UPM Reports Q4 and 2012 Earnings

http://www.upm.com/en/Pages/default.aspx

Q4/2012

Earnings per share excluding special items were EUR 0.19 (0.16), and reported EUR -2.84 (0.20)
EBITDA was EUR 301 million, 11.4% of sales (301 million, 11.2% of sales)
Impairment charges of EUR 1,779 million were recorded in the Paper business area
Operating cash flow continued to be strong at EUR 352 million

Q1-Q4/2012

Earnings per share excluding special items were EUR 0.70 (0.93), and reported EUR -2.39 (0.88)
EBITDA was EUR 1,269 million, 12.2% of sales (1,383 million, 13.7% of sales)
Net debt decreased by EUR 582 million to EUR 3,010 million.

Catalyst Paper Completes Snowflake Sale

Catalyst Paper announced today that it has completed the US Court approved sale of the Snowflake assets and shares of Apache Railway. The Hackman Capital-led buyer group purchased the assets of the closed Snowflake facility and the shares of Apache Railway for US$13,460,000 and other non-monetary consideration. The transaction received local support from the Town of Snowflake and other interests, based on the buying group's intention to continue to operate the Apache Railway as a going concern.

MeadWestvaco Reports Q4 Results

http://www.meadwestvaco.com/index.htm

MeadWestvaco Corporation, a global leader in packaging and packaging solutions announced that total sales in the fourth quarter of 2012 increased 4 percent to $1.33 billion compared to fourth quarter of 2011. Excluding the effect of unfavorable foreign currency exchange, sales grew 6 percent due to increased volume of higher value products across most of the company's targeted packaging and specialty chemicals markets, as well as from higher land sales. During the quarter, the company had gains from its commercial excellence and innovation initiatives that resulted in volume and market share growth in medical dispensers, fragrance sprayers, beverage multi-packs, aseptic liquid packaging, targeted food packaging and new chemical formulations for adhesives and oilfield drilling markets. The company also benefited from the acquisitions of Polytop (caps and closures), Ruby Macons Ltd. (corrugated packaging materials) and Resitec (specialty chemicals).

AF&PA Elects Chairman

http://www.afandpa.org/
The American Forest & Paper Association (AF&PA) today announced the election of Graphic Packaging President and Chief Executive Officer (CEO) David Scheible as the new AF&PA board chairman, along with the 2013 slate of board officers.

Buyer of Sartell Won't Reopen Mill

http://www.sctimes.com/article/20130130/NEWS01/301300036/Verso-won-t-reopen-paper-mill-

AIM Development (USA) LLC, the company that has agreed to buy the former Verso Paper Corp. mill in Sartell, released little new information on its purchase Wednesday.

The city of Sartell has asked Verso for contact information to reach out to AIM Development. That request was declined, City Administrator Patti Gartland said.
On Wednesday, Minnesota Public Radio (MPR) reported AIM Development “appears to be part of” American Iron & Metal Company Inc. Messages left by the Times with that Montreal-based firm were not returned.
Late in the evening, MPR identified American Iron & Metal Co. President and CEO Hebert Black, who said he plans to reuse the Verso paper mill’s buildings in an as-yet-undetermined development. Black said there is no market to operate a paper mill and that he hopes to get a better idea of site development during a planned February visit.
“We’re not going to run the paper mill. It’s gone,” Black told MPR.

Resolute Building Sawmill to Supply Thunder Bay

http://www.resolutefp.com/Products/Commercial_Printing_Papers/

Resolute Forest Products today announced the construction of a new sawmill in the area of Atikokan, Ontario. This investment reflects Resolute's ongoing commitment to the solid wood business and will provide significant economic opportunities for First Nations in the region.

The Atikokan project will involve the construction of a single line random length (16 ft) sawmill with an annual capacity of 150 million board feet. Approximately 90 people will be directly employed by the operation, and additional indirect positions will be created for hauling finished lumber and residual chips. Final site selection in the Atikokan area will be completed in the next few weeks, and construction is anticipated to begin in the spring, with completion targeted for early 2014. The capital cost of the project is estimated at C$50 million.

Congressman Tours ME Mills to Review Industry Challenges

http://www.sunjournal.com/news/river-valley/2013/01/29/michaud-tours-newpage-several-other-maine-mills/1313816

Mike Michaud, a Maine congressman continued his tour of the state’s paper mills, and expressed concern that the Port Hawkesbury mill in Canada is selling SC paper below market price. He visited the NewPage paper mill Monday afternoon as part of his ongoing tour. Michaud worked at the Great Northern mill in East Millinocket for 29 years.

China's Buys 74% US RCP Exports

China purchased a higher-than-usual amount of total US recovered paper exports in November, with a 74% share, based on US Dept of Commerce, Bureau of Census figures.

Over the last several years, about two of every three tons of recovered paper exported went to China and that share has been rising this year to 70%.
In November, China purchased almost 1.26 million out of a total of 1.70 million tones of exports.
With India included, 80% of the November total exports went to China and India.
Of old corrugated containers (OCC), nearly 90% of the total OCC exports went to China (83%) and India (5.6%).
Year-to-date, the US exported 18.2 million tonnes through November, down 5% vs 2011 exports through November. The decline was caused by drops in sales of mixed paper and old newspapers, which combined were down 703,000, and in pulp substitutes (down 540,000).

Brazil's National Bank P&P Investment Up 215%

Brazil's National Development Bank (BNDES) funding to pulp and paper companies hit Real 3.97 billion ($ 1.95 billion) in 2012, a 215% raise over 2011's figures. According to a document released by the bank last week, the pulp and paper sector was the third in the country's industrial sector that most benefited from BNDES's financing last year, receiving 11% of all cash lent to industries. The bank's total funding for industries was Real 32 billion.

BNDES has been required by almost all Brazilian companies to finance their expansion plans, more recently including Eldorado's pulp project and Suzano's new pulp mill under construction in Maranhão state. The bank is also Fibria's major shareholder, with a 30.38% stake in the company.

IP CEO: Through Transformation, 'Not an M&A Story'

International Paper 'not an M&A story', says CEO:
International Paper is " through the transformation plan ", according to its CEO who said the company has been rebuilt and has performance potential with existing assets.

Folio: People On The Move

People On The Move | 1.31.13:
Scholastic Parent & Child has named Elizabeth Shaw as its executive editor. Shaw was previously a freelance writer and editor.
Time Inc. has named Lora Gier as executive director of Shopper Link. Gier was previously vice president and publisher at Taste of Home.
Jennifer Morgan has been named president at Time Out North America. Morgan was formerly COO and CMO at Collective Media and more...

Backstage Buys Sonicbids

Backstage Acquires Musician’s Job Board Sonicbids:
Backstage, the niche magazine for the acting and modeling community, is expanding its scope with the acquisition of Sonicbids, a social music marketing platform that connects bands, promoters, consumer brands and music fans.
This is the first major deal since the parent company of Backstage, Guggenheim Digital Media, changed its name from Prometheus Global Media and tapped former Yahoo! exec Ross Levinsohn as its CEO earlier this month.
According to The New York Times, the deal is estimated to be worth $15 million—a number John Amato, chairman and CEO of Backstage Media, declined to confirm.

Q3 Global Ad Spending Up 3.3%

Nielsen: Global Spending On Ad Spend On the Rise: According to Nielsen, global ad spend has risen 3.3% YOY. TV ads (61.8%) commanded the majority of global ad spend. The next largest spends: newspaper (19.7%), followed by magazine (7.9%).

More B-to-B Titles Using Brand Audit Report

B-to-B Titles Using Brand Audit Report Quadruples Year-Over-Year:
There are a variety of signals that point to the growing importance of measuring and tracking audience across a brand's platform. On the ad side you have the explosion of marketing services and on the audience side there's the continued push for integrated databases.
Another indication could be the sudden and rapid increase of brands utilizing BPA's Brand Report. In the last year, the number of titles reporting cross-platform audience metrics has more than quadrupled. A total of 295 titles are now reporting their audience metrics across channels.
According to the BPA, the healthcare category has the most titles, at 87, using the report, followed by manufacturing (38) and legal & financial services (33). 

Berkery Noyes Releases M&A Report

http://www.pubexec.com/article/berkerey-noyes-releases-media-marketing-manda-report-for-full-year-2012/1

Berkery Noyes, an independent mid-market investment bank, has released its full year 2012 mergers and acquisitions trend report for the Media and Marketing Industry. The report analyzes M&A activity in the Media and Marketing Industry during 2012 and compares it with data covering 2010 and 2011.
Berkery Noyes’ research showed that deal volume increased three percent on a year-to-year basis, from 1,570 transactions to 1,611 transactions, and rose 22 percent relative to 2010. Aggregate transaction value showed a gain of 17 percent, from $65.41 billion in 2011 to $76.23 billion in 2012. The median revenue multiple declined from 1.8x to 1.3x, while the median EBITDA multiple fell from 9.8x to 7.5x. Strategic acquirers represented 87 percent of the Media and Marketing Industry’s deal volume, which was the same percentage as in 2011.

Condé Nast's W Cuts Frequency

http://www.adweek.com/news/press/cond-nasts-w-cuts-frequency-ups-digital-focus-146908

Condé Nast's W magazine is reducing its print frequency from 12 issues a year to 10 while amping up its digital presence.

While other magazines' frequency cuts usually are a symptom of falling ad pages, the oversized fashion glossy's first-quarter ad pages are the highest they've been since 2008 (the March issue was up 3 percent year over year), after a year in which ad pages rose 10.3 percent over 2011, to 1,202, per Publishers Information Bureau, leading to new publisher Lucy Kriz's recent internal recognition at the Condé Nast publisher’s awards.

Details of Time Cuts Reported

http://www.adweek.com/news/press/real-simple-s-sally-preston-out-146893

Some of the bigger-name casualties of today’s massive Time Inc. layoffs are starting to trickle out. Among the notables are Real Simple publisher Sally Preston, who jumped over from rival Martha Stewart Living a little over a year ago to the powerhouse lifestyle brand. Also gone is Health editor Ellen Kunes, who has been with the brand since 2007 and who led a much-touted redesign in 2010.

Picking up Real Simple will be Charlie Kammerer, who had been group publisher of This Old House and Coastal Living. Those two titles will be handled by AP Nate Stamos and Lifestyle Group publisher Greg Keyes, respectively. All You editor Clare McHugh will add responsibility for Health.

The cuts were by no means limited to the Lifestyle Group. At Entertainment Weekly, Erik Yates, an ad director who just started there in March from Rolling Stone, was also let go.

Rodale Brands Hit 5-Year Ad Page High

VIDEO: Rodale Brands Hit 5-Year Ad Page High:
Rodale Inc. is edging into 2013 on a high note, with its brands up 17 percent in March ad pages year-over-year, according to the company.
Men’s Health, Women’s Health, Runner’s World and Bicycling magazines are experiencing their best March issues in 5-plus years, with Women’s Health experiencing its best first quarter ever with a 25 percent increase when comparing the first quarter of 2012.
In addition to print, digital online-only revenue is up 33 percent across all brands for January when comparing numbers year-over-year, and new advertising partners are signing on with the company for the first time.

MeadWestvaco Reports Q4 Profits, Higher Sales

MeadWestvaco posts 4Q profit on higher sales:
MeadWestvaco says sales gains in its specialty chemicals business drove the packaging company to a fourth quarter profit.
The Richmond, Va., company reported earnings of $17 million, or 10 cents per share, for the three-month period ended Dec. 31, compared with a loss of $25 million, or 14 cents per share, in the final quarter of 2011. Adjusted for charges related to the spin-off of its consumer and office products business and other items, it earned 7 cents per share, far below the 18 cents per share analysts expected.
Revenue increased 4 percent to $1.33 billion.

Verso Plans to Sell Sartell Facility

Verso Paper Corp. today announced plans to sell its disaster-idled Sartell plant to AIM Development (USA) LLC.
Terms of the transaction were not disclosed.
The deal was announced in a two-paragraph email. The transaction is expected to close in the first quarter. It includes substantially all of the assets of the mill, home of Verso's wholly owned subsidiary, Verso Sartell LLC.

Avery Dennison to Sell Office & Consumer Products

http://www.averydennison.com/en/home.html

Avery Dennison Corporation (AVY) today announced that it has signed a definitive agreement to sell its Office and Consumer Products (OCP) and Designed and Engineered Solutions (DES) businesses to CCL Industries Inc. (CCL-A.TO)(CCL-B.TO), a global leader in specialty packaging solutions, for $500 million in cash. The transaction is subject to customary closing conditions, adjustments and regulatory approvals, and is expected to be completed in mid-2013.

The Concept of Carbon Neutrality

http://www.wbcsd.org/Pages/EDocument/EDocumentDetails.aspx?ID=15348&NoSearchContextKey=true

The WBCSD Forest Solutions Group today released a report providing a framework for understanding carbon neutrality. The Issue Brief: Biomass Carbon Neutrality distills and synthesizes the complexity of the debate and underlines the importance of carbon neutrality in public policy.

Using biomass-derived fuels and materials instead of more fossil fuel-intensive alternatives is one approach to mitigating increases in atmospheric CO₂. However, the benefits of using biomass are under question, with the debate often centered on whether biomass is “carbon neutral”. There is no widely accepted definition for “carbon neutrality” and different people understand it to have different meanings.

Time Inc. Layoffs Begin

Time Inc. Laying Off Six Percent of 8,000 Staff:  The rumored and significant cuts at Time Inc. have begun today. According to an internal memo from CEO Laura Lang, about six percent of the company's 8,000 employees will be let go—close to 500 people. According to the memo, the cuts are impacting a variety of areas throughout the company, both domestically and internationally.

BtoB's Outlook 2013: Robust Optimism

http://www.btobonline.com/article/20130130/STRATEGY06/301309999/btobs-outlook-2013-marketers-show-robust-optimism

Marketers plan to markedly increase spending this year and are as bullish as in 2011, according to a study by BtoB, which presented findings along with marketer reaction during a webcast Tuesday.

The report, “Outlook 2013: Marketing Priorities & Plans,” found 49% of respondents planned to spend more this year, up from 40% in 2012. Only 10% said they planned to cut their budgets.

Magazine Use Digital to Boost Prices

http://readwrite.com/2013/01/24/why-magazines-are-using-digital-to-boost-prices-not-bolster-innovation

As magazines make the transition from print to pixels, some publishers are using the move as an opportunity to jack up their prices - in some cases, to more than they were charging for print editions.
And that's for tablet versions that are too often crappy afterthoughts.  To be fair, magazines are contending with legitimate financial concerns. Their advertising revenue has been declining and the historically discounted subscription rates they've charged for print delivery just aren't enough to pay the freight. To cope, many publishers are asking readers to chip in more - on digital versions as well as print editions.

Survey: 100% of Magazines Digital in 2013

http://www.emarketer.com/Article/This-Year-All-Publishers-Go-Mobile/1009628
Media businesses have already gone through a first wave of digital transition, and in the last few years, mobile has been the next frontier. Publishers have been tasked with deciding whether to offer their content on the smaller-screen devices—and how. 
This year will be a seminal one, marking the first time 100% of publishers will format their content for mobile, according to an Alliance for Audited Media survey of 210 media companies in North America. The development points to both digital’s essential role in media companies’ future profits and the importance of mobile to consumers’ daily media lives.

New Approach: Keep Magazine Apps Simple

http://www.pbs.org/mediashift/2013/01/just-read-it-magazine-publishers-push-minimalist-apps-without-fluff028.html

Faced with floods of online content, readers open magazine apps for a cohesive, relaxed reading experience -- only to cope with massive file downloads and confusing, complex interfaces.

A new batch of magazine publishers wants to move in a different direction. Drawing on the concept of "subcompact publishing," recently articulated by Craig Mod, and often mentioning Marco Arment's The Magazine as inspiration, these publishers are creating minimalist magazine apps that do just enough -- and no more -- to provide a focused, deep, quality reading experience.

Men's Health Growth: Two, Indpendent Platforms

http://www.foliomag.com/2013/rodales-bill-phillips-digital-evolution-mens-health#.UQmAJujZGKw

Bill Phillips, who became vice president and editor-in-chief of Men's Health when David Zinczenko left last November, cut his teeth on the brand's website. He oversees the editorial development of both the website and the magazine now, but here Phillips checks in with FOLIO: to recount what it took to bring the website into its own as a standalone brand—distinct from Men's Health the magazine.  Phillips says that growth across the Men's Health digital assets has fundamentally come from understanding that audiences have different needs and wants from each platform—website, social and tablet. Acknowledging that and treating each platform as its own product helped contribute to their growth. 

Publishers: New Avenues to Tech Innovations

http://www.foliomag.com/2013/publishers-crowdsource-app-innovation#.UQl_y-jZGKw

The publishing industry is looking toward technology communities to foster innovation around mobile products. While the concept doesn’t seem like something new, the way in which companies are approaching the tech community is.

Six 2012 Startup Stories

Startup Stories: Here, in our annual look at recent startups, we examine six from the last 12 months that stand out as key initiatives in the mobile, print and online markets. They range from larger consumer publisher brands to smaller b-to-b plays that aim to disrupt markets via the mobile platform.

Relaunch of Best Life

Best Life: Economic indicators reach beyond dry data and convoluted graphs. That is to say that a number of environmental factors can suggest which way the economy is moving. Keeping that in mind, the relaunch of a magazine whose core focus is to showcase a luxury lifestyle and advertise luxury goods could indicate things are moving in the right direction. That was publisher of Men’s Health Ronan Gardiner’s hope when he spearheaded the return of Rodale’s Best Life in 2012.

DuJour: Quality Goals for Digital & Print

DuJour: It took Jason Binn a career in the luxury market and two straight years of independent research studying the media consumption and purchasing habits of his target audience, but the launch of DuJour Media has taken niche to the next level.

Success Story of Ratchet+Wrench

Ratchet+Wrench: When there’s a hole in your marketplace, you fill it. That’s the attitude of Jay DeWitt, president of 10 Missions Media, the company that introduced the 100,000-circulation title Ratchet+Wrench in July 2012.

International Paper Reports Q4, 2012 Results

International Paper 4Q 2012 results: net earnings down 16% from year ago to $235 million:
International Paper reported preliminary full-year 2012 net earnings attributable to common shareholders totaling $794 million compared with $1.3 billion in full-year 2011.
International Paper (IP) reported preliminary full-year 2012 net earnings attributable to common shareholders totaling $794 million ($1.80 per share) compared with $1.3 billion ($3.03 per share) in full-year 2011. In the fourth quarter of 2012, the company reported net earnings of $235 million ($0.53 per share) compared with $281 million ($0.65 per share) in the fourth quarter of 2011. Amounts in all periods include special items and non-operating pension expense. Full-year 2012 Operating Earnings were $1.2 billion ($2.65 per share) compared with $1.4 billion ($3.12 per share) in 2011. Operating Earnings in the fourth quarter of 2012 totaled $305 million ($0.69 per share) compared with $319 million ($0.73 per share) in the fourth quarter of 2011. Annual sales totaled $27.8 billion in 2012 compared with $26.0 billion in 2011. Quarterly net sales were $7.1 billion in the fourth quarter compared with $6.4 billion in the fourth quarter of 2011. Full-year 2012 business segment operating profits were $2.0 billion compared with $2.2 billion in 2011. 

IP/Smart Papers Settle Suit

http://www.journal-news.com/news/news/suit-settled-in-wastewater-case/nT8jD/

The city of Hamilton has settled a federal lawsuit with International Paper and SMART Papers over an outstanding termination fee for wastewater treatment services at the former SMART Papers plant. 

The city, which originally filed suit for $3.2 million, has received a settlement from both papermakers for a total of $2.76 million, according to Doug Childs manager of energy management and utility business services. Of that amount, $2.6 million will be paid by International Paper and $250,000 has already been paid by SMART Papers. The funds, minus about $80,000 for legal and other miscellaneous fees, will be deposited into the city’s wastewater treatment fund.

China's Reliance on Recycled Paper Pushes Recovery

http://www.chinadaily.com.cn/cndy/2013-01/16/content_16123274.htm

Fueled by escalating paper and cardboard demand, China's recovered paper production has seen rapid growth in recent years. Consumption jumped from 7.6 million tons in 1994 to 71 million tons in 2011, China Paper Association figures show.
Asian countries, especially fiber-short countries like China and India, will remain heavily dependent on recovered paper and account for a large share of the demand growth in the future, predicts Hannah Zhao, a Resource Information Systems Inc. economist on recovered paper.
In 2011, China used 56.6 million tons of recycled fiber-based pulp, accounting for 62 percent of the total pulp consumption in China. About 38 percent of the recovered paper was recycled domestically.

SK's Hansol Increases Coated Woodfree Price

South Korea's largest paper and board producer, Hansol Paper, has tabled price increases of 5-6% for coated fine paper and cartonboard exports, effective February 1.

The proposed rises will be implemented on orders received from that date on the company's coated fine paper, including one-side coated products, and also on coated recycled board grades, such as grayback coated duplex board and whiteback coated duplex board.
Hansol attributed the hike to the rising costs of raw materials, including market pulp, recovered paper, chemicals and energy.

New Face for The New Republic

http://www.nytimes.com/2013/01/28/business/media/the-new-republic-aims-to-broaden-its-audience.html?_r=0

There are not many firsts for a politically savvy, 98-year-old publication like The New Republic. But Franklin Foer, its 38-year-old editor, experienced one recently when he passed a Hudson News store at Union Station here and saw the magazine displayed prominently near the checkout. 
It’s all part of the plan by Chris Hughes, the 29-year-old co-founder of Facebook, former online campaign adviser to President Obama and The New Republic’s newest owner, to turn around the magazine he bought in March.

What Magazines Can Learn from eBooks

http://paidcontent.org/2013/01/25/what-digital-magazines-can-learn-from-ebook-publishers/

A recent Wall Street Journal article by Keach Hagey takes a look at trends in digital magazine pricing and finds a number of publishers charging more for tablet editions than print. As ad revenue declines, publishers are turning to digital magazines as a way to “become more leveraged toward consumer revenue and a little less dependent on advertising,” in the words of Hearst president David Carey.
And here’s Condé Nast president Bob Sauerberg: “We’re using this new platform and the clear demand for all access to our content as a way to redefine our subscription offerings at a higher price. The industry is trying to take a step forward because we’re all trying to get more money from the consumer.”

Sperduti on Rebranding J.Crew Retail

http://www.businessweek.com/articles/2013-01-24/anthony-sperduti-on-rebooting-j-dot-crew-retail

J.Crew thought their men’s business was considered irrelevant and wanted to rebrand it. At the time [2007-08] there were a lot of blogs about menswear that gave a lot of smaller brands an outsized footprint and large reach. J.Crew was making great products, they had amazing attention to detail, they just weren’t part of the conversation. Mickey Drexler, the CEO, asked what they could do to remedy that: Was it a national campaign or rethinking their catalogue? Our answer was a small space with no overt branding that was outside the retail corridor. We believed the Liquor Store had the perfect makings to recontextualize J.Crew menswear. The rent was half of what a billboard in Tribeca would cost. For us it was a big lesson: There is more than one way to rebrand a company. Offering something experiential and acting smaller reverberates on a much larger scale.

Nonprofits Hurt By New Postal Rules

http://www.thenonprofittimes.com/article/detail/nonprofits-hurt-by-new-postal-rules-5160

Six of the United States Postal Service’s (USPS) new workshare discount rates, that took effect yesterday, are shallower for nonprofit mailers than for commercial mailers, and unfairly discriminate against nonprofits, contends the Association of Nonprofit Mailers (ANM), based in Washington, D.C.
Three of the new discounts -- high density letters, high density flats, and automated 5-digit flats -- are higher than the old rates, two categories (high density plus letters and high density plus flats) are new and the discount for non-automated 3-digit flats is slightly lower than the old rate. But the key issue is the discrepancy between the nonprofit and commercial rates.

Rolling Stone Debuts iPad App

Rolling Stone Debuts iPad App with Support From MEI, Nervous Pixel: Jenkintown, PA — Managing Editor Inc. (MEI) today announced its professional and creative services support of Rolling Stone magazine’s recently released iPad app. Wenner Media, publisher of Rolling Stone and other entertainment magazines including Us Weekly, produced the app using vjoon K4™ Cross-Media Publishing Platform and the Adobe® Digital Publishing Suite™ (DPS), both top-tier products provided and supported by MEI.

Publishers Increasing Invesment In Mobile

Survey: Publishers Upping Their Invesment In Mobile: A survey of North American newspaper, magazine and business publication members shows how they are innovating and investing in cross-media platforms.
With an eye on profitability, more respondents report moving to some form of a paywall. Of those currently not using a paywall, 44% plan to implement one in the next 24 months.
Business publications and newspapers are more than twice as likely to have implemented a paywall as magazines.
The most employed paywall is metered, allowing consumers to access a set number of articles before payment is required. Almost 40% are using this type of paywall, while 17% are using a hard paywall (payment required to read any content). One-third (33%) are using a combination paywall that restricts access to premium content.