F&W Media Bankruptcy Protection Update Re Sales Of Creative Individual Network, Moisture Sheet & Due North Low-Cal Books
Thursday, 17 October 2019
art,
art books,
art forums,
art magazine,
art on television,
artists,
artists and money,
artists network,
fine art,
Newspapers and Magazines,
Wet Canvas
Edit
An update for those who induce got had, inwards the past, a connector alongside Wet Canvas.
SALES of assets induce got taken place.
SALES of assets induce got taken place.
 |
| How much Artists Network sold for - as well as the relative status of "Crafts" as well as "Art" should anybody last inwards whatever doubt |
Summary
- In March 2019, F&W Media filed for bankruptcy protection - as well as continued inwards trouble organization equally "debtors inwards possession"
- encounter my previous post service Owner of Artist Network, Wet Canvas & North Light Books files for Bankruptcy Protection (19 March 2019)
The Debtors locomote on to operate their businesses as well as handle their properties equally debtors inwards possession pursuant to sections 1107 as well as 1108 of the Bankruptcy Code. The Debtors induce got filed a displace seeking articulation management of the Chapter eleven Cases pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure.
- On seventh June the CEO announced that the Books Division had been sold as well as that the Random House/Penguin bid had been selected equally the winning bid as well as was due to last ratified inwards courtroom in conclusion Mon (June 10th)
- On 13th June, an auction was held inwards Wilmington as well as the Communities Division was sold inwards carve upwards lots.
- On 17th June (today), documents were filed, which look to me to tell that the sales are approved plain of study to for sure conditions. (but deport inwards hear I'm ignorant of USA bankruptcy law)
It remains to last seen what volition laissez passer on off to the fine art books, fine art magazines as well as communities as well as forums relating to artists - as well as the royalties due to authors.
Below are to a greater extent than details close the sale of the 2 divisions - as well as how come upwards my refer ended upwards inwards the Court documents!
F&W Media: Books Division
F+W Books. In September 2018, F+W Media established F+W Books equally a new, carve upwards subdivision to handgrip all of the mass publishing across the Communities described higher upwards through its dedicated mass team. F+W Books is a leading publisher of illustrated non-fiction books inwards several categories, including fine art instruction, crafts, writing, genealogy, antiques as well as collectibles, woodworking, as well as the outdoors. In 2018, F+W Books’ revenue was only about $22 million, only about 80% of which was derived from its U.S. of America based trouble organization as well as only about 20% of which was derived from its Great Britain based business
North Light publishes a highly curated as well as exclusive pick of ikon as well as drawing resources for artists of all levels. (Penguin now acquires an involvement inwards publishing books close art.
Penguin seems to induce got a potent bias towards the 'intelligent' commentary on the history of fine art as well as design. Random House has no category for art
I'd characterise both equally having a distinct gap inwards their portfolio at the 2nd when it comes to fine art teaching - equally inwards ZERO titles - so no sense at that spot then! Should last interesting
The strange bit!
The oddest operate of writing this post service was finding my ain name inwards the listing of active titles sold yesteryear North Light Books. See Exhibit H5N1 (item 1706 on page 238) of Exhibit(s) Notice of Filing of Disclosure Schedules to the Asset Purchase Agreement for the F+W Books Business Line (related document(s)[79], [291]) Filed yesteryear F+W Media, Inc.. (Attachments: # (1) Exhibit A) (Kochenash, Jared)
as well as on Page 624 of 636 of Case 19-10479-KG Doc 294-1 Filed 06/11/19 of the "bought inwards items"
i.e. my mass started life inwards the UK as well as was licensed to North Light Books where it has been sold as
Drawing 365: Tips as well as Techniques to Build Your Confidence as well as Skills
F&W Media: Communities Division
In 2018, the Communities Division generated turnover of $67.7 meg inwards revenue inwards 2018.
Communities is a diversified multi-media fellowship owning as well as operating impress as well as digital media platforms to render content distribution as well as marketing channels to a multifariousness of enthusiast audiences. Headquartered inwards New York, New York, Communities segments its media into 10 enthusiast categories or “Communities,” including Crafts, Artist’s Network, Collectibles, Writing, Outdoors, Sky & Telescope, Woodworking, Family Tree, Construction, as well as Horticulture.
- 13. The Crafts Community is the largest community inside F+W Media as well as represented only about $32.5 meg of Communities’ revenue inwards 2018. It manages the most extensive listing of media properties serving arts and crafts enthusiasts inwards the U.S. of America as well as the United Kingdom. Its portfolio includes magazines, books, websites, videos, podcasts, as well as e-commerce serving a multifariousness of arts and crafts categories including interweave, sewing, scrapbooking, as well as quilting. Representative titles include Beadwork, Love of Quilting, as well as Quiltmaker.
- 14. The Artist’s Network is the 2nd largest community inside F+W Media as well as represented only about $8.7 meg of Communities’ revenue inwards 2018. This Community covers 2 primary categories, fine art as well as design, through a suite of magazines, e-commerce stores, websites, videos, social media platforms, e-newsletters, as well as in-person events. Representative titles include Artists Magazine as well as Watercolor Artist Owner of Artist Network, Wet Canvas & North Light Books files for Bankruptcy Protection (19 March 2019)
- A novel possessor for Wet Canvas (2007)
External reporting as well as references to recent events
- PRH Acquires F+W Book Group Assets At Auction | Publishers' Weekly (7 June 2019)
- F+W Craft Communities Have Been Auctioned Off to Macanta Investments By Abby Glassenberg (Jun 14, 2019)
- F+W Media To Present Winning Community Bids to Bankruptcy Court
External reporting re F&W file for bankruptcy protection
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