Private Equity Firm to Buy McGraw-Hill for $4.5 Billion (publishersweekly.com)

The U.S. Postal Service announced its financial results for the first quarter of fiscal year 2023 (Oct. 1, 2022 - Dec. 31, 2022). The Postal Service's operating revenue was $21.5 billion for the quarter, an increase of $206 million, or 1.0 percent, on a volume decline of 1.7 billion pieces, or 4.8 percent, compared to the same quarter last year. Marketing Mail revenue decreased $106 million, or 2.4 percent, on a volume decline of 879 million pieces, or 4.7 percent, compared to the same quarter last year. Revenue declined at a lesser rate than volume due to price increases. Marketing Mail has been challenged by commercial mailers’ increasing use of digital and mobile advertising, which was accelerated by the pandemic. Nevertheless, Marketing Mail has generally proven to be a resilient marketing channel, and its value to U.S. businesses remains strong due to customer returns on investment and better data and technology integration.

Paper plays a major role in every student’s life during graduation season. It’s in the programs handed out to students and families at end-of-school award ceremonies and graduations. It’s in the greeting cards and beautifully wrapped presents that celebrate this scholarly achievement. It’s in the decorations at parties and receptions. And, of course, it’s there in the classic diploma that proves you’re ready for the next big adventure in life. Unlike electronic files and digital photos, paper mementos are tangible reminders of the many years of school that culminate in graduation season. In fact, paper helps deliver some of the most definitive experiences of our lives. Paper certificates, childhood artwork, printed photos and special collections, such as baseball cards or comic books, are often among our most treasured possessions, and they tend to take on even greater importance as we age. If your loved one is celebrating this graduation season, why not continue the paper theme by giving printed books as graduation gifts? Whether you choose a classic title or something more contemporary, a printed book with a meaningful handwritten message can make a great gift that your graduate will treasure for years to come.

Foxtel, which has transformed into a digital and streaming leader in sports and entertainment content under News Corp management, will join DAZN, a global provider of sports streaming, giving international exposure to Australian sport, while bringing Australian sports fans greater access to programming from across the globe. Under the terms of the agreement, shareholder loans in the amount of A$578 million outstanding and owing to News Corp will be repaid in full in cash at closing. Foxtel’s current debt will be refinanced at closing and transfer with Foxtel, and News Corp will hold a minority equity interest in DAZN of approximately 6% as well as one seat on its Board of Directors. Telstra Group Ltd (“Telstra”) will also sell its minority interest in Foxtel, have its shareholder loans of A$128 million repaid, and take a minority stake in DAZN of approximately 3%. The proposed transaction values Foxtel at an enterprise value of A$3.4 billion, representing more than 7x fiscal 2024 Foxtel EBITDA.