Two weeklies based in Colorado Springs are set for relaunch only a couple of months after being closed.
Business partners J.W. Roth and Kevin O’Neil have acquired the rights to publish the Colorado Springs Independent and Colorado Springs Business Journal.
The partners have formed a for-profit business, Pikes Peak Media Company, to produce the titles.
https://www.mediapost.com/publications/article/393573/wisconsin-publishing-location-is-closing-with-a-lo.html
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“I am proud of the FedEx team for a solid finish to the fiscal year, delivering excellent service for our customers while achieving our structural cost reduction target, in the face of ongoing headwinds,” said Mr. Subramaniam. “We will continue to leverage the unique scale and flexibility of our global network to support our customers as the demand environment evolves. Looking ahead, I’m confident that our transformation initiatives, which are focused on integrating our networks and further reducing our cost-to-serve, will create meaningful long-term value.” Federal Express segment operating results improved during the quarter, driven by cost reduction benefits from DRIVE, increased U.S. and international export volume, and higher base yield. These factors were partially offset by higher purchased transportation and wage rates, one fewer operating day, and the expiration of the U.S. Postal Service contract. FedEx Freight segment operating results decreased during the quarter due to lower fuel surcharges, reduced weight per shipment, higher healthcare costs, increased wage rates, and one fewer operating day. These factors were partially offset by higher base yield and a $33 million gain on the sale of a facility.
Despite numerous headwinds, “we achieved our second-best year ever judged by our principal measure of profitability, falling short by 2% of the record results of 2022,” writes Steven R. Swartz, president & chief executive officer, in his annual letter. Swartz adds, “A sluggish digital advertising environment, the typical cyclical effect on television station advertising in a nonelection year and continued cord-cutting in television led to profit declines in all of our consumer media sectors: Newspapers, Magazines and Television."
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.