Reader's Digest Makes Job Cuts

Reader's Digest has eliminated 150 positions across all of its business groups worldwide, with half the cuts affecting jobs in the U.S. and the other half international.
The cuts are aligned with an effort to focus on the company’s “master brands,” including Reader’s Digest, Taste of Home and The Family Handyman, “that have the greatest potential to grow across multiple platforms and through new revenue streams, such as partnerships and licensing in markets around the world,” a Reader’s Digest spokesperson writes in an email to FOLIO.

Resolute Forest Products Moves Forward in Fibrek Acquisition

Resolute Forest Products (formerly AbitibiBowater) has formally commenced its offer to buy all issued and outstanding shares of Fibrek Inc., a producer of market pulp.  Based on Fibrek’s most recent publicly disclosed number of shares, the maximum amount of cash available under the offer is C$71,541,556. 

Catalyst Paper Reviewing Debt Structure, Defers Interest Payment

Catalyst Paper reported that while it continues its review of alternatives to address its capital structure, it will defer the ~$21 million interest payment on its outstanding 11% Senior Secured Notes due 2016 and Class B 11% Senior Secured Notes also due 2016.  The payment is due today.  The company said operations are expected to continue as usual and obligations to customers, suppliers and employees will be met in ordinary course.  Catalyst has 30 days within which to make the interest payment before triggering default.  Failure to do so would allow 2016 Note holders to declare the $390 million principal and accrued interest immediately due and payable.  If that demand were not satisfied in thirty days, it would constitute a default under the indenture relating to the company’s $250 million outstanding 7.375% Senior Notes due 2014.

Hearst’s Popular Mechanics Tries Personalized Ads

Though magazines have had the ability to publish customized editions for some time, the technology is evolving, allowing for less expensive production of individualized copies with, importantly, accountability measures to track results, always a key for advertisers.

300,000 subscribers to Popular Mechanics received customized content with their November issues; the magazine was bundled with an outsert from Hewlett-Packard that featured the recipient’s name and a scene of their hometown.  A 16-page insert in the magazine informed the reader of specific locations for HP products.  The promotion also contained URLs directing subscribers to an online contest, providing some indication (and measurement) of interest in the ads; 3% entered the contest, but 85% of the contestants clicked on QR codes in the insert that linked to more information on HP printers.

http://www.adweek.com/news/press/can-personalized-ads-save-magazines-137134

Source Interlink’s Buys Baseball America

In a move to expand its traditional sports portfolio, Source Interlink's GrindMedia bought Baseball America magazine and accompanying properties. Baseball America’s original staff will remain in the magazine’s Durham, North Carolina-based offices.

Heidelberg to Launch Digital Printing Portfolio

Heidelberger Druckmaschinen AG (Heidelberg) is on the final stretch with the international market launch of its digital printing portfolio and is due to complete this by drupa 2012. The portfolio comprises the Ricoh Pro C901 Graphic Arts Edition digital printing system and the new Pro C751 series, which is available in the Pro C751, Pro C751 EX, and Pro C651 EX versions.

CEPIPRINT and CEPIFINE Merge into Euro-Graph

CEPIPRINT, the Association of European publication paper producers and CEPIFINE, the Confederation of European fine paper industries announced recently that on the 1st of January 2012 they will join forces to create a new Association based in Brussels. The Association, to be known as Euro-Graph, will represent over 30 companies, operating well over 100 paper mills in Europe, with an annual capacity of approximately 45 million tonnes of graphic papers.

RR Donnelley Gets New Contract with IMG

R. R. Donnelley & Sons Company today announced that it has been awarded a new multi-year multi-million dollar agreement by IMG, a global sports, fashion and media business with nearly 3,000 employees operating in 30 countries around the globe. Under the terms of the agreement IMG will draw on the resources of RR Donnelley's domestic and international platform for digital and interactive initiatives and other content production and distribution including magazines, direct response, event marketing materials and more.