FedEx Initiates $1.0 Billion Accelerated Share Repurchase Agreement

Highlights:*Underlying revenue down 17% on prior year largely due to COVID-19*Group sales decline largely reflects test centre and school closures in Global Assessment and International. After deterioration from March to May we saw improving sales trends in June.*Global Online Learning sales grew 5% due to strong enrolments in new and existing schools in Virtual Schools and slight revenue growth in OPM with good growth in continuing programs offset by discontinued programs.*Global Assessment declined 27% due to the impact of test centre closures in Professional Certification (Pearson VUE), cancellation of spring testing in Student Assessment and school closures impacting Clinical Assessments.*North American Courseware declined 14% with US Higher Education Courseware declining in line with expectations due to the continuation of trends seen in 2019, and a modest impact from the closure of campus-based bookstores. We saw a weaker performance in courseware in Canada largely as a result of school and bookstore closures. *International declined 23% due to the disruption in businesses which rely on physical locations including school and test centre closures.

Hearst - Steven Swartz has issued two statements pledging his company’s commitment to supporting “a fairer and more just society,” which he stated was “a core principle” of the company. In his second memo, he also announced the company’s fundraising initiative to support the NAACP Legal Defense and Educational Fund and Equal Justice Initiative. In addition to already donating $500,000, the company is pledging to match up to another $500,000 from employee donations. Reader’s Digest Foundation - The Reader’s Digest Foundation is committing $2 million to United Through Reading, a nonprofit organization dedicated to connecting military families with the experience of shared storytimes. Seeker - Group Nine Media’s science publication is releasing a free educational offering for home education, “Seeker Learning.” In addition to offering access to its library of content, Seeker will open up a dialogue between the brand, teachers and parents looking for specific content.

Time Inc. is reducing the circulation and frequency of a number of its titles to “sustain its print business,” focusing on its core readership with heftier issues. The goal is to attract advertisers to a more valuable audience. Time Inc. confirmed to Publishers Daily it will cut the circulation of Time and People en Español, as well as reduce the frequency of the latter, Sports Illustrated, Fortune, Money and Entertainment Weekly. Time magazine will cut its circulation by one-third, from 3 million to 2 million per issue. Its frequency will stay the same at 44 issues per year. People en Español will lower its circulation from 540,000 to 500,000 and cut two of its issues to print nine a year. Sports Illustrated will drop from 38 issues a year to 27. Fortune’s frequency will change to monthly, from 16 issues a year. Money will drop to 10 issues from 11. Entertainment Weekly will cut four issues and appear 34 times a year in 2018. Click Read More below for additional information.