FishbowlNY FishbowlDC LostRemote InsideMobileApps InsideSocialGames TVNewser TVSpy AgencySpy PRNewser MediaJobsDaily UnBeige

Moody’s Downgrades Houghton Mifflin Harcourt Rating

hmharcourt-logo2.jpgThe corporate research agency Moody’s has downgraded Houghton Mifflin Harcourt’s rating, citing concerns over the company’s “unsustainable capital structure” and $6.8 billion debt. The financial agency cut the company’s rating based on worries about the educational book market, according to the Independent.

Recently, Barry O’Callaghan, chairman of the company’s corporate parent Education Media Publishing Group, took over as CEO of HMH. Earlier this year, that group decided against selling the company’s trade division.

Here’s more from the article: “Moody’s maintains that HMH remains vulnerable to state and local spending in the United States on so-called basal and supplemental K-12 (twelfth grade) educational publications. It says those categories posted a 22.8 percent decline in sales in January 2009.” (Via jafurtado)

Mediabistro Course

Memoir Writing

Memoir WritingStarting January 7, work with a published memoir writer to tell and sell the story of your life! In this course, Wendy Dale will teach you how to create your story around a marketable premise, hone your narrative voice, write a memoir with a solid structure, and sell your memoir before you've even finished writing it. Register now!