Penguin to buy Simon & Schuster (sungazette.com)

Bertelsmann has further expanded its global network of start-up investments. Last year, the international media, services and education group made more than 70 investments worldwide, through the funds bundled in its Bertelsmann Investments division. At the same time, the company completed a number of exits, and profits from the disposal of these investments – most notably by the Bertelsmann Asia Investments (BAI) fund in China – made an appreciable contribution to Group net income. Overall, at the end of the year Bertelsmann had holdings in more than 160 innovative start-ups and investment funds. Thomas Rabe, Chairman and CEO of Bertelsmann, said: “Investments in young digital companies with innovative business models play an important role in the implementation of our strategy. With these investments, we ensure the transfer of knowledge, about digital trends that support us in the transformation, as well as about promising markets. We have massively expanded our network of start-up holdings in recent years, especially in our strategic growth regions of China, India and Brazil, and have repeatedly demonstrated that we are an ideal partner for innovative founders who want to expand their activities.” Click Read More below for additional information.

Total reported sales for the third quarter of 2017 were $2.6 billion compared to $2.8 billion in the third quarter of 2016, a decrease of 8%. Third quarter sales include the negative impact on both the Retail and Business Solutions Divisions from hurricanes Harvey, Irma and Maria, which disrupted operations in Puerto Rico and the southeastern United States where a heavy concentration of customers are located. In the third quarter of 2017, Office Depot reported operating income of $108 million, net income from continuing operations of $98 million, or $0.19 per diluted share and total company net income of $92 million, or $0.17 per diluted share. Both net income from continuing operations and total company net income include a net tax credit of approximately $37 million associated with the reduction of the U.S. tax valuation allowance. Click Read More below for additional information.

Fourth quarter GAAP net income decreased 36% to $433 million and GAAP diluted earnings per share decreased 52% to $1.33 driven by continued declines in Ratings revenue and amortization of acquired intangibles. For the full year, reported revenue increased 35% to $11.18 billion. 2022 GAAP net income increased 7% to $3.25 billion and GAAP diluted earnings per share decreased 18% to $10.20.