Costco Wholesale Corporation Reports March Sales Results

The Federal Trade Commission, supported by 17 state attorneys general, finally filed its long-awaited antitrust lawsuit against Amazon yesterday. In a 172-page complaint, the government alleged that the e-tailer “uses a set of interlocking anticompetitive and unfair strategies to illegally maintain its monopoly power.” The use of that power, the government continued, allows Amazon “to stop rivals and sellers from lowering prices, degrade quality for shoppers, overcharge sellers, stifle innovation, and prevent rivals from fairly competing against Amazon.” The immediate industry reaction to the news of the suit was uniform: “What took so long?” Or, in the words of Melville House publisher Dennis Johnson, that it was “about fucking time.” An industry lawyer, who wished to remain anonymous, gave a more nuanced view in wondering why it took the government so long to act, pointing to the infamous buy button case in 2010, when Amazon pulled Macmillan’s buy buttons in a dispute over e-book terms.

Gannett Co., Inc. announced that it has refinanced approximately $500 million of its 11.5% term loan, maturing in 2024, with 6.0% convertible notes due in 2027. The refinancing reduces the outstanding term loan to $1.118 billion. “We are pleased to announce the refinancing, which we believe has three key benefits,” said Michael Reed, Gannett Chairman and Chief Executive Officer. “First, it generates significant savings, reducing our annual interest expense by approximately $28 million per year. These savings will be used to accelerate repayment of our term loan. Second, we believe that this refinancing paves the way for a refinancing of the remaining term loan by reducing the outstanding balance. And third, it extends the maturity of approximately $500 million of debt by three years. Since putting the term loan in place in November 2019, we have repaid over $175 million to date, and we expect to repay an additional $100 million in the coming months. Pro forma for these repayments, the outstanding term loan will be approximately $1 billion, which we believe we can refinance on attractive terms by the end of the first half of 2021. As we improve the Company’s capital structure, we are also seeing continued improvement in our revenue trends, which we expect will drive strong fourth quarter results.”

Thomson Reuters, a global content and technology company, proudly announces that its Core Publishing Solutions book manufacturing and fulfilment business, part of the Global Print segment, has been honored with Printing Impressions’ 2024 Innovator of the Year Award. This prestigious recognition showcases Core Publishing Solutions’ successful transformation from a legacy book manufacturer into a cutting-edge printing and fulfilment leader. For over 150 years, Thomson Reuters has served as a powerhouse in publishing and manufacturing books for the legal and tax sectors. However, as customer preference evolved towards digital media, Core Publishing Solutions strategically embarked on a reinvention. The transformation of its 1.3 million-square-foot facility in Eagan, Minnesota, into a modern book manufacturing, warehousing, custom kitting, and fulfillment leader is a testament to this evolution.