depth analysis reviewed the Postal Service’s four performance goals: 1) High-Quality Service, 2) Excellent Customer Experience, 3) Safe Workplace and Engaged Workforce, and 4) Financial Health. Overall, in FY 2023, the Postal Service did not meet any of its performance goals. Specifically, *The Postal Service did not meet six of eight public performance indicators for the High-Quality Service performance goal, which measures on-time delivery of mail and packages. *The Postal Service did not meet three of the eight performance indicators for the Excellent Customer Experience performance goal, which measures customer satisfaction. *The Postal Service did not meet any of the performance indicators for the Safe Workplace and Engaged Workforce and Financial Health performance goals.

A little more than three months after Small Press Distribution abruptly closed, leaving some 400 independent presses without a trade distributor, publishers and distributors alike are moving forward even as damage assessment continues. Approximately 25% of the stranded publishers have found new distributors: Asterism Books has signed about 80 presses, Itasca Books has onboarded 21, and Independent Publishers Group has taken on 11. An informal deadline of June 30 had previously been set for publishers to remove their inventory from Ingram Content Group and Publisher Storage and Shipping warehouses, to which SPD had sent their books as part of a failed plan to reinvent the distributor. Pam Nuffer, director of sales and marketing for PSSC, said that about 75% of the publishers who have inventory with them have provided PSSC with instructions on where their inventory should be shipped, and that PSSC has already shipped out about half of the books.

S&P Global announced that its Board of Directors has unanimously elected Martina L. Cheung, S&P Global's current President of S&P Global Ratings, to succeed Douglas L. Peterson as the Company's President and Chief Executive Officer, effective November 1, 2024. Additionally, Ms. Cheung has been appointed as a member of the Board, effective July 1, 2024. Mr. Peterson will remain on the Board until May 2025 and be a special advisor to the Company until December 31, 2025.  Ms. Cheung has held multiple leadership roles in her 14 years at S&P Global. She currently leads S&P Global Ratings, which realized $3.3 billion in annual revenue for 2023, a 9% increase over the prior year, with 56.5% full-year operating profit margin. Additionally, under her leadership, S&P Global Sustainable1 had revenue growth of 24% in 2023. Prior to her current roles, Ms. Cheung led S&P Global Market Intelligence, during which time the division exceeded $2 billion in annual revenue. She also served as S&P Global's Chief Strategy Officer, responsible for developing the Company's growth and innovation investment priorities.

“We made significant progress in fiscal 2024 and ended the year strong, delivering four consecutive quarters of expanding operating income and margin in a challenging revenue environment,” said Raj Subramaniam, FedEx Corp. president and chief executive officer. “These results are unprecedented in this current environment, reflecting our continued execution of our DRIVE initiatives and our resolve to transform FedEx while we deliver outstanding service to our customers. We expect this momentum to continue in fiscal 2025 as we advance our efforts to create the world’s most flexible, efficient, and intelligent network.” FedEx Ground operating results increased due to reduced structural costs resulting from DRIVE initiatives, increased yield, lower self-insurance costs, and growth in ground commercial volume. FedEx Freight operating results increased due to higher yield and effective cost management. FedEx Freight has announced plans to further optimize its operations and match capacity with demand through the planned permanent closure of seven facilities. FedEx Express operating results declined primarily due to lower international yields, partially offset by reduced structural costs from DRIVE initiatives and higher U.S. domestic package yields. During the quarter, FedEx Express permanently retired certain aircraft and related engines as part of its fleet modernization program.

The debate over content scraping took a new turn on Friday when TollBit, a content licensing startup, alleged that artificial intelligence companies are bypassing a web standard used by publishers to block scraping, Reuters reports. The web standard is Robots Exclusion Protocol, or robots.txt, which was created in the 1990s to prevent websites from being overwhelmed with web crawlers, according to Reuters. A Wired probe alleges that AI search startup Perplexity has likely bypassed efforts to block its web crawler via robots.txt, Reuters continues. And TollBit says its analytics show that numerous AI agents are bypassing the robots.txt protocol.

News Corp and OpenAI announced a historic, multi-year agreement to bring News Corp news content to OpenAI. Through this partnership, OpenAI has permission to display content from News Corp mastheads in response to user questions and to enhance its products, with the ultimate objective of providing people the ability to make informed choices based on reliable information and news sources. OpenAI will receive access to current and archived content from News Corp’s major news and information publications, including The Wall Street Journal, Barron’s, MarketWatch, Investor’s Business Daily, FN, and New York Post; The Times, The Sunday Times and The Sun; The Australian, news.com.au, The Daily Telegraph, The Courier Mail, The Advertiser, and Herald Sun; and others. The partnership does not include access to content from any of News Corp’s other businesses. In addition to providing content, News Corp will share journalistic expertise to help ensure the highest journalism standards are present across OpenAI’s offering.

Though the publishing industry seems to be in a period of malaise, there are some signs that business is improving. Earlier this week, the Association of American Publishers’ StatShot program reported an 18% increase in April sales over a year ago. That news has been followed up by Circana BookScan’s report that unit sales of print books increased 5% in May over May 2023. According to Brenna Connor, industry analyst for U.S. books at BookScan, the May increase was driven by strong Mother’s Day sales, as well as several retail promotional events. As usual, adult fiction was the biggest driver of the increase, and Kristin Hannah’s The Women was the top-selling adult title in May, pushing just over 139,000 copies.

Savvas Learning Company, a next-generation K-12 learning solutions leader, is proud to announce that its high-quality learning solutions and innovative digital platform have earned eight edtech industry recognitions by numerous award programs. The enVision K-12 math series, SuccessMaker personalized learning program, and the Savvas Realize learning management system (LMS) are among recent winners of industry recognition. “At Savvas, we are committed to developing the highest-quality instructional solutions that are powered by cutting-edge technology in order to personalize teaching and learning and help all students succeed,” said Bethlam Forsa, CEO of Savvas Learning Company. “We are honored to receive these prestigious awards as they demonstrate the impact of our evidence-based, student-centered learning solutions in helping educators increase student engagement and accelerate academic outcomes.”

The Postal Regulatory Commission requested information about continued large-scale network changes by the Postal Service despite its announced “pause” in implementing parts of the Delivering for America (DFA) plan. In addition, the Commission asked the Postal Service about the scope and nature of the pilot test described by the Postal Service regarding early DFA efforts in its May 16th response to the Commission’s Show Cause order. The Commission also requested information about the ’recently announced projection of $65 billion in ten-year losses under DFA. The questions are part of the Commission’s public inquiry into the DFA. Commission Chairman Michael Kubayanda noted, “Emerging circumstances and information have reinforced the urgency and importance of understanding the impacts and regulatory implications of DFA before the Postal Service makes further changes that impact service.” National service performance in 2024 has been at historic lows, while locations such as Atlanta continue to suffer service problems, even after some improvement in recent weeks.

The Postal Regulatory Commission released today its Financial Analysis report for Fiscal Year (FY) 2023. The in-depth analysis of the Postal Service’s financial performance concluded that the organization’s overall financial condition continues to worsen. In FY 2023, the Postal Service recorded a net operating loss of $2.3 billion — an increase of $1.8 billion over the previous year. When non-operating expenses are included, the overall net loss increases to $6.5 billion. The primary highlights from the report were: *The Postal Service had a net loss of $6.5 billion. *Total Factor Productivity, a measure of Postal Service efficiency, saw the largest decrease (4 percent) since it was first calculated in 1965. *Total mail volume decreased by 8.7 percent, including a 2.0 percent decrease in the volume of Competitive products. *Revenue from Competitive products increased by $0.2 billion. *Despite rate increases, Market Dominant revenue decreased by $0.4 billion. *Total operating expenses were $2.1 billion higher than the previous year. *The Postal Service recorded total assets of $45.3 billion and total liabilities of $68.4 billion at the end of FY 2023.

The Association of American Publishers (AAP) released its StatShot report for April 2024 reflecting reported revenue for Trade (Consumer Books), Religious Presses, Higher Education Course Materials, PreK-12 Instructional Materials and Professional Publishing. Total revenues across all categories for April 2024 were up 18.3% as compared to April 2023, coming in at $947.5 million. Year-to-date revenues were up 4.2%, at $4.1 billion for the first four months of the year. Trade (Consumer Books) revenues were up 20.6% in April, coming in at $725.1 million. In terms of physical paper format revenues during the month of April, in the Trade (Consumer Books) category, Hardback revenues were up 16.6%, coming in at $252.6 million; Paperbacks were up 20.3%, with $249.9 million in revenue; Mass Market was down 34.5% to $8.2 million; and Special Bindings were up 13.7%, with $14.4 million in revenue. eBook revenues were up 16.8% for the month as compared to April 2023 for a total of $83.1 million, and the Digital Audio format was up 54.6% for April, coming in at $100.0 million in revenue. Physical Audio was down 15.0% coming in at $800 thousand.

The nation’s major container ports are in for a busy summer. Monthly inbound cargo volume at the nation’s major container ports is expected to reach its highest level in nearly two years this summer, according to the latest Global Port Tracker report released by the National Retail Federation and Hackett Associates. The increase comes as retailers are stocking up to meet demand, especially as they head into peak shipping season, according to NRF VP for supply chain and customs policy Jonathan Gold.

“Adobe achieved record revenue of $5.31 billion driven by strong growth across Creative Cloud, Document Cloud and Experience Cloud,” said Shantanu Narayen, chair and CEO, Adobe. “Our highly differentiated approach to AI and innovative product delivery are attracting an expanding universe of customers and providing more value to existing users.” “Adobe delivered outstanding Q2 results, positioning us to raise our annual targets,” said Dan Durn, executive vice president and CFO, Adobe. “Our market-leading products, strong execution and world-class financial discipline position us well for the second half of 2024 and beyond.”

Amazon Web Services, Inc. announced a $230 million commitment for startups around the world to accelerate the creation of generative AI applications. This will provide startups, especially early-stage companies, with AWS credits, mentorship, and education to further their use of artificial intelligence (AI) and machine learning (ML) technologies. Part of the new commitment will fund the second cohort of the AWS Generative AI Accelerator, a program that provides hands-on expertise and up to $1 million in credits to each of the top 80 early-stage startups that are using generative AI to solve complex challenges. Applications for the AWS Generative AI Accelerator open today and will be accepted until July 19. “For more than 18 years, AWS has helped more startups to build, launch, and scale their business than any other cloud provider—it’s no coincidence that 96% of all AI/ML unicorns run on AWS,” said Matt Wood, vice president, Artificial Intelligence Products at AWS. "With this new effort, we will help startups launch and scale world-class businesses, providing the building blocks they need to unleash new AI applications that will impact all facets of how the world learns, connects, and does business.”

On June 11, the Oklahoma Supreme Court ruled that the state Department of Education overstepped its authority by attempting to force the Edmond Public School district to remove two books the state had deemed inappropriate from its school library shelves, holding that new state rules enacted last year to govern book content in the state’s public schools had no basis in law. “We conclude a local school board possesses statutory authority to maintain and control its local school library, and one aspect of this control includes discretionary selection for providing supplemental educational books and instructional material deemed appropriate by the local school board in compliance with state statutes,” the unanimous decision reads. “No statute gives the State Board of Education, State Department of Education, and Superintendent of Public Instruction the authority to overrule a local school board's exercise of discretion in applying its local community standards for books in a local school library.”

“We finished the year strong and head into Fiscal 2025 with full confidence in our Research trajectory, GenAI momentum, and profit and performance outlook,” said Matthew Kissner, Interim President and CEO. “We are seeing robust demand to publish and significant output acceleration in Research as well as continued outperformance in Learning. On top of this, we’re seeing significant interest in leveraging our authoritative content to train AI and machine learning models. Finally, we’ve executed on our stated commitments with discipline and speed, enabling us to exceed our earnings guidance and accelerate our cost savings program, setting us up well for continued margin expansion and strong cash generation ahead.” Fiscal Year 2024 was a transition year for Wiley as the Company divested non-core assets, restructured and realigned the organization, and recorded multiple non-cash impairments. Results reflect this activity. GAAP Results (including Held for Sale or Sold Assets): Revenue of $468 million (-11%), Operating income of $69 million (-17%), and EPS of $0.46 (-$0.76).

1. The rate increase. There is no way to get around it or ignore it — perhaps the single biggest topic of conversation at this years’ event was the postal rate increases. 2. Mail is becoming a luxury item. On the heels of the rate changes, many are noting that brands are beginning to see the mail component of their marketing campaigns as more of a luxury line item. 3. Design is critical. While certainly not a new phenomenon, the design of the mail piece is only becoming more critical. 4. Postal discounts are more critical than ever before. Speaking of postal discounts, there are a lot of programs out there that brands and mailers could — and should — be taking advantage of, and those discounts are shifting and changing. 5. Direct mail works. Direct mail is still the single marketing channel that gets the most return on investment of every platform — multiple sessions noted that ROI for direct mail sits at around 40%, which is significantly higher than any other channel.

Adobe announced the general availability of Adobe Experience Platform (AEP) AI Assistant, previewed at Adobe Summit in March 2024. This new offering enhances the productivity of experience practitioners through generative AI, while democratizing access to enterprise applications by bringing more individuals into content production and insights workflows. AEP is the solution of choice for organizations to build a single view of customers and engage them on every channel, used by leading brands including The Coca-Cola Company, Major League Baseball, Marriott International, General Motors, TSB Bank, Real Madrid and others. With AEP AI Assistant, brands can now deliver value to their organizations through a conversational interface that provides a deeper understanding of data and an ability to streamline workflows. Embedded within Adobe Experience Cloud applications including Real-Time Customer Data Platform, Adobe Journey Optimizer and Customer Journey Analytics, AEP AI Assistant can answer technical questions, automate tasks, simulate outcomes, and generate new audiences and journeys. These capabilities are brought to life through generative experience models, which capture Adobe product knowledge and insights based on an organization’s unique data, campaigns, audiences and business goals—all in a brand-safe way and with a privacy-first mindset.

Union members at several Tribune Publishing newsrooms have ratified a two-year contract with owner Alden Global Capital after five years of negotiations , according to the NewsGuild. The agreement provides for wage increases of 3% per year for two years and maintenance of existing 401K matches for all participating employees. Some NewsGuild members took part in a 24-hour strike earlier this year.

In recognition of outstanding achievements in mailing and shipping industry innovations and industry best practices, USPS awarded its 2024 Delivering for America Partnership for Excellence awards to several recipients on the final day of the National Postal Forum (NPF), the country’s premier mailing and shipping conference. The Delivering for America Partnership for Excellence awards are bestowed at NPF to recognize companies that have made significant contributions to the mailing and shipping industry with forward-thinking and innovative practices. The Postmaster General and USPS Executive Leadership Team personally select the winners, who have successfully worked with the organization to enhance the value of what we deliver every day — mail and packages. Awards were presented to customers in seven categories: the Regional Shipper of the Year Award, the Shipping Innovator of the Year Award, the Driver of the Year Award, the Carrier of the Year Award, the Mailer of the Year Award, the Mail Service Provider of the Year Award, and the Supplier of the Year Award.

Costco Wholesale Corporation reported net sales of $19.64 billion for the retail month of May, the four weeks ended June 2, 2024, an increase of 8.1 percent from $18.16 billion last year. Net sales for the first 39 weeks were $186.07 billion, an increase of 6.9 percent from $174.07 billion last year.

Barnes & Noble is thrilled to announce their selections for The Best Books of the Year (So Far). The list is a compilation of categories hand-selected by the B&N bookselling team, each featuring several titles that represent the crème de la crème of books published since January of 2024. From household names to debut authors, picture books to memoirs, the Best Books of 2024 (So Far) captures the brilliance of publishing in the first half of this memorable year. These 12 unique collections encompass a wide range of genres, highlighting books that will surprise and delight a broad readership, including: *Horror Rewind: 5 VHS Thrills and Chills; *They Write, We Score: 10 Sports Romances We Cheer For; *Micro to Macro: 7 Science and Nature Titles to Explore and more.; *The Cutting Edge: 8 Spredges We're Obsessed With.

Field & Stream, the outdoor magazine that first appeared in 1871, has returned to print with an issue out on June 5, its first in four years. Field & Stream Journal features 160 pages of outdoor content, presented in an oversized 10x12-inch format. This is the first new issue since Field & Stream was acquired by country music stars Eric Church and Morgan Wallen and other brand builders earlier this year.

The postal price increases for marketing mail are driving down volume and, more importantly for the USPS, driving down profits. The postal price increases need to be rolled back. Basic economic principles apply to the pricing decisions for catalogs and direct mail: Catalogs (and direct mail) are very sensitive to the cost of mailing. Catalogers decide how much to mail based on their breakeven cost. Catalogers track their breakeven costs very closely and make circulation decisions based on their costs. Catalogers have been decreasing their mail volumes because of postage cost increases. Mailing volume correlates directly with costs for catalogs and direct mail.

News site ARLnow is discontinuing a daily newsletter that was created with generative AI. The closure will occur this week as ARLnow launches a new email format for its Afternoon Update. But it could return as it irons out the wrinkles. ARLnow’s morning newsletter was produced with an automated process that provided AI summaries of the previous day’s articles. The morning summaries were generated via ChatGPT APIs “in a writing style somewhat similar to that of Morning Brew,” ARLnow writes.

Savvas Learning Company, a next-generation K-12 learning solutions leader, is proud to announce that CEO Bethlam Forsa has been named the “Most Influential Thought Leader in EdTech” by the 2024 SIIA CODiE Education Technology Awards. The CODiE Leadership Award for “Most Influential Thought Leader in EdTech” honors an individual who empowers and inspires the industry through the communication of their insight, expertise, and critical thinking. “I am truly honored to receive this prestigious CODiE Award and want to thank the SIIA for recognizing the importance of edtech innovation in supporting educators and engaging students,” said Forsa. “At Savvas, we are committed to developing the highest-quality instructional solutions that are powered by cutting-edge technology in order to personalize teaching and learning and help all students succeed.”

Carpenter Media Group, a publisher based in Mississippi, is continuing its acquisition kick, buying Pamplin Communications, owner of The Portland Tribune and 23 other publications in Oregon, according to Willamette Week. Robert Pamplin Jr. founded the company and the Portland Tribune. Pamplin cited age and health as his reasons for selling. Carpenter recently acquired Black Press Media, publisher of multiple newspapers in the Pacific Northwest. In May, it purchased 10 Southern newspapers and a Georgia printing facility from Community Newspaper Holdings Inc. (CNHI). The company reportedly owned 160 publications.

J-14, a pop culture magazine for teens, will return to print in August after a lapse that began in January. The issue will feature celebrity interviews and posters, fashion and pop culture feature stories, according to ReMIND. It will also include a dose of nostalgia. “J-14 posters are SOOOO back!” J-14 writes. “After a brief hiatus, we’re thrilled to announce the return of J-14 Magazine’s print issue, coming back to racks this August 2024!”

Net sales for the quarter increased 9.1 percent, to $57.39 billion, from $52.60 billion last year. Net sales for the first 36 weeks increased 7.0 percent, to $171.44 billion, from $160.28 billion last year. Net sales were positively impacted by approximately 0.5 to 1.0 percent for the quarter from the shift of the fiscal calendar, as a result of the fifty-third week last year. Net income for the quarter was $1.68 billion, $3.78 per diluted share. Last year’s third quarter net income was $1.30 billion, $2.93 per diluted share, which included a non-recurring charge to merchandise costs of $298 million pretax, $0.50 per diluted share, primarily for the discontinuation of our charter shipping activities. Net income for the first 36 weeks was $5.01 billion, $11.27 per diluted share, compared to $4.13 billion, $9.30 per diluted share, last year.

First Quarter Fiscal 2024 - Financial Results *Net sales of $3.4 billion were up 3% compared to last year. Comparable sales were up 3% year-over-year. Due to the 53rd week in fiscal 2023, in order to maintain consistency, comparable sales for the first quarter of fiscal 2024 are compared to the 13 weeks ended May 6, 2023. *Gross margin of 41.2% increased 410 basis points versus last year's reported gross margin and increased 400 basis points versus last year's adjusted gross margin, which excludes $4 million in restructuring costs. *Operating income was $205 million; operating margin of 6.1%.

First Quarter of Fiscal 2024 Compared to First Quarter of Fiscal 2023 *Net sales increased 3.5% to $2.7 billion compared to $2.6 billion, primarily due to increased comparable sales, new store contribution, and growth in other revenue. *Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 1.6% compared to the first quarter of fiscal 2023, driven by a 1.3% increase in transactions and a 0.3% increase in average ticket. *Gross profit increased 1.4% to $1.07 billion compared to $1.05 billion. As a percentage of net sales, gross profit decreased to 39.2% compared to 40.0%, primarily due to lower merchandise margins and higher inventory shrink, partially offset by growth in other revenue. *Operating income was $400.9 million, or 14.7% of net sales, compared to $442.1 million, or 16.8% of net sales.

For the first quarter ended May 4, 2024, net sales increased 5.1 percent versus the same period in fiscal 2023, and total Company comparable sales increased 3.8 percent. Gross merchandise value ("GMV") increased 4.9 percent. First quarter net sales include a 75 basis point negative impact from the wind-down of Canadian operations. During the quarter, Nordstrom banner net sales increased 0.6 percent and comparable sales increased 1.8 percent. Net sales for Nordstrom Rack increased 13.8 percent and comparable sales increased 7.9 percent.

Gannett Co., Inc. and the USA TODAY Network announced they are official media content partners of The Confederation of North, Central America and Caribbean Association Football (Concacaf), the heartbeat of soccer across North, Central America, and the Caribbean. As one of FIFA’s six continental confederations, Concacaf unites 41 Member Associations spanning from Canada, Guyana, Suriname, and French Guiana. The partnership enhances awareness around the Concacaf’s 2024 Champions Cup, which launched in 2024 as a rebranded and revamped elite men’s club competition. Showcasing the top 27 men’s clubs from North America, Central America, and the Caribbean, this event offers an exciting platform for competitors in the prestigious Concacaf Club Champion title and an automatic qualifying ticket to represent Concacaf at the FIFA Club World Cup, scheduled to take place in the United States in the Summer of 2025.

The Federal Aviation Administration (FAA) is giving Prime Air additional permissions that allow it to operate drones for more deliveries in a wider area. FAA regulations require that all commercial drone operators are able to maintain a line of sight to their drones until it approves a technology that can safely enable drones to fly beyond visual line of sight (BVLOS), a term used in aviation to describe flying a drone where the remote pilot can't see it directly with their own eyes. Instead, a remote pilot relies on instruments or technology to monitor and control the drone at all times. FAA approval for Amazon to operate drones BVLOS will allow Prime Air to further expand drone deliveries and lays the foundation for the e-tailer to scale drone delivery operations to more locations in the U.S.

The Postal Regulatory Commission approved the rates proposed by United States Postal Service for July but also strongly urged the United States Postal Service Governors not to use all the rate authority, citing the comments we and others filed. Although the price adjustments proposed in this proceeding are consistent with applicable law and the Commission has no legal basis to reject the proposed changes, the Commission is concerned, given the current state of affairs, that the Postal Service’s proposal does not reflect reasoned consideration of the potential widespread effects of its proposal, is not prudent, and is not consistent with the best interests of all stakeholders. Specifically, the Commission remains concerned about the substantial declines in Market Dominant volumes, overall service performance for Market Dominant products, and the Postal Service’s overall financial situation, issues that have all remained significant, if not worsened, since the current Market Dominant ratemaking system went into effect.

*Net sales decreased 5.3% year-over-year, to $3.2 billion, with comparable sales down 4.4% *Gross margin as a percentage of net sales was 39.5%, an increase of 48 basis points. *Selling, general & administrative (SG&A) expenses decreased 0.8% year-over-year, to $1.2 billion. As a percentage of total revenue, SG&A expenses were 36.3%, an increase of 166 basis points year-over-year. *Operating income was $43 million compared to $98 million in the prior year. As a percentage of total revenue, operating income was 1.3%, a decrease of 148 basis points year-over-year. *Net loss was $27 million, or ($0.24) per diluted share. This compares to net income of $14 million, or $0.13 per diluted share in the prior year. *Inventory was $3. 1 billion, a decrease of 13% year-over-year. *Operating cash flow was a use of $7 million as compared to a use of $202 million in the prior year.

News Corp.’s deal with OpenAI supports the contention by the New York Times that publishers should be paid when their work is used for AI, Times lawyers say. “The Times is pleased to see that OpenAI increasingly acknowledges this industry-wide problem and is paying publishers for their work,” a Times spokesperson told Legaltech News. The spokesperson adds, “We hope Microsoft will follow suit. It is important for all industry participants to be at the table and for the subsequent deals to adequately reflect the value of high-quality journalism.”

The Carpenter Media Group has acquired 10 Southern newspapers and a Georgia printing facility from Community Newspaper Holdings Inc. (CNHI). Terms of the sale were not disclosed. The printing plant is in Valdosta, Georgia. "We are pleased to succeed CNHI in ownership and responsibility for these institutions and the communities they serve," says Todd Carpenter, chair of Carpenter Media. "We will work hard to build on the good foundations they put down in each place."

Postmedia Network Inc., a wholly owned subsidiary of Postmedia Network Canada Corp. announced a definitive agreement to sell the Winnipeg Sun, The Graphic Leader and Kenora Miner & News to The Klein Group Ltd. “We are pleased to have reached an agreement with a local group that will continue Postmedia’s long tradition of providing trusted and valuable journalism in these important markets,” said Andrew MacLeod, President and CEO of Postmedia. “Our teams in Winnipeg, Portage and Kenora produce quality work that is critically important to their communities, and we’re thrilled that will continue under the new ownership group. Each paper’s local team will continue to be supported by the voices and opinions from Postmedia that Canadians rely on for information, diverse perspectives, and unique insights into national and international developments.” Employees at each of the newspapers are expected to continue in their role, with no job losses anticipated. Non-unionized employees will be offered their same job with the Klein Group, while unionized employees will retain their current terms as presently contracted.

Savvas Learning Company, a next-generation K-12 learning solutions leader, is excited to announce that Outlier by Savvas, its online dual-enrollment course offerings, has been named to TIME World's Top EdTech Companies 2024 list. Outlier by Savvas ranked #73 on this new global ranking of the 250 top edtech companies by TIME in partnership with Statista, a statistics and market research company. Savvas recently acquired Outlier, an edtech startup that has created a portfolio of online, asynchronous dual enrollment courses — with real transferable college credit opportunities from a top 50 university — that enable high school students to earn dual credit while never having to leave their school building. Offering a diverse catalog of award-winning college courses with cinematic lectures from top-rated instructors, Outlier by Savvas provides high school students multiple pathways to college and career.

Millennials and Gen Z are known as “robust samplers,” meaning they are accustomed to a risk-free subscription model for media consumption. Think Netflix, Amazon Unlimited, Audible, and Spotify. As it turns out, according to a new report from the American Library Association (ALA), “in the traditional, print-centered book publishing ecosystem, libraries are the place for robust sampling.” According to the new report Gen Z and Millennials: How They Use Public Libraries and Identify Through Media Use, Gen Z and Millennials (roughly ages 13 to 40) are using public libraries, both in person and digitally, at higher rates than older generations.

News Corp and OpenAI today announced a historic, multi-year agreement to bring News Corp news content to OpenAI. Through this partnership, OpenAI has permission to display content from News Corp mastheads in response to user questions and to enhance its products, with the ultimate objective of providing people the ability to make informed choices based on reliable information and news sources. OpenAI will receive access to current and archived content from News Corp’s major news and information publications, including The Wall Street Journal, Barron’s, MarketWatch, Investor’s Business Daily, FN, and New York Post; The Times, The Sunday Times and The Sun; The Australian, news.com.au, The Daily Telegraph, The Courier Mail, The Advertiser, and Herald Sun; and others. The partnership does not include access to content from any of News Corp’s other businesses. In addition to providing content, News Corp will share journalistic expertise to help ensure the highest journalism standards are present across OpenAI’s offering.

Total Company net sales for the three months ended April 30, 2024 increased 7.8% to a record $1.20 billion. Total Retail segment net sales increased 5.8%, with comparable Retail segment net sales increasing 4.6%. Comparable Retail segment net sales increased 17.1% at Free People and 10.4% at Anthropologie and decreased 13.7% at Urban Outfitters. Wholesale segment net sales increased 3.4% driven by a 6.3% increase in Free People wholesale sales due to an increase in sales to department stores and specialty customers, partially offset by a decrease in Urban Outfitters wholesale sales. Nuuly segment net sales increased by 51.4% primarily driven by a 45% increase in average active subscribers in the current quarter versus the prior year quarter.

To further clarify the implementation plans of the Postal Service Mail Processing Facility Reviews, and continued activity on Regional Processing and Distribution Centers, Sorting and Delivery Centers, and Local Processing Centers, Postmaster General Louis DeJoy transmitted a letter yesterday addressed to Senator Gary Peters, Chairman, Homeland Security and Governmental Affairs Committee. The letter outlines the paused implementation status of the Mail Processing Facility Reviews, as well as the ongoing 2024 activities that will continue to advance and are part of the nearly $15.3 billion in committed self-funded investments. The letter can be found here. “Our Delivering for America Plan initiatives are breathing new life into the U.S. Postal Service. Despite evident progress, it's clear that these efforts should have commenced more than a decade ago," stated Postmaster General and CEO Louis DeJoy. "The need for swift and comprehensive transformation in the Postal Service is undeniable. We remain fully committed to this transformation with the goal of continuously improving service performance for the American people – all while being financially self-sustainable.”

Following other major social media platforms, LinkedIn has announced that it will begin adding labels to in-stream content created by generative artificial intelligence (AI) so its users better understand the posts they are interacting with. To carry out the labeling process, the business-to-business social network is partnering with the Coalition for Content Provenance and Authenticity (C2PA), a project that aims to develop technical standards for certifying the origins of digital content by enabling consumers to trace the source and authenticity of media content, especially with the use of generative AI. Now, AI-generated content on LinkedIn will include a small C2PA tag in the top right of in-stream visuals. By tapping on the icon, users will be able to find more information about the tagged image. The Coalition’s automatic tags are devised from the code data embedded into the image.

Target Corp. announced it will reduce prices on about 5,000 items across its stores and website this summer. The retailer already lowered prices on 1,500 products, with the rest to take effect in coming months. The price changes will be on everyday items that consumers frequently buy, Target said. Products will be marked with red tags in stores and online, the retailer added. “We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” said Rick Gomez, executive vice president and chief food, essentials and beauty officer, in a statement.

First Quarter Highlights *Diluted earnings per share of $0.22 and Adjusted diluted earnings per share of $0.27. *Net sales of $4.8 billion, down 2.7% versus the first quarter of 2023. *Comparable sales down 1.2% on an owned basis and down 0.3% on an owned-plus-licensed-plus-marketplace basis. *Gross margin rate for the quarter was 39.2%, down from 40.0% in the first quarter of 2023

Specialty outdoor retailer REI Co-op celebrates its members and kicks off the hiking and camping season with the return of its biggest sale of the year. REI’s Anniversary Sale runs May 17 – 27 with major savings on favorite outdoor gear and apparel brands that inspire outdoor adventures all summer. The sale includes deals for everyone, with the deepest savings and special offers available just for co-op members, including savings on all REI Co-op brand gear, clothing, footwear, and bikes. “The co-op has been sharing the love of the outdoors with our members for 86 years,” says Ben Steele, REI executive vice president and chief customer officer. “We continue the tradition on with the Anniversary Sale, one of our favorite ways to celebrate our members with some of the biggest savings on the best gear and apparel.”

Total revenues across all categories for the first quarter of the year were up 0.2% as compared to the first three months of 2023, coming in at $3 billion. Trade (Consumer Books) sales were down 2.8% during the first three months of the year, coming in at $2.1 billion. In terms of physical paper format revenues during the first quarter, in the Trade (Consumer Books) category, Hardback revenues were down 4.9%, coming in at $733.2 million; Paperbacks were down 3.4%, with $756.1 million in revenue; Mass Market was down 25.7% to $31.0 million; and Special Bindings were down 7.8%, with $48.5 million in revenue. eBook revenues were down 1.5% as compared to the first three months of 2023, for a total of $255.6 million. Digital Audio was up 15.3% for the first three months, coming in at $243.6 million in revenue. Physical Audio was down 29.1% coming in at $2.1 million.

First Quarter Highlights • Consolidated revenue of $161.5 billion, up 6.0%, or 5.8% (cc)1, including a benefit of ~1% from an additional selling day • Consolidated gross margin rate up 42bps due to improvements across segments, led by Walmart U.S. • Consolidated operating income up $0.6 billion, or 9.6%; adjusted operating income up 13.7%1 , due to higher gross margins and growth in membership income • Global eCommerce sales grew 21%, led by storefulfilled pickup & delivery and marketplace

The Postal Service is putting an early step in its network modernization plan on hold, after a bipartisan group of senators told the agency to slow down implementation. Postmaster General Louis DeJoy told Sen. Gary Peters (D-Mich.) in a letter last week that USPS will pause the movement of mail processing operations at facilities across the country. Nearly 60 USPS facilities — out of 427 — have initiated Mail Processing Facility Reviews to determine whether the agency should move some of its mail processing operations to larger regional hubs. DeJoy told Peters USPS will put these changes on hold “at least” until Jan. 1, 2025. “Even then, we will not advance these efforts without advising you of our plans to do so, and then only at a moderated pace of implementation,” DeJoy wrote in a May 9 letter.

The U.S, Postal Service filed notice with the Postal Regulatory Commission (PRC) for Parcel Select price changes to take effect July 14, 2024. The proposed adjustments were approved by the Postal Service Governors this week. If favorably reviewed by the Commission, the new rates include an average 25-percent increase for Parcel Select service. Parcel Select is a shipping solution for high volume shippers to enter packages for regional delivery through the U.S. Postal Service’s network. As a strategic part of the Delivering for America 10-year plan, these proposed changes will support the Postal Service in creating a revitalized organization capable of achieving our public service mission – providing a nationwide, integrated network for the delivery of mail and packages at least six days a week – in a cost-effective and financially sustainable manner over the long term, just as the U.S. Congress has intended.

Amid a three-year nationwide surge in book bans, 2024 began on a hopeful note for freedom-to-read advocates, with legal victories in book-banning lawsuits in Iowa, Florida, and Texas. But after some early successes, several cases are poised to enter a critical next phase. As the wheels of justice grind on, PW rounded up the status of some of the more closely watched book-banning suits. Perhaps no lawsuit has generated more attention than the challenge to HB 900 in Texas, which, among its provisions, would have forced booksellers in the state to rate books for sexual content as a condition of doing business with Texas public schools. In January, a three-judge panel of the Fifth Circuit U.S. Court of Appeals upheld district court judge Alan D. Albright’s decision to block the most odious parts of the law. But a subsequent order from the Fifth Circuit has delivered something of wake-up call for freedom-to-read advocates. In another closely watched case featuring library books, federal judge Sharon Gleason is weighing whether to order dozens of books taken from library shelves in the Mat-Su Borough School District in Alaska returned while a lawsuit challenging their removal is heard.

The U.S. Postal Service today announced its financial results for the second quarter of fiscal year 2024 (Jan. 1, 2024 - Mar. 31, 2024). The net loss for the quarter under generally accepted accounting principles (GAAP) totaled $1.5 billion, compared to a net loss of $2.5 billion for the same quarter last year. GAAP results for the quarter were negatively impacted by $1.4 billion of expenses attributed to the amortization of unfunded retiree pension liabilities, offset by a workers' compensation non-cash benefit of $224 million driven by actuarial revaluation and discount rate changes; these factors are not controllable by the Postal Service. Controllable loss, as defined below, for the quarter was $317 million, compared to a controllable loss of $498 million for the same quarter last year. These results were favorably impacted by increased revenue and lower transportation costs, partially offset by the continued effect of inflation on operating expenses. Total operating revenue was $19.7 billion for the quarter, an increase of $410 million, or 2.1 percent, compared to the same quarter last year.

Adobe released online shopping data for the first four months of 2024, covering the period from Jan. 1 to Apr. 30, 2024. Based on Adobe Analytics data, the report provides the most comprehensive view into U.S. e-commerce by analyzing commerce transactions online, covering over one trillion visits to U.S. retail sites, 100 million SKUs and 18 product categories. Adobe Analytics is part of Adobe Experience Cloud, relied upon by over 85% of the top 100 internet retailers in the U.S.* to deliver, measure and personalize shopping experiences online. Consumers spent $331.6 billion online from Jan. 1 to Apr. 30, 2024, up 7% year-over-year (YoY). The growth has been supported by stable spend in discretionary categories including electronics and apparel, along with a continued surge in grocery shopping online. Adobe expects the first half of 2024 to drive over $500 billion in spend online, representing 6.8% YoY growth.

Costco Wholesale Corporation reported net sales of $19.80 billion for the retail month of April, the four weeks ended May 5, 2024, an increase of 7.1 percent from $18.48 billion last year. Net sales for the first 35 weeks were $166.44 billion, an increase of 7.0 percent from $155.62 billion last year.

First Quarter 2024 Results: *Sales and adjusted sales both increased 13% to $341.4 million, compared to $302.8 million during the same period last year. *Gross profit increased 20% to $194.8 million, or 57.1% of sales, compared to $161.9 million, or 53.5% of sales, in the first quarter of 2023. The 360 basis point increase in gross margin was primarily due to lower inbound freight costs and lower product costs. *Operating income increased 71.0% to $25.8 million, or 7.6% of sales, compared to $15.1 million, or 5.0% of sales during the prior year quarter. *Net income increased 50% to $15.9 million, or 4.6% of sales, compared to $10.6 million, or 3.5% of sales in the prior year quarter; Net income per diluted share was $0.18, compared to $0.12 in the prior year quarter.

Fiscal 2024 Third Quarter Key Financial Highlights: *Third quarter revenues were $2.42 billion, a 1% decrease compared to $2.45 billion in the prior year, reflecting a $21 million, or 1%, negative impact from foreign currency fluctuations. Adjusted Revenues were flat compared to the prior year *Net income in the quarter was $42 million, compared to net income of $59 million in the prior year

Times Publishing Newspapers Inc., owner of several magazine-style newspapers in the Bucks County, Pennsylvania area, has been acquired by O’Rourke Media Group of Gilbert, Arizona. Terms were not disclosed. The properties, which appear 11 times per year via the U.S. Postal Service, include the Doylestown Observer, Fairless Focus, Langhorne Ledger, Morrisville Times, Newtown Gazette, Northampton Herald, New Hope News, Lower Southampton Spirit, Warwick Journal,and the Yardley Voice , according to the New Hope Free Press.

Paper plays a major role in every student’s life during graduation season. It’s in the programs handed out to students and families at end-of-school award ceremonies and graduations. It’s in the greeting cards and beautifully wrapped presents that celebrate this scholarly achievement. It’s in the decorations at parties and receptions. And, of course, it’s there in the classic diploma that proves you’re ready for the next big adventure in life. Unlike electronic files and digital photos, paper mementos are tangible reminders of the many years of school that culminate in graduation season. In fact, paper helps deliver some of the most definitive experiences of our lives. Paper certificates, childhood artwork, printed photos and special collections, such as baseball cards or comic books, are often among our most treasured possessions, and they tend to take on even greater importance as we age. If your loved one is celebrating this graduation season, why not continue the paper theme by giving printed books as graduation gifts? Whether you choose a classic title or something more contemporary, a printed book with a meaningful handwritten message can make a great gift that your graduate will treasure for years to come.

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, "2024 is off to a strong start, as our results reflect the power of our strategy to be the essential subscription for every curious person seeking to understand and engage with the world, and as our world-class news and lifestyle products continue to attract huge and deeply engaged audiences. Our first quarter financial performance illustrates that our news-based, multi-product, multi-revenue subscription strategy continues to work as designed, and is on track to drive continued growth in revenue and earnings as well as generate healthy free cash flow in 2024.

Two authors from Penguin Random House, Jayne Anne Phillips and Cristina Rivera Garza, were awarded a Pulitzer Prize this year. They won in the “Fiction” and “Memoir or Autobiography” categories. Since the Pulitzer Prize was introduced in 1917, a total of 137 Penguin Random House authors have received the famous award. It is the continuation of a fine tradition that goes back more than 100 years. When this year’s Pulitzer Prize winners were announced at Columbia University in New York on Monday, Penguin Random House authors were once again among the honorees: Jayne Anne Phillips and Cristina Rivera Garza were honored in the “Fiction” and “Memoir or Autobiography” categories. The Pulitzer Prize is one of the most prestigious literary prizes in the United States, and is given in the categories of “Fiction,” “History,” “Biography,” “Memoir or Autobiography,” “Poetry,” and “General Nonfiction.”

Paxton Media Group (PMG) has acquired Kernersville (North Carolina) News, a twice-weekly newspaper published by the Carter/Owensby-Harrell family since its launch in 1938. The terms were not disclosed. “It is time for the family to move on,” the family says. Kernersville News joins almost 20 other Paxton newspapers in North Carolina, which are managed by group publisher Jana Thomasson.

Pennsylvania is the latest state that could stop jurisdictions from paying newspapers for publishing their legal notices. The State Senate whip, Sen. Ryan Aument (R), is calling for a study to assess the cost of paid public notices. This would include all locales statewide. That study, he wrote, “will go a long way to helping the Legislature decide if continued advertising in print newspapers is still the best method to ensure this important information reaches the public.”

Simon & Schuster has acquired Veen Bosch & Keuning, the largest Dutch book publishing house. The acquisition includes all of VBK's imprints in the Netherlands and Belgium, as well as its sister companies, the audiobook producer Thinium, and Bookchoice, a subscription-based platform for e-books and audiobooks. Financial terms of the cash acquisition, which is still subject to review, were not disclosed. The move marks the first major instance of a promised international expansion of S&S, which CEO Jonathan Karp alluded to last year following the acquisition of S&S by private equity firm KKR. The acquisition is also S&S's first of a non-English-language publisher, and provides the company a new foothold in the European market, where "the companies aim to provide a better avenue to sell, produce, and distribute... titles in Europe and to publish more S&S titles locally," as per a release.

The Chicago Reader, an alternative nonprofit newspaper, is returning to weekly print production. The first weekly issue will be on June 5. The paper had reverted to a bi-weekly schedule in June 2020. The increased schedule reflects several imperatives. For one, “Chicago’s creative, civic, and cultural concerns don’t reproduce on a biweekly basis, nor do they circulate equitably from behind an online paywall,” writes Solomon Lieberman, CEO & Publisher of the Reader Institute for Community Journalism, which publishes the Reader.

Ballantine Communications Inc. has signed a deal to acquire The Farmington (New Mexico) Daily Times from Gannett, effective June 1. Terms have not been disclosed. Ballantine plans to merge the Tri-City Record, which it founded last year to cover the Aztec, Bloomfield and Farmington communities., with the Farmington Daily Times, the latter reports. Gannett has sold numerous papers to local owners. Gannett purchased the Daily Times in 2015.

S&P Global announced the successful completion of its acquisition of Visible Alpha, the financial technology provider of deep industry and segment consensus data, creating a premium offering of fundamental investment research capabilities on S&P Global Market Intelligence's Capital IQ Pro platform. Visible Alpha will be operated within the S&P Global Market Intelligence division. "Visible Alpha and its innovative team are an outstanding complement to S&P Global's culture and capabilities," said Adam Kansler, President of S&P Global Market Intelligence. "The integration of Visible Alpha into S&P Capital IQ Pro demonstrates another transformative leap for our platform and reflects our combined commitment to providing customers with the highest quality investment research, estimates and analytics in the market."

First Quarter 2024 Highlights: • Total revenues of $635.8 million decreased 5.0% compared to the first quarter of 2023, reflecting improvement on revenue declines of 8.4% in the fourth quarter of 2023 compared to the prior year fourth quarter • Net loss attributable to Gannett of $84.8 million includes an impairment charge of approximately $46.0 million related to the exit of our leased facility in McLean, Virginia during the first quarter of 2024 • Adjusted EBITDA(3) totaled $57.6 million, a decrease of 8.4% compared to the first quarter of 2023

Firecrown Media has acquired Trains magazine and several other railroading publications from Kalmbach Media, Trains reports. The terms were not disclosed. Also included are Classic Trains, Model Railroader, Classic Toy Trains, FineScale Modeler, and Astronomy. Firecrown owns numerous transportation brands, including Flying, Plane & Pilot, Boating, Yachting, and the supply chain site FreightWaves.

Savvas Learning Company announced the newest edition of its award-winning, standards-aligned myPerspectives English Language Arts (ELA) program, enhanced with powerful interactive resources that provide students with exciting multimedia content and give teachers valuable tools to monitor students’ progress in real-time. Building on its highly successful, evidence-based approach that improves student outcomes, myPerspectives © 2025 for grades 6-12 offers greater opportunities for student engagement, increased options for differentiated teaching, and more reading and writing support to help every student achieve their potential.

The good news -- or bad news, depending on how you look at it -- is that consumer time spent with media continues to expand. The really bad news for the ad industry is that ad-supported media's share continues to decline, in both the U.S. and worldwide. Those are among the findings in the 2024 edition of an annual Global Consumer Media Usage Forecast released this morning by PQ Media. While total weekly time spent with media actually declined 0.4% to 76.69 hours in the U.S., and inched up only 0.3% to 56.15 hours worldwide, PQ forecasts it will rebound again this year and continue expanding for the foreseeable future.

Sam’s Club announced significant progress in its rollout of technology that resolves a key member concern – waiting in line for receipt verification to exit the club. The retailer’s first-of-its-kind application of artificial intelligence and computer vision technology has been successfully deployed in more than 120 clubs since first unveiling it at the Consumer Electronics Show (CES) in January. Sam’s Club’s rapid deployment of its exit technology represents the largest-scale implementation of member-facing AI-powered technology in the retail industry. The retailer’s announcement of reaching the milestone of deploying at 20% of its clubs in the first quarter comes as other retailers have struggled to deploy similar technology at scale, with some abandoning efforts, just starting initial pilots or having no plans to enhance customer experiences through checkout and store exit technologies.

*Net sales increased 13% to $143.3 billion in the first quarter, compared with $127.4 billion in first quarter 2023. Excluding the $0.2 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 13% compared with first quarter 2023. *Operating income increased to $15.3 billion in the first quarter, compared with $4.8 billion in first quarter 2023. *Net income increased to $10.4 billion in the first quarter, or $0.98 per diluted share, compared with $3.2 billion, or $0.31 per diluted share, in first quarter 2023. *Operating cash flow increased 82% to $99.1 billion for the trailing twelve months, compared with $54.3 billion for the trailing twelve months ended March 31, 2023.

The Company reported first quarter 2024 revenue of $3.491 billion, an increase of 10% compared to the first quarter of 2023. First quarter GAAP net income increased 25% to $991 million and GAAP diluted earnings per share increased 28% to $3.16 as higher net income was driven primarily by strong growth in Ratings and Indices, and lower merger-related costs. Excluding the impact of Engineering Solutions (ES), revenue growth would have been 14% year over year. Adjusted net income for the first quarter increased 24% to $1,258 million and adjusted diluted earnings per share increased 27% to $4.01. “S&P Global's first quarter results are a testament to the value we create for our customers around the world, as well as the strength of our global franchise, our world-class team, and our commitment to innovation.

UPS announced first-quarter 2024 consolidated revenues of $21.7 billion, a 5.3% decrease from the first quarter of 2023. Consolidated operating profit was $1.6 billion, down 36.5% compared to the first quarter of 2023, and down 31.5% on an adjusted basis. Diluted earnings per share were $1.30 for the quarter; adjusted diluted earnings per share of $1.43 were 35.0% below the same period in 2023. For the first quarter of 2024, GAAP results include a total charge of $110 million, or $0.13 per diluted share, comprised of after-tax transformation and other charges of $75 million and a non-cash, after-tax impairment charge of $35 million, driven by plans to consolidate certain acquired brands within the company’s healthcare portfolio.

Back in 2019, we launched Walmart Health centers. During our five-year journey, we made meaningful impacts with patients while continuing to learn, pivot and evolve. While our mission to help people save money and live better remains, today we are sharing the difficult decision to close Walmart Health and Walmart Health Virtual Care. Through our experience managing Walmart Health centers and Walmart Health Virtual Care, we determined there is not a sustainable business model for us to continue. The decision to close all 51 health centers across five states and shut down the virtual care offering was not easy. We understand this change affects lives – the patients who receive care, the associates and providers who deliver care and the communities who supported us along the way. This is a difficult decision, and like others, the challenging reimbursement environment and escalating operating costs create a lack of profitability that make the care business unsustainable for us at this time.

On April 19, 2024, the Association of American Publishers, joined by the American Booksellers for Free Expression, Authors Guild, Inc., Comic Book Legal Defense Fund, Educational Book and Media Association, Freedom to Learn Advocates, Half Price Books, Records, Magazines, Inc., Independent Book Publishers Association, National Press Photographers Association, National Writers Union and Sisters in Crime, filed an amicus brief in Iowa in support of the plaintiffs in two lawsuits, filed in November 2023, challenging provisions of SF 496, a 2023 law that violates constitutional standards by censoring books for students in a vague and overbroad fashion. The lawsuits, Penguin Random House, LLC. v. Robbins and GLBT Youth in IA Schools, Etc. v. Reynolds, were filed in November 2023 by plaintiff groups that include publishers, renowned authors, educators, and students.

After a federal judge blocked key parts of SF 496, Iowa’s anti-LGBTQ book banning law, last December, five more publishers—including all four remaining Big Five publishers—have now joined Penguin Random House on the joint lawsuit against the state as plaintiffs, to help defend against the state’s bid to lift the block on appeal. In a release this week, Hachette, HarperCollins, Macmillan, Simon & Schuster, and Sourcebooks announced that they have joined the initial plaintiffs, which included PRH, the Iowa State Education Association (ISEA), four renowned authors (Laurie Halse Anderson, John Green, Malinda Lo, and Jodi Picoult), and a group of teachers and students. “We as publishers are uniting in our unwavering commitment to stand with educators, librarians, students, authors, and readers against the unconstitutional censorship measures being imposed by the state of Iowa," the publishers said in a joint statement.

Postmedia today announced the launch of a new app offering subscribers an integrated, streamlined and personalized experience, with seamless access to their preferred content across Postmedia’s brands. “Our readers have told us what they want and need in their online news and information experiences, and we’re delivering with the launch of our new app.” said Duncan Clark, Chief Content Officer at Postmedia. “The app combines a personalized experience with local curation and access to breaking news, as part of an intuitive design that makes it easier than ever to engage with our journalism.” Postmedia brands now available on both iOS and Android include: Montreal Gazette, Vancouver Sun, Calgary Herald, Ottawa Citizen, Edmonton Journal, The London Free Press, Regina Leader-Post, Saskatoon StarPhoenix, Windsor Star, National Post and Financial Post.

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Learning technology company HMH announced that three of its solutions have been honored in EdTech Digest’s 2024 EdTech Cool Tool Awards. HMH Read 180 was named the winner in the literacy/reading category. HMH was also named a finalist for two of its integrated solutions – English 3D and HMH Math 180. Presented by EdTech Digest, the EdTech Awards recognize people for outstanding contributions in transforming education through technology to enrich the lives of learners everywhere. HMH Read 180 was named winner in “Literacy/Reading Solution”: HMH Read 180 represents a blended learning solution meticulously designed to elevate literacy proficiency and cultivate a growth mindset in Grades 3--12. Functioning as an intervention program, it extends essential support to all students reading below grade level, encompassing those with disabilities, special education requirements, and multilingual learners.

Revenue for the quarter was $97.3 million as compared to $111.8 million in the same period in the prior year, representing a decrease of $14.5 million (13.0%). The revenue decrease was primarily due to decreases in advertising revenue of $11.3 million (20.8%) and circulation revenue of $4.1 million (11.1%), partially offset by increases in parcel revenue of $2.4 million (20.5%). Net loss in the quarter ended February 29, 2024 was $20.1 million, as compared to a net loss of $20.8 million in the same period in the prior year. The decrease in net loss was primarily the result of decreases in depreciation and restructuring expenses, as well as a decrease in foreign exchange losses, partially offset by an increase in operating loss before depreciation, amortization and restructuring, and a decrease in gain on disposal of property, plant and equipment, assets held-for-sale and other assets.

At Walmart Distribution Center 6020 in Brooksville, Florida, we’re used to pioneering new technology. In fact, 6020 was Walmart’s first high-tech DC. Once again, innovation is afoot in our facility, where associates have been working alongside a new autonomous forklift system that’s bolstering their skills and bettering their jobs while building our business. After a 16-month proof of concept, I’m proud to announce Walmart is taking another step into the future, rolling 19 autonomous forklifts across four high-tech DCs, with the potential for more as we evaluate the benefits to our associates and operations. I believe these benefits will be wide ranging. And I should know – I’ve seen them firsthand.

Costco Wholesale Corporation reported net sales of $23.48 billion for the retail month of March, the five weeks ended April 7, 2024, an increase of 9.4 percent from $21.46 billion last year. Net sales for the first 31 weeks were $146.64 billion, an increase of 6.4 percent from $137.77 billion last year.

The U. S. Postal Service filed notice with the Postal Regulatory Commission of mailing services price changes to take effect July 14, 2024. The new rates include a 5-cent increase in the price of a First-Class Mail Forever stamp from 68 cents to 73 cents. The proposed adjustments, approved by the governors of the Postal Service, would raise mailing services product prices approximately 7.8 percent. If favorably reviewed by the commission, the price changes would include: U.S. Postal Service Recommends New Prices for July 2024: Product - Current Price - Planned Price: *Letters (1 oz.) - 68 cents - 73 cents; *Letters (metered 1 oz.) - 64 cents - 69 cents *Domestic Postcards - 53 cents - 56 cents; *International Postcards - $1.55 - $1.65; *International Letter (1 oz.) - $1.55 - $1.65.

O’Rourke Media Group, based in Gilbert, Arizona, has acquired Times Publishing Newspapers in Bucks County, Pennsylvania. Times Publishing publishes Doylestown Observer, Fairless Focus, Langhorne Ledger, Morrisville Times, Newtown Gazette, Northampton Herald, New Hope News, Lower Southampton Spirit, Warwick Journal and Yardley Voice. These newspapers are delivered through the post office to over 120,000 households, 11 months per year. O’Rourke Media Group operates newspapers, websites and other publications in Delaware, Virginia and Vermont.

Learning technology company HMH has been named a finalist in nine categories for the 2024 CODiE Awards, including “Best Suite of Connected/Integrated Solutions” for its comprehensive core, intervention, assessment and professional learning offerings. Presented by the Software & Information Industry Association (SIIA), the CODiE Awards honor excellence in leading technology products and services, with awards given to products demonstrating innovation, vision and overall industry impact. “At HMH, we are focused on simplifying educators’ lives and creating meaningful learning experiences that improve outcomes for all students,” said Jack Lynch, President and CEO, HMH. “We believe that transformative edtech prioritizes human connection and community by extending teachers’ capabilities so they can focus on what matters most—their students. We are honored to be recognized for our comprehensive and connected solutions.”

Every year, the U.S. goes through enough cardboard boxes for shipping to pave a one-mile-wide road from New York City to Los Angeles three times, or build a mile-high cardboard wall around the entire continental U.S. Getting rid of overreliance on Amazon.com's signature brown box is a key goal of the retail giant and its consumer partners, reports CNBC. In 2022, 11 percent of Amazon orders worldwide were sent in original manufacturer packaging. The company has yet to release its 2023 figure for the initiative designed to get rid of Amazon’s signature brown box, called the Ships in Product Packaging program. Total Retail's Take: The abundance of packaging needed to keep up with consumers' e-commerce purchases only continues to grow; however, more retailers and brands are now working to address the issue. Amazon initially launched the Ships in Product Packaging program in 2023 for vendors, and in February 2024 opened it to sellers. It identifies products that might work, contacts vendors and then, to ensure that packages won’t be damaged during delivery, Amazon works with those companies to test product packaging. Some companies that sell on Amazon say they will no longer develop new products that can’t be shipped without additional Amazon boxing.

The shortlist for the prestigious Newspaper and Magazine Awards (NME) has been announced, with two Bauer titles being nominated. Eclipse Mega Monthly Wordsearch is shortlisted for Newsstand Magazine of the Year – General for the second year in a row and Take a Break Puzzle Annual has been nominated for in the new category, Bookazine of the Year. With regards to the two nominations, John Simmonds, Publisher of Puzzles Titles comments “It’s amazing to have two titles from the puzzle portfolio shortlisted for this year’s NMA Awards. 2023 was a great year for our puzzle brands – a year in which Take a Break Puzzles became the biggest selling puzzle brand in the UK. Being nominated in these two categories is a reflection of the hard work of the teams involved, not just in these two titles, but across all of the portfolio.”

The digital media and entertainment industry has seen a 124% increase in subscribers since 2020. But that is overshadowed by digital publishing, which enjoyed a 536% increase in subscribers during the same time period, according to a new benchmarking report from Recurly. At the same time, churn rates have increased to 6.9% for digital media and entertainment, the result of subscription fatigue and increased competition. However, digital publishing experienced a 3.9% rate, probably because of less competition and higher brand loyalty.

In a Form 8-K filed with the Securities and Exchange Commission on April 1, 2024, FedEx Corporation announced the agreement between FedEx Express and the United States Postal Service (“USPS”) for domestic transportation services will expire by its terms on September 29, 2024. This decision was made on March 29, 2024, following extensive discussions. FedEx and the United States Postal Service have had a long and productive relationship for more than 20 years. Over time, our respective strategies have shifted as we transform our networks and operations for the future. We have long said we would extend the contract with the USPS if we could agree to commercial terms in the best interests of FedEx shareholders. Although we were unable to reach mutually agreeable terms, we remain committed to delivering outstanding service through the completion of our contract in September.

UPS announced the company has been awarded a significant air cargo contract by the United States Postal Service (USPS). This award is effective immediately and greatly expands the existing relationship between the two organizations. Following a transition period, UPS will become the USPS’s primary air cargo provider and move the majority of USPS air cargo in the US. “Together UPS and USPS have developed an innovative solution that is mutually beneficial and complements our unique, reliable and efficient integrated network,” said UPS Chief Executive Officer Carol B. Tomé.

Sales of religious books at companies that report results to the Association of American Publishers’ StatShot program rose 7.8% last year over 2022, hitting $819.7 million. All formats expect e-books had an increase. The biggest gain was in trade paperback where sales increased 11.1%. Hardcover sales rose 6.7% and accounted for 60.1% of segment sales last year, roughly even compared to 2022. On the digital side, sales of digital audiobooks rose 8.5%, but e-book sales fell 3.3%.

The Commission’s primary areas of review, its findings, as well as recommendations and directives, include: The Commission finds that all workshare discounts in effect in FY 2023 were in compliance at the time they were introduced in rate adjustment proceedings based on the most recent avoided costs available at the time. The Commission finds the Periodicals class, and both products within it, were non-compensatory in FY 2023. Additionally, the Commission identifies the following non-compensatory products in compensatory classes: (1) USPS Marketing Mail Flats, (2) USPS Marketing Mail Carrier Route, and (3) Media Mail/Library Mail. The Commission notes that two classes were fully compensatory in FY 2023, with both the class and all products within the class covering attributable costs: First-Class Mail and Special Services. Taken together, the Postal Service lost $1.34 billion in FY 2023 from non-compensatory classes and products. The Commission’s review of Competitive products finds that revenues for four Competitive products with rates of general applicability did not cover attributable costs and, therefore, did not comply with 39 U.S.C. § 3633(a)(2). The Commission also finds that the Postal Service’s Interagency Agreements provided a net contribution to the Postal Service in compliance with 39 U.S.C. § 3704.

Bucking the trend of newspapers selling off real estate, Reade Brower, publisher of The Courier-Gazette, Camden Herald, Republican Journal and Free Press, is buying a two-story building in Camden, Maine. The newspaper operations could move into the location on Mechanic Street as early as this summer. Brower plans to use the second floor for the newspapers for Islandport Press, a book publication firm, and for Mail Maine, his direct mail marketing company, according to an article by Daniel Dunkle, executive editor of the newspapers.

Gannett Co., Inc. announced it will repurchase approximately $13.0 million of 6.00% first lien notes due November 1, 2026 (the "2026 Senior Notes") for approximately $12.0 million, representing a discount to par value. The transaction is expected to close on March 28, 2024. In connection with the repurchase of the 2026 Senior Notes, the Company will receive a waiver from certain lenders under its five-year senior secured term loan facility that will reduce the scheduled amortization payment for the fiscal quarter ending March 31, 2024 payable to those lenders by the amount spent by the Company to repurchase the 2026 Senior Notes. "By working with our lenders, we are continuing to opportunistically take out senior notes below par value, and this latest repurchase builds upon the agreements announced in November and September of 2023," said Michael Reed, Chairman and Chief Executive Officer. "We expect debt reduction and improvement in our capital structure to remain our primary use of capital allocation, and as a result, we expect to repay at least $110 million in 2024 through non-strategic asset dispositions and continued free cash flow improvement."

The Association of American Publishers released its StatShot report for December 2023 reflecting reported revenue for Trade (Consumer Books), Religious Presses, Higher Education Course Materials, and Professional Publishing. Total revenues across all categories for December 2023 were down 2.5% as compared to December 2022, coming in at $920.7 million. Year-to-date revenues were up 0.4%, at $12.6 billion for the year of 2023. Trade revenues were down 0.3%, at $8.9 billion for the calendar year. Hardback revenues were up 0.4%, coming in at $3.3 billion; Paperbacks were down 2.0%, with $3.1 billion in revenue; Mass Market was down 22.9% to $140.0 million; and Special Bindings were up 2.2%, with $210.0 million in revenue.

FedEx Ground operating results increased due to lower structural costs resulting from DRIVE initiatives, higher base yield, and reduced self-insurance costs. Cost per package was flat, as lower line-haul expense and improved dock productivity offset higher first- and last-mile costs. FedEx Freight operating results decreased due to lower fuel surcharges, reduced weight per shipment and lower shipments, partially offset by higher base yield and the benefit from one additional operating day. Last year's third quarter operating income included a $30 million gain on the sale of a facility. The company completed a $1 billion accelerated share repurchase (ASR) transaction during the quarter. Approximately 4.1 million shares were delivered under the ASR agreement. The year-to-date decrease in outstanding shares benefited third quarter results by $0.09 per diluted share.

The National Retail Federation (NRF) shared its forecast on the state of U.S. retail and consumers in 2024. The organization predicted that things would largely continue on the same track as 2023. “The resiliency of consumers continues to power the American economy, and we are confident there will be moderate but steady growth through the end of the year,” NRF president and CEO Matthew Shay said in a virtual panel on March 20. “Successful retailers offer consumers products and services when, where and how they want to shop with prices they want to pay.” The group invited industry experts and retail leaders to share more about what they expect to see in 2024.

Keep US Posted — a nonprofit advocacy group of consumers, nonprofits, newspapers, greeting card publishers, magazines, catalogs and small businesses — is calling attention to new analysis, which shows that U.S. Postal Service’s practice of raising mailing rates every six months is based on flawed economic forecasting that greatly underestimates the rate hikes’ impact on lost mail volume. The report, which was commissioned by the Greeting Card Association and the Association for Postal Commerce (PostCom), has been published just weeks before USPS is expected to ask the Postal Regulatory Commission to approve the sixth stamp hike in just two years, likely occurring in July. According to the report, USPS is basing stamp hikes on a demand model which underestimates the elasticities (or price sensitivity) of its consumers —relying too heavily on historical data, among other issues.

Savvas Learning Company, a next-generation K-12 learning solutions leader, is excited to announce that myView Literacy © 2025, its leading K-5 core English Language Arts (ELA) program, and Savvas Essentials: Foundational Reading, its high-quality, supplemental K-2 literacy program — both grounded in the Science of Reading — have been approved for statewide adoption by the Ohio Department of Education and Workforce. After an extensive review process of core literacy and supplemental programs, state education officials placed myView Literacy and Savvas Essentials: Foundational Reading on their Ohio Approved List of Core Curriculum and Instructional Materials, determining that both programs fully met Ohio's Learning Standards for English Language Arts as well as alignment with the Science of Reading and strategies for effective literacy instruction.

Sustainability remains a top priority for consumers, with 78% of respondents reporting that sustainability concerns are very or somewhat important to them when choosing to buy a product or shop at a retailer, according to results of the third annual Blue Yonder Consumer Sustainability Survey. Seven-in-10 respondents indicated that they have shopped at a retailer promoting their products as sustainable at least once or more in the past six months, which is slightly down from the 74% who reported doing so in the 2023 and 2022 editions of the survey. Close to half (47%) of respondents reported that their interest in shopping sustainably has greatly or slightly increased in the last year, while 40% of respondents said they would pay up to an additional 5% and 25% said they would pay an additional 10% or more.

Adobe announced that its board of directors has approved a new stock repurchase authorization, granting the company authority to repurchase up to $25 billion in common stock through March 14, 2028. Under the program, which is designed to return value to Adobe’s stockholders, minimize dilution from stock issuances, and reduce share count over time, the company may repurchase shares in the open market and enter into structured repurchase agreements with third parties. “Our new $25 billion share repurchase authorization underscores what a special company Adobe is, with the profitability and cash flows to drive growth and invest in innovation while returning significant capital to our shareholders,” said Dan Durn, executive vice president and CFO, Adobe.

First Quarter Fiscal Year 2024 Financial Highlights: *Adobe achieved revenue of $5.18 billion in its first quarter of fiscal year 2024, which represents 11 percent year-over-year growth or 12 percent in constant currency. Diluted earnings per share was $1.36 on a GAAP basis and $4.48 on a non-GAAP basis. *GAAP operating income in the first quarter was $907 million and non-GAAP operating income was $2.47 billion. GAAP net income was $620 million and non-GAAP net income was $2.05 billion. *Cash flows from operations were $1.17 billion.

The American Library Association announced today that the number of unique titles targeted for censorship surged 65% in 2023 compared to 2022, once again hitting record levels. In a release, ALA officials said that 4,240 unique book titles were reported challenged in schools and libraries in 2023, a sharp increase over 2022, when 2,571 unique titles were targeted for removal. ALA also reported 1,247 tracked challenges in 2023, which is down slightly from 1,269 challenges in 2022. But ALA officials stressed that the number does not reflect decreasing challenges, noting that prior to 2021, the vast majority of tracked challenges to library resources came from individuals seeking to remove or restrict access to a single book. Now, as result of an organized political movement and sharing book lists compiled by various groups, the overwhelming majority of tracked challenges come from groups and involve multiple titles.

The U.S Postal Service (USPS) and U.S. Postal Inspection Service (USPIS) announced an update on Project Safe Delivery, a joint initiative to protect postal employees and secure the nation’s mail and packages. The initiative was launched in May 2023 in direct response to rising crime across the nation that has led to increased threats and attacks on letter carriers and mail theft incidents. In February, USPIS completed a second law enforcement surge in San Francisco as a part of this nationwide effort by USPIS and USPS to protect both postal employees and the integrity of the postal system. Since the launch of Project Safe Delivery, Inspection Service personnel have conducted more than 5,500 mail theft, and violent crime prevention activities nationwide.

Fourth Quarter 2023 Results: Net sales decreased 1.1% year-over-year, to $5.7 billion. The fourth quarter included net sales of approximately $164 million from the 14th week. Comparable sales, which compare the 13-week period ending January 27, 2024 versus the 13-week period ended January 28, 2023, decreased 4.3%. Operating income was $299 million compared to $302 million loss in the prior year. As a percentage of total revenue, operating income was 5.0%, an increase of 1,005 basis points year-over-year. Net income was $186 million, or $1.67 per diluted share. This compares to net loss of $273 million, or ($2.49) per diluted share in the prior year.

Kohl’s announced a new partnership with WHP Global, the owner of the Babies“R”Us® brand, to bring baby gear, furniture, activity, and more to millions of growing families across the country, broadening the retailer’s reach with younger customers. The first Babies“R”Us shops will open in Kohl’s this August, with plans to roll out to approximately 200 stores in fall 2024. Customers will also be able to shop an expanded assortment of baby products on Kohls.com and take advantage of the Babies“R”Us at Kohl’s registry to easily build and share gift lists. “Evolving our assortment and bringing more relevant product to the millions of customers we serve is a core focus as we continue to deliver on Kohl’s broader growth strategy,” said Tom Kingsbury, Kohl’s chief executive officer. “We see significant opportunity in the baby gear category, and partnering with Babies“R”Us is another example of how we are finding new ways to optimize our assortment and further establish Kohl’s as the go-to brand for families.”

Costco Wholesale Corporation announced its operating results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2024, ended February 18, 2024. Net sales for the quarter increased 5.7 percent, to $57.33 billion, from $54.24 billion last year. Net sales for the first 24 weeks increased 5.9 percent, to $114.05 billion, from $107.68 billion last year. Net sales for the Company were negatively impacted by approximately one and one-half percent for the quarter and by approximately one-half percent for the first 24 weeks of fiscal 2024 from the shift of the fiscal calendar, as a result of the fifty-third week last year.

Fourth Quarter Fiscal 2023 - Financial Results: *Net sales of $4.3 billion were up 1% compared to last year, inclusive of an estimated 2 percentage points of negative impact from the sale of Gap China. The addition of the 53rd week contributed approximately 4 percentage points of growth to the fourth quarter. -Comparable sales were flat year-over-year. -Store sales increased 4% compared to last year. -Online sales decreased 2% compared to last year and represented 40% of total net sales. *Gross margin was 38.9%, an increase of 530 basis points versus last year. -Merchandise margin increased 500 basis points versus last year primarily driven by lower commodity costs and improved promotional activity during the quarter. -Rent, occupancy, and depreciation (ROD) as a percent of sales leveraged 30 basis points versus last year. *Net income of $185 million; diluted earnings per share of $0.49.

The Massachusetts-based membership warehouse club chain will open its first club in Kentucky, in Louisville, in early 2025. Located near Jefferson Mall, the upcoming location will also include a BJ’s Gas station. The planned entrance into Kentucky, which will be BJ's 21st state, continues the chain’s growth. The company expanded into the nearby states of Tennessee and Alabama in 2023, and at the start of this year, the chain opened its 37th club in Florida. Most recently, in February, BJ’s opened its third location in Tennessee, in Goodlettsville.

*GAAP Results: Revenue of $461 million (-6%), Operating loss of $46 million (+$21 million), and EPS loss of $2.08 (-$0.79). GAAP revenue decrease due to completed divestiture and declines in other held for sale businesses. GAAP results impacted by charges related to held for sale or sold assets, including goodwill and held for sale impairments of $82 million and $26 million, respectively, as well as a loss on a completed divestiture of $26 million. The Company also recorded restructuring charges of $15 million. “As we finish out the year, we’re increasingly confident in our underlying momentum and recovery in Research and continued outperformance in Learning,” said Matthew Kissner, Interim President and CEO. “We’ve moved decisively on our improvement and optimization plans and expect a strong fourth quarter as Research continues to recover, Learning continues to outperform, and in-year cost savings accelerate. Our disciplined execution and positive momentum are allowing us to raise our earnings guidance this year and set us up well for material performance and profit improvement in Fiscal 2025 and 2026.”

For the 53-week fiscal year ended February 3, 2024, net earnings were $134 million and diluted EPS was $0.82, with earnings before interest and taxes ("EBIT") of $251 million, or 1.8 percent of sales. Excluding charges related to the wind-down of Canadian operations reported in the first and third quarters and a supply chain asset impairment charge in the fourth quarter, adjusted EBIT was $567 million, or 4.0 percent of sales, and adjusted EPS was $2.12 for fiscal 2023.1 For the fourth quarter, total Company net sales increased 2.2 percent versus the same period in fiscal 2022, inclusive of approximately $190 million related to the 53rd week, and gross merchandise value ("GMV") increased 2.0 percent. Nordstrom banner net sales decreased 3.0 percent and GMV decreased 3.4 percent compared with the fourth quarter of 2022. Net sales for Nordstrom Rack increased 14.6 percent.

“The PROSE Awards 2024 Finalists and Category Award winners illustrate the extraordinary depth, breadth and complexity of scholarly authorship and publishing,” commented Syreeta Swann, AAP’s Chief Operating Officer. “We are pleased to honor these works, and delighted to report that the standard for scholarly works has never been higher.” “This year’s PROSE Awards were one of the most competitive to date, highlighting the broad array of high-quality scholarly works available to readers,” commented Dr. Nigel Fletcher-Jones, PROSE Awards Chief Judge. “We look forward to announcing the R.R. Hawkins Award Winner and Awards for Excellence winners, which continue to expand expectations of what scholarly publishing can be.” The 41 Category Winners will now be eligible for the next level of PROSE honors – the Awards for Excellence winners, which will be announced in the coming weeks.

Savvas Learning Company, a next-generation K-12 learning solutions leader, is excited to announce that myView Literacy © 2025, its leading K-5 core English Language Arts (ELA) program that is grounded in the Science of Reading, has been approved for statewide adoption by the Indiana Department of Education (IDOE). After an extensive review process, IDOE officials placed myView Literacy on their Indiana High-Quality Curricular Materials Advisory List, determining that myView fully met the state’s 2023 Indiana Academic Standards and its literacy standards aligned to the Science of Reading. Combining powerful Science of Reading-based instruction with engaging student-centered practice opportunities, myView Literacy is designed to develop strong readers and writers, improving learning outcomes for all students. The program features exciting authentic literature and interactive resources, and its daily foundational-skills instruction follows an easy-to-teach sequence that’s proven to increase reading achievement and close skills gaps.

Savvas Learning Company, a next-generation K-12 learning solutions leader, is excited to announce that it has been named to the 2024 edition of the GSV 150, an annual list of the top 150 private companies transforming digital learning and workforce skills. This is the second year in a row that Savvas has been named to the GSV 150. “At Savvas, we are committed to developing innovative learning solutions that are powered by the most advanced technology to help educators meet the needs of all students,” said Bethlam Forsa, CEO of Savvas Learning Company. “Savvas is honored to be recognized among the exceptional companies on the GSV 150 who are champions of educational technology — including new AI-enabled systems — to make for a richer, more personalized teaching and learning experience for all.”

Learning technology company HMH today announced it has acquired award-winning software company Writable, building on a longstanding partnership between the organizations that includes the integration of Writable’s research-backed writing assessment and practice solution with HMH’s core ELA offerings for grades 3-12. With the acquisition of Writable, HMH will also establish HMH Labs, a new incubation team focused on the development and customer experience of emerging technologies, including generative AI, in support of HMH’s high-tech, high-touch vision for K-12 learning. Led by Writable CEO and co-founder Andrew Goldman, who will become Executive Vice President of HMH Labs, the group will expand upon and support HMH’s focus on innovative technology and continue to develop Writable.

*Net sales of $8.1 billion, down 1.7% versus the fourth quarter of 2022. Digital sales decreased 4% versus the fourth quarter of 2022. Brick-and-mortar sales were roughly flat versus the fourth quarter of 2022.*Comparable sales, on a 13-week basis, were down 5.4% on an owned basis and down 4.2% on an owned-plus-licensed basis. *Highlights of the company's nameplates include: Macy’s comparable sales, on a 13-week basis, were down 6.0% on an owned basis and down 4.7%, on an owned-plus-licensed basis. *Bloomingdale’s comparable sales, on a 13-week basis, were down 1.5% on an owned basis and down 1.6% on an owned-plus-licensed basis. *Bluemercury comparable sales, on a 13-week basis, were up 2.3% on an owned basis. *Gross margin for the quarter was 37.5%, up from 34.1% in the fourth quarter of 2022.

"In 2023, we made excellent progress executing on our strategy to drive our digital transformation, resulting in total digital revenues exceeding 41% of total revenues in the fourth quarter, and amounting to nearly $1.1 billion for the year. Over the past year, we’ve expanded our digital audience, improved engagement, grown the monetization of our audience, and driven significantly improved financial results over the prior year. Our digital-only subscription revenues surpassed $150 million in 2023, with total digital-only average revenue per user reaching a new high. Also, our partnership strategy increased our overall digital monetization, and importantly, we expect to generate $20 million in high margin revenue from our partnerships in 2024," said Michael Reed, Gannett Chairman, and Chief Executive Officer. "In 2023, we achieved full year growth in both Adjusted EBITDA and free cash flow, representing an important change in trajectory compared to last year's declines. We also remained focused on improving our capital structure and, with over $140 million in debt repayments in 2023, we were able to significantly reduce our leverage during the year. As these results show, we are building momentum toward a sustainable digital growth business, with a strong balance sheet."

Leading adventure travel operator REI Co-op added 10 trips as part of its expansion to meet demand of its most popular destinations and introduced new itineraries to California’s wine country, Maine’s 100-Mile Wilderness, the Pacific Northwest and more. At the same time, REI purchased 20 acres near the Grand Canyon to build its latest signature camp, which will open in spring 2025. “For more than three decades, we’ve led trips to the some of the most remote and storied locales in the U.S. and Canada. Each REI adventure trip is an immersive experience that our guests will remember for a lifetime,” said Mark Seidl, divisional vice president of REI Experiences. “Our expansion reflects the trust instilled in our brand to offer unmatched small group adventure travel from coast to coast.”

Learning technology company HMH announced HMH Classcraft, which facilitates immersive and dynamic learning experiences that help teachers deliver engaging, standards-aligned, high-impact and responsive instruction in real time. Classcraft addresses some of the most pressing and time-consuming issues facing educators today—the challenge of managing myriad digital solutions and hours of time spent planning, finding the right resources, and delivering instruction to support all levels of learners within the classroom. “Teaching is an art, and increasingly, educators must wade through a complex world of point solutions to do their jobs. This takes time and focus away from meaningful classroom connection. With Classcraft, we are simplifying the educator experience with easy-to-use, integrated classroom management capabilities,” said Jim O’Neill, HMH Executive Vice President and General Manager, Core Solutions.

In addition to reviewing and approving proposed rate changes for Market Dominant and Competitive products, new product proposals, and formal complaint adjudication, the Commission performed new activities as dictated by the Postal Service Reform Act (PSRA) and beyond. In FY 2023, the Commission: *Issued a Flats Operation Study with principal findings as required by the PSRA *Published reports that (1) reviewed the Postal Service's compliance with pricing and service standards, (2) provided an in-depth analysis of the Postal Service’s finances, and (3) evaluated whether the Postal Service met its performance goals as required under the law *Successfully implemented several of its strategic goals in its 2023-2028 Strategic Plan. In particular, the Commission completed a comprehensive stakeholder analysis that informed new activities currently underway surrounding the Commission’s engagement with stakeholders and the general public *Initiated a Public Inquiry Docket to examine the recent and planned network changes associated with the Postal Service’s Delivering for America Plan *Presided over rulemakings related to Commission processes and activities

MLPS (Medical Leaflet = Patient Safety), a subgroup of the European Carton Manufacturers Association (ECMA), is releasing a study today, shedding light on the potential economic costs associated with the proposed use of Print on Demand (PoD) leaflets in the pharmaceutical legislation revision. With the European Commission’s proposal allowing countries to decide on the format of medical leaflets, MLPS underscores the necessity of understanding the financial implications of this decision. The study, commissioned by MLPS, addresses a critical question left unresolved in the proposed Directive: the enormous total cost implications of implementing PoD leaflets alongside electronic Product Information (ePI). The study’s conservative quantification provides stakeholders with valuable insights into the economic impacts of PoD leaflets. The estimated total cost of PoD leaflets across Europe-27 ranges from €1.680 billion to €3.495 billion annually, depending on whether leaflets are printed in black or four-color ink. It is unclear who will bear these costs, which are currently borne by the pharma industry.

S&P Global announced an agreement to acquire Visible Alpha, the financial technology provider of deep industry and segment consensus data, sell-side analyst models and analytics from high-quality, exclusive sources. The acquisition will create a premium offering of fundamental investment research capabilities on S&P Global Market Intelligence's Capital IQ Pro platform. The combination of Visible Alpha with S&P Capital IQ Pro, the flagship S&P Global platform for research and analysis across institutional and corporate markets, reflects S&P Global's continued commitment to be the foremost provider in this space. Founded in 2015, Visible Alpha is a financial technology firm that provides consensus estimates and analytics from in-depth sell-side analyst models, research reports and corporate access events and distributes the data through a variety of distribution channels including a web-based platform, APIs and Feeds. Visible Alpha enhances the investment research process by extracting meaningful value from key sell-side data and analytics, including full working models from partnerships with approximately two hundred of the world's premier investment research organizations.

Adobe introduced AI Assistant in beta, a new generative AI-powered conversational engine in Reader and Acrobat. Deeply integrated into Reader and Acrobat workflows, AI Assistant instantly generates summaries and insights from long documents, answers questions and formats information for sharing in emails, reports and presentations. AI Assistant is bringing generative AI to the masses, unlocking new value from the information inside the approximately 3 trillion PDFs in the world. AI Assistant leverages the same artificial intelligence and machine learning models behind Acrobat Liquid Mode, the award-winning technology that supports responsive reading experiences for PDFs on mobile. These proprietary models provide a deep understanding of PDF structure and content, enhancing quality and reliability in AI Assistant outputs.

RTL Group subsidiary Fremantle is acquiring Asacha Media Group, a European production group based in Paris. The sellers are the company’s founders and managers and the investment company Oaktree Capital Management. Asacha owns majority shares in a total of eight award-winning production companies in France, Italy and the U.K., which produce series, films, shows, reality formats and documentaries for a wide range of clients. Under the terms of the agreement, Fremantle has the option to acquire the outstanding shares in the eight production companies over the next few years. The transaction is expected to close in the second quarter of 2024. The acquisition of Asacha Media Group follows Fremantle’s recent acquisition of an 80-percent majority stake in the Singapore-based production company Beach House Pictures, which closed on February 8. Under the agreement, Fremantle has the option to fully acquire Beach House after 2027. For both acquisitions combined, RTL Group will invest over €200 million.