From USA Today:
Pearson PLC, one of the world’s largest publishers of textbooks and educational tools, said Thursday it’s cutting 4,000 jobs, or about 10% of its full-time workforce, this year to cut costs, a move to combat a decline in demand for its print products and rapid changes in the global education market.
The “restructuring” initiatives, it said, will cost about $453 million in 2016, resulting in a likely drop in profit. The company, which owns Prentice Hall and nearly half of Penguin Random House, also expects to generate savings of $495 million in the next two years.
. . . .
To cope with the decline in print publishing and its education-sector customers’ rising demand for online tools, Pearson has been overhauling and simplifying its businesses in the last three years. In July, 2015, Pearson sold The Financial Times for $1.3 billion to Japanese publisher Nikkei. A month later, it unloaded a 50% stake in the Economist Group, which publishes weekly magazine The Economist, to a group of investors for about $730 million.
It merged its Penguin division with Random House to create one of the world’s largest book publishers. Selling its assets in the last three years raised about $2.54 billion of proceeds, Pearson said.
Link to the rest at USA Today and thanks to Shelly, who wonders if they should have tried coloring books, for the tip.