Third Avenue Management LLC ("TAM") today announced that on behalf of Third Avenue International Value Fund, other affiliated funds, and separately managed client accounts (collectively, the "Client Accounts"), it has completed the sale of 105,105,509, or 27.52%, of the outstanding common shares ("Shares") of Catalyst Paper Corporation ("Catalyst").
Friday, February 17, 2012
Update on St. Mary's Paper
It remains uncertain whether negotiations have been initiated toward salvaging bankrupt St. Marys Paper Corp.
Speculation had Ernst & Young, court-appointed receivers for the cash-strapped Sault Ste. Marie specialty paper manufacturer, making a Tuesday sales process recommendation to the Ontario Superior Court of Justice (Commercial Division) in Toronto.
Nobody has been able to confirm such an appearance took place there has been no posting on the receiver's restructuring website, but Sault Ste. Marie MPP David Orazietti, who announced the appearance in a Monday release, believes it did take place.
Transcontinental Chaiman Steps Down
The annual TC Transcontinental shareholders’ meeting was highlighted by the tribute paid to Rémi Marcoux, outgoing chairman of the board and founder, and the election of his daughter, Isabelle Marcoux, as chair of the board. Marcoux will remain on the board as a director.
USPS Report; $0.50 Stamp?
The U.S. Postal Service (USPS) released an important update to its business plan for returning to profitability and long-term financial stability. While fundamentally consistent with the approach advanced by the Postal Service over the past year, the plan released today incorporates important refinements of financial projections and recommended legislative reforms.
Legislative change allowing single-piece First-Class Mail stamp to increase to $0.50 could yield approximately $1billion of incremental contribution.
187 Million Magazine Readers; 46% Read Exclusively in Print
Many Consumers Just Prefer Reading the Printed Versions of Magazines: There are almost 187 million magazine reading adults in the U.S. -- and almost half (46%) are interacting with their favorite magazines exclusively in print.
Pitney Bowes: Email Opening Rate Down 30%
Email opening rates diminishing, says Pitney Bowes: The print equipment and cross-media specialist has produced a white paper entitled Why some customers are just not that into you – a survey conducted with more than 5,000 consumers across the UK, France, Germany and the US. Pitney Bowes UK managing director said that just 24% of emails, when sent as a solo communication, will be opened. This is down from 30% in 2010.
Thursday, February 16, 2012
Artic Increases Coated & Uncoated Paper Prices
http://www.paperage.com/2012news/02_16_2012arctic_paper_price.html
The price increase will be implemented for all markets and deliveries effective March 15, 2012.
Arctic Paper has four paper mills in Europe with a total capacity of is 825,000 metric tonnes of paper per year.
Update on Fibrek / Resolute Fight
Fibrek fighting for the rights of its shareholders to accept Mercer’s superior offer:
Fibrek Inc. announced today that a hearing before the Bureau de décision et de révision (Québec), the administrative tribunal with statutory jurisdiction in securities law and regulatory matters in the Province of Québec, will be held on February 17 and 20, 2012 to consider the application filed by AbitibiBowater Inc. (doing business as Resolute Forest Products) for an order to cease trade the superior offer proposed by Mercer International Inc. to acquire all of the issued and outstanding common shares of Fibrek and the private placement of 32,320,000 special warrants to Mercer for gross proceeds of $32,320,000.
Fibrek Inc. announced today that a hearing before the Bureau de décision et de révision (Québec), the administrative tribunal with statutory jurisdiction in securities law and regulatory matters in the Province of Québec, will be held on February 17 and 20, 2012 to consider the application filed by AbitibiBowater Inc. (doing business as Resolute Forest Products) for an order to cease trade the superior offer proposed by Mercer International Inc. to acquire all of the issued and outstanding common shares of Fibrek and the private placement of 32,320,000 special warrants to Mercer for gross proceeds of $32,320,000.
Valassis Reports Q4 and 2011 Results
Valassis Reports Revenue Declines for Fourth Quarter, Full Year:
Fourth-quarter 2011 revenues were $595.3 million, a decrease of 5.7% from the prior-year quarter. Full-year 2011 revenues were $2.24 billion, a decrease of 4.2% from full-year 2010.
Fourth-quarter 2011 revenues were $595.3 million, a decrease of 5.7% from the prior-year quarter. Full-year 2011 revenues were $2.24 billion, a decrease of 4.2% from full-year 2010.
Larger Format for Spin Magazine
As alternative music magazine Spin figures out how to be a music magazine for the digital future, it's taking a page from the past.
On Feb. 28, the March/April issue will hit newsstands, now bimonthly considerably larger and heavier than before, with thicker paper stock and a 9.5” x 12” trim size that will allow more attention to photography and design.
6 B-toB Marketers on 2012 Outlook
If the contributions by the following six audience developers are any indication, 2012 is going to be a breakout year for publishers. Paid print and digital content bundles will be a key focus, as will HTML5 and e-commerce partnerships. In b-to-b, BPA’s new rules for auditing digital distribution could have profound effects on overall circulation growth for that market.
Reed Business Information 2011 Results
Reed Business Information’s Adjusted Operating Profit Spikes in 2011:Reed Elsevier’s U.S. b-to-b content division Reed Business Information [RBI] had a strong 2011. Revenue was down slightly at $1.08 billion, falling three percent from 2010’s $1.12 billion.
F+W Buys The Martha Pullen Company
F+W Buys The Martha Pullen Company: F+W Media has morphed a joint venture with Hoffman Media into a full-on acquisition, buying Hoffman's Martha Pullen Company, which serves the sewing and craft markets. Key to the deal was Martha Pullen's e-commerce and fulfillment operations.
USPS Redesigning Processing Network
USPS Redesigning Mail Processing Network Based on Area Hubs: The Postal Service is looking to reduce the size of its Area Mail Processing (AMP) plant network from around 461 facilities to under 200 over the next few years, and is expected to complete closure reviews in the next two weeks.
USPS to Begin Consoidating Before PRC or Congress Act
http://www.apwu.org/news/webart/2012/12-007-article12meeting-120215.htm
In a meeting with the APWU on Feb. 13, postal officials notified the APWU that they plan to begin consolidating mail processing facilities as soon as the moratorium on consolidations ends. The moratorium is set to expire on May 15..does not intend to await an advisory opinion by the PRC..
nor does the USPS intend to await action by Congress to address the Postal Service’s financial crisis.
Wednesday, February 15, 2012
NA Pulp & Paper Industry 2011 Cap Spending Up 46.5%
As reported in a PPI Pulp & Paper Survey of 20 major North American manufacturers, industry capital spending was up $4 billion in 2011 over 2010, an increase of 46.5%. In the U.S., capital spending was up 47.8% (120% 2011/2009) and in Canada it jumped 90.2%. The focus of the spending was on replacing higher-cost capacity, machine conversions, energy cost reductions, quality enhancements and environmental improvements.
Churchill Downs Buys Bluff Media
http://www.foliomag.com/node/38503/print
Bluff Media has been acquired by horse racing and entertainment company Churchill Downs Incorporated (CDI) for an undisclosed amount.
Active Interest Media & Source Interlink Strike Deal
http://www.foliomag.com/2012/active-interest-media-buys-marine-group-assets-from-source-interlink
Active Interest Media, the enthusiast publisher with titles and events in the healthy living, home buying, marine and outdoor markets, has taken over the marine group from Source Interlink Media in an asset deal.
Active Interest Media, the enthusiast publisher with titles and events in the healthy living, home buying, marine and outdoor markets, has taken over the marine group from Source Interlink Media in an asset deal.
Consolidated Graphics Reports Quarterly Results
Revenue for the December quarter was $283.9 million, a $15.2 million or 5.1% decrease compared to the prior year quarter. Adjusted Operating Income for the December 2011 quarter was $20.6 million or 7.2%, compared to $30.2 million or 10.1% of revenue last year. Adjusted Net Income was $12.6 million, compared to Adjusted Net Income of $18.7 million for the prior year quarter.
Tuesday, February 14, 2012
Resolute Applies to Stop Mercer's Fibrek Offer
AbitibiBowater Inc., doing business as Resolute Forest Products, announced that it applied to the Bureau de decision et de revision (Quebec), the administrative tribunal with statutory jurisdiction in securities law and regulatory matters in Quebec, for an order to cease trade the proposed offer by Mercer International Inc. to acquire all of the issued and outstanding common shares of Fibrek Inc. Fibrek and Mercer announced the offer on February 10.
China's 2011 RCP Imports Up 12%, Pulp Jumps 26.2%
China's total recovered paper (RCP) imports increased 18.5% in December as compared to the same month last year. Imports were up 12% for the whole of 2011 as compared to 2010. |
Chinese BSK pulp imports increased 10.6% in December as compared to the same month last year and 45.9% for the whole of 2011 over 2010. Total pulp imports were up 23.6% for the month and 26.2% for the year.
NewPage Seeks Changes in DIP Agreement
http://investors.newpagecorp.com/index.php?s=43&item=209
NewPage Corporation ("NewPage") announced today that it is seeking to amend its Amended and Restated Superpriority Debtor-In-Possession Credit and Guaranty Agreement dated as of September 23, 2011 (the "DIP Credit Agreement"; capitalized terms referenced below are defined in the DIP Credit Agreement).
UPM Adds Sheeter to Mill in China
| UPM plans to add a new sheeter that can handle up to 100,000 tonnes/yr of paper at its mill in Changshu city, Jiangsu province. The unit will come online around the end of this year, and is planned to process copy paper, according to a contact from the company. This will allow the mill's cut-size paper capacity to reach around 400,000 tonnes/yr. The site houses two paper units producing some 800,000 tonnes/yr of coated and uncoated fine paper. |
H-P Digital Press Strategy
http://online.wsj.com/home-page
Hewlett-Packard Co. Chief Executive Meg Whitman pledged to spend her first year rebuilding the technology company's depleted balance sheet.
To help speed growth and repair its balance sheet, Ms. Whitman is betting big on 72-foot-long digital printing presses, called Web presses, that cost $1 million to $2 million each. The digital presses—targeted at commercial printers that churn out books, direct mail and catalogs—are aimed at replacing the manual offset presses that many printing shops have long used.
Advanstar Names CEO for Fashion Group
http://www.btobonline.com/article/20120214/MEDIABUSINESS06/302149996/advanstar-hires-former-vogue-exec
The business-to-business media company Advanstar hired former Vogue magazine publisher Tom Florio to be chief executive of a newly formed fashion group, where he will be responsible for increasing the company's presence among consumers.
Closely held Advanstar publishes more than 50 trade magazines covering topics such as motor sports and medicine, and also hosts close to 150 trade shows and other events, through its Advanstar Communications subsidiary. Among other responsibilities, Mr. Florio will oversee Magic, the largest apparel trade show in the U.S.
Hearst and Amazon Announce New Plans
Is
it a magazine—or catalogue? Magazines
have been increasingly blurring the line between editorial and commerce,
lending their names to products and shopping sites. Now, computer tablets and
e-readers are making it more tempting to bridge that gap. Now,
Hearst Magazines is going all out, with plans in the coming weeks to start
making many of its Kindle Fire editions shoppable by linking products to
Amazon. Hearst will get a cut of the sales, which it wouldn’t disclose.
New Title, The Chicagoan, Launched
Next week marks the public launch of The Chicagoan, a sumptuous 194-page magazine that carries a dazzling array of articles, artwork and photographs, zero advertising and a cover price of $19.95.
Time's Southern Living Partners with CMT
Southern Living Partners with CMT in Content Exchange: Time Inc.’s Southern Living looks to enhance its digital presence through a content partnership with country music broadcaster CMT.
River Adds New Magazine
River adds new Co-op mag to portfolio: Customer publisher River has won the deal for the new 1m circulation, bi-monthly The Co-operative Food Magazine .
Head of manroland Sheetfed Business Named
Investor Ted Langley Appoints His Own Man to Head manroland sheetfed: OFFENBACH, GERMANY—Feb. 14, 2012—Tony Langley, the British investor behind the acquisition of the manroland sheetfed business, has appointed Alfred Rothlaender as head of manroland sheetfed systems GmbH.
manroland Web Systems Back in Business
Manroland Web Systems to emerge "stronger" under Possehl ownership: Manroland Web Systems is back in business after its acquisition by the Possehl Group and will emerge stronger under new ownership, according to Peter Kuisle, the company's vice president of sales, service and marketing.
Postal Proposal in President's Budget
Obama Proposes Postage Increase, End to Saturday Delivery: President Obama proposed today a special increase in postage rates and an end to Saturday delivery as part of a plan to right the U.S. Postal Service’s finances.
Monday, February 13, 2012
RRD Awarded Contract by Office Depot
RR Donnelley Awarded a Multimillion-Dollar Agreement by Office Depot: R. R. Donnelley & Sons announced that it has been awarded a multiyear, multimillion dollar agreement by Office Depot, a global supplier of office products and services. Under the terms of the which renews and expands the companies’ relationship, RR Donnelley will provide a range of production and related services for catalogs and direct mail.
Consumer Magazines Flat Second Half
http://www.foliomag.com/node/38482/print
Despite continued high hopes for the post-recession period, the magazine industry limped through the second half of 2011. ABC’s second-half 2011 FAS FAX reports total paid circulation stayed basically flat from second half 2010 to second half 2011, down about one percent from 305.5 million to 302.45 million. Subscription numbers fared slightly better, up less than one percent from second half 2010’s 260.59 million to second half 2011’s 262.47 million total paid subs.
2012 Starts With B-to-B M&A Activity
The b-to-b media industry greeted the new year with a surprising flurry of M&A activity.
Q3 B-to-B Print Revenue Up 4.6%
Some recent figures from American Business Media depict a growing b-to-b media sector. Not surprising, digital revenue for b-to-b media was up 22%, to $1.6 billion, in the third quarter last year over the same period in 2010, according to ABM's Business Information Network figures.
In the same time frame, print revenue increased 4.6%, to $5.7 billion, and trade show revenue increased 1.1%, to $7.7 billion.
Analysts; Penton to Continue Current Path
Penton Media, publisher of Registered Rep. and Supermarket News, named David Kieselstein as its new CEO late last month.
Industry observers say the Kieselstein hire signals that Penton, which is owned by private equity funds MidOcean Partners and Wasserstein & Co., will continue down the same path followed by Rowlands—pushing the company to become more focused on digital products and marketing services.
Summit Business Media Names CEO
Steve Weitzner, who ended a four-year stint as Ziff-Davis Enterprise CEO on Feb. 3 with the sale to QuinStreet, was named Summit Business Media CEO on February 13.
He succeeded Andrew Goodenough, who resigned in October 2011.
Friday, February 10, 2012
UPM Reports 2011 Results
UPM's EBITDA and operating cash flow improved in 2011:
EBITDA was EUR 301 million, 11.2% of sales (318 million, 13.5% of sales).
Delivery volumes decreased and variable costs remained high.
Operating cash flow continued to be strong at EUR 310 million.
EBITDA was EUR 301 million, 11.2% of sales (318 million, 13.5% of sales).
Delivery volumes decreased and variable costs remained high.
Operating cash flow continued to be strong at EUR 310 million.
DOJ Approves IP Temple-Inland Acquisition
International Paper and Temple-Inland today announced that they have reached an agreement with the Antitrust Division of the U.S. Department of Justice with respect to International Paper's acquisition of Temple-Inland. As part of the agreement, the DOJ has entered into a consent decree with International Paper and Temple-Inland that allows the combination to proceed.
UPM Receives Claims of Euro 54.1 Million
http://www.upm.com/EN/MEDIA/All-news/Pages/Claims-related-to-the-Finnish-roundwood-market-delivered-to-UPM-001-Fri-10-Feb-2012-10-05.aspx
UPM has received claims relating to the Market Court decision on breaching competition rules in the Finnish roundwood market (3 December 2009).
The capital amounts of all of the claims amount to EUR 227.7 million in the aggregate jointly and severally from UPM and two other companies, or alternatively and individually from UPM in the aggregate EUR 54.1 million. In addition to the claims on capital amounts, the claimants also claim for compensation relating to value added tax and interests.
The capital amounts of all of the claims amount to EUR 227.7 million in the aggregate jointly and severally from UPM and two other companies, or alternatively and individually from UPM in the aggregate EUR 54.1 million. In addition to the claims on capital amounts, the claimants also claim for compensation relating to value added tax and interests.
Resolute Reports Status of Fibrek Bid
Resolute Announces that Fibrek's Shareholder Rights Plan has been Cease Traded: AbitibiBowater Inc., doing business as Resolute Forest Products, today announced that the Bureau de décision et de révision (Québec) has ordered that all rights and securities issued or issuable under the shareholder rights plan (the "Rights Plan") of Fibrek Inc. be cease traded effective as of 3:00 p.m. (Eastern Standard Time) on February 13, 2012.
RDA Sells Weekly Reader to Scholastic
Reader’s Digest Association reported the sale of My Weekly Reader to Scholastic Inc. yesterday.
Time Names Group Publisher
Time Inc. has promoted Charlie Kammerer, publisher of This Old House Ventures since 2009, to the newly created post of group publisher in charge of This Old House and Coastal Living.
FT Not for Sale
Responding to a story in the Guardian newspaper that reported Bloomberg and Thomson Reuters have negotiated to buy the Financial Times, a spokesperson from Pearson, the FT's owner, said in a statement: “The FT is a very valued and valuable part of Pearson. It is not for sale.”
Cottages & Gardens Launches New Title
Luxury design publisher Cottages & Gardens will roll out a new title in March aimed at the affluent hoods of New York. New York Cottages & Gardens is targeting upper-income areas of the city, Westchester Country, Long Island and Hudson Valley.
Thursday, February 9, 2012
Resolute Forest Products Announces 2011 Sales of $4.8 Billion
Resolute Forest Products reports net income of $41 million in 2011:
AbitibiBowater, doing business as Resolute Forest Products, has reported net income of $41 million for the year ended December 31, 2011 on sales of $4.8 billion.
This can be compared to a net income of $2.6 billion on sales of $4.7 billion in the year ended December 31, 2010.
The fourth quarter of 2011 resulted in a net loss of $6 million on sales of $1.1 billion, compared to net income of $4.2 billion on sales of $1.3 billion in the fourth quarter of 2010.
AbitibiBowater, doing business as Resolute Forest Products, has reported net income of $41 million for the year ended December 31, 2011 on sales of $4.8 billion.
This can be compared to a net income of $2.6 billion on sales of $4.7 billion in the year ended December 31, 2010.
The fourth quarter of 2011 resulted in a net loss of $6 million on sales of $1.1 billion, compared to net income of $4.2 billion on sales of $1.3 billion in the fourth quarter of 2010.
M-real Proposes Name Change
M-real Corporation's Board of Directors proposes to the Annual General Meeting to be convened on 28 March 2012 that the company's business name is changed to Metsä Board Corporation.
The new name and identity reflects a company that is according to its strategy strongly focused on high-quality ecological paperboards, and is innovative, responsible and stronger than before.
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