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Old 06-10-2019, 09:49 PM
My Beloved Muse My Beloved Muse is online now
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F&W Media has sold its book division

From Publisher's Weekly:

"F+W filed for bankruptcy in March and said at the time it would sell its book division and communities group in separate actions, with the auction for the F+W Communities scheduled to take place next week."

My question is whether WC is considered part of the "communities group." If so, it appears that our treasured site is to sold off this week. Hoping WC's new owners will look kindly at us.


https://www.publishersweekly.com/pw/...nced-soon.html
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Old 06-11-2019, 02:48 AM
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Re: F&W Media has sold its book division

Hopefully Random House will put some good editors into North Light, they are certainly needed if you compare them to Watson Guptill.

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Old 06-11-2019, 08:20 AM
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Auction of F&W Communities Division June 13th

The auction for the F+W Communities is scheduled to take place in Wilmington on Thursday (June 13).

This is according to https://publishingperspectives.com/2...w-medias-list/

I'm assuming this is the one which determines the eventual fate of Wet Canvas depending on:
1) if a buyer can be found at auction
2) what the buyer then decides to do

PS I have friends outside WC who are F&W authors - hence why I hear things and am regularly updated and hence pop in irregularly to report.

I couldn't see any reference to the auction online so thought you might all like to know.
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Old 06-11-2019, 11:37 AM
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Re: Auction of F&W Communities Division June 13th

F+W was divided into two parts: Communities and F+W Books.
The Books division has now been sold to Penguin Random House .

The Communities division includes the magazines, websites, membership platforms, online learning, and ecommerce portions of the business.
The auction for the Communities division is set for June 13.
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Old 06-11-2019, 01:47 PM
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Re: Auction of F&W Communities Division June 13th

Thanks for the insider info. Guess we'll see
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Old 06-12-2019, 07:59 AM
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Re: F&W Media has sold its book division

Hope all goes well

Doug
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Old 06-12-2019, 12:10 PM
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Re: F&W Media has sold its book division

Indeed!
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Old 06-13-2019, 08:32 AM
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Re: Auction of F&W Communities Division June 13th

Note: Communities Division ($67.7 million in revenue in 2018) comprises 10-enthusiast categories and includes - for artists - Artists Network, Artists Network TV and Wet Canvas
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Old 06-14-2019, 01:34 PM
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Re: F&W Media has sold its book division

I can see this going one of two ways:

WetCanvas becomes riddled with ads on every page in the forums.

WetCanvas becomes a subscription model. In my opinion, that should have happened long ago.

I do not feel WetCanvas is going to disappear.

I'm actually shocked more large art forums haven't been created over the years than what there are.
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Old 06-15-2019, 09:28 AM
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Re: F&W Media has sold its book division

I'm assuming (because I've been asked privately) that others, like me, have been looking for news of the auction sale of the Communities Division which was set to take place in Wilmington on Thursday 13th June.

I can't find anything online - which I assume means either
* there were no bidders and/or the auction did not take place
* OR bids did not reach the reserve (if one were set)
* OR parties are in negotiation (although that generally takes place outside an auction setting - and beforehand - so an auction might be delayed if this seemed likely to bear fruit)
* AND/OR nobody is saying anything
* AND/OR reporters are very slow
* AND/OR all of the above

Did anybody else find anything? I tried every query I could think of - but I might not have hit on the right one!
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Old 06-15-2019, 11:01 AM
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Re: F&W Media has sold its book division

Go to Docket 304 on the Epiq F+W Media dockets page. It links to a PDF. It has a listing of the Communities Division sales. The Artist’s Network Community (which I think runs WC?) was sold for $675K to Macanta Investments.

FWIW, Epiq is the claims and noticing agent for the bankruptcy.

Cheers;
Chris
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Last edited by caldwell.brobeck : 06-15-2019 at 11:18 AM.
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Old 06-15-2019, 11:25 AM
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Re: F&W Media has sold its book division

Quote:
Originally Posted by caldwell.brobeck
Go to Docket 304 on the Epiq F+W Media dockets page. It links to a PDF. It has a listing of the Communities Division sales. The Artist’s Network Community (which I think runs WC?) was sold for $675K to Macanta Investments.

FWIW, Epiq is the claims and noticing agent for the bankruptcy.

Cheers;
Chris


Now we just wait to see what they decide to do with Wet Canvas.
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Old 06-15-2019, 11:37 AM
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Re: F&W Media has sold its book division

Quote:
Originally Posted by snoball
Now we just wait to see what they decide to do with Wet Canvas.
Should be interesting,
I think Macanta's big recent investment was a company called VidMob. Such an encouraging name, haha, like a video Twitter or something. But it seems to be mostly a company trying to flog hi-tech and AI buzzwords to video people to get them to shell out for new and exciting ways to increase their ad revenue.

Cheers;
Chris
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Old 06-15-2019, 12:17 PM
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Re: F&W Media has sold its book division

https://craftindustryalliance.org/fw...a-investments/

Quote:
Macanta Investments is the family investment platform for Terence M. (Terry) O’Toole. Macanta was an owner of F+W alongside Tinicum Incorporated, a private equity firm where Terry O’Toole is a partner. O’Toole was the chair of the board of F+W Media and, through Macanta, likely had significant personal wealth invested in F+W. It’s possible that Macanta is taking ownership of F+W Craft Communities in return for forgiving debt owed to it that was unlikely to be paid in the bankruptcy settlement. O’Toole did not respond to our request for comment.
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Old 06-18-2019, 02:44 AM
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Re: F&W Media has sold its book division

It comes to something when external commentators rather than management tell you what's going on.

This article makes for interesting reading as to the story of what happened to F&W - written by an ex-employee (who left 7 years ago). It's the best succinct and simple summary I've read to date

https://blog.lostartpress.com/2019/0...-for-fw-media/

However, the most recent F&W CEO's affidavit to the Bankruptcy Court provides the stark analysis in detail - if you can bear to read it

https://32fc87n66z83fzh742e992fv-wpe...Waffadavit.pdf

I've looked around at various F&W sites and they're all the same - relatively silent on what is happening - and I'm sure this is "the formal party line"to avoid damaging the assets prior to sale.

However auctions have now happened and the internet is talking, the subscriptions are not being renewed, authors are not signing contracts etc. I mean why would you when you have no certainty products will be delivered for the time period paid for or work already done will be paid for via fees or royalties - when existing authors have not been paid? I know the new owners are a completely different company with no obligation to past authors, but I'd regard it as a matter of conscience to only work for or buy products from publishers (or their successors) which have not defaulted on royalty payments. A statement of what is happening to payments to past authors would be welcomed by many.

I speak as one who only found out yesterday that my name (as an author) was listed in the court paperwork!
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