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Old 03-15-2019, 08:40 PM
pastel65 pastel65 is offline
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F&W Media , WC owners - bankruptcy filing?

Just saw post on the Pastel Society of America Facebook group that the owners of Wet Canvas declared bankruptcy on March 10th. The person posting indicated it could mean the end of several art magazines and issues with North Light Books.

Any one have current info on this?

Pam
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Old 03-15-2019, 09:22 PM
learning to paint learning to paint is offline
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Re: F&W Media , WC owners - bankruptcy filing?

From the Cincinnati Inquirer — their region’s good city newspaper, F+W is doing poorly and will likely be sold. I am concerned about the magazines, but the books would probably continue under an acquiring publisher. The Wet Canvas concept could probably be managed by volunteers or a small entreneurial time—but we all to pay attention because it could certainly shut down.

Here’s the story:


A multimedia publisher with offices in Blue Ash has filed for Chapter 11 bankruptcy as it seeks to restructure more than $100 million in debt.

F&W Media made the filing Sunday in U.S. Bankruptcy Court in Delaware, court records show.

The company estimates it has liabilities between $100 million and half a billion dollars, according to court documents.

In a statement, F&W Media CEO Greg Osberg said the company has initiated a restructuring effort to sell assets under the protection of Chapter 11.

It intends to “continue to operate the businesses under normal course during the reorganization process,” the statement says.

In addition to publishing nonfiction books, the company is well-known for “enthusiast content” such as Writer’s Digest, Family Tree, Popular Woodworking and magazines dedicated to knitting and quilting.

The late Lois Rosenthal, editor of Story magazine, and Richard Rosenthal, president of F&W Publications. They sold the Blue Ash-based business in 1999.
The late Lois Rosenthal, editor of Story magazine, and Richard Rosenthal, president of F&W Publications. They sold the Blue Ash-based business in 1999. (Photo: File)
F&W was founded in Cincinnati in 1913 as a publisher of automotive periodicals by Edward Rosenthal, according to Enquirer archives. The Rosenthal family, which has made philanthropic donations in the Cincinnati region ranging from the Contemporary Arts Center to Playhouse in the Park to the University of Cincinnati's Innocence Project, sold the company in 1999.

Since being named CEO in 2018, Osberg has worked to transform the company from a traditional print publisher into a business that involves print, digital and live events, according to the company's website.

F&W’s headquarters are in New York City. In addition to Blue Ash, it also has offices in Colorado, Wisconsin, Massachusetts and the United Kingdom.

Osberg said FTI Capital Advisors and Greenhill & Co. have been retained to manage the sales process.
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Old 03-15-2019, 09:26 PM
pastel65 pastel65 is offline
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Re: F&W Media , WC owners - bankruptcy filing?

Thank you for this update. Pam
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Old 03-15-2019, 09:45 PM
learning to paint learning to paint is offline
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Re: F&W Media , WC owners - bankruptcy filing?

It may not be too early to suggest that the Wet Canvas user community should meet to discuss acquiring Wet Canvas and operating it for the good of artists everywhere. I posted on one of the watercolor forums. Should we spread the word?
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Old 03-16-2019, 12:21 PM
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Re: F&W Media , WC owners - bankruptcy filing?

http://www.wetcanvas.com/forums/show...9#post21565369
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Old 03-16-2019, 01:42 PM
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Re: F&W Media , WC owners - bankruptcy filing?

Thank you for posting this, Jon. I plan on continuing what I enjoy every day...interacting with our wonderful members. Members, just a reminder to keep those comments coming to encourage others to paint, paint, paint.
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Old 03-18-2019, 05:45 AM
Moises Menendez Moises Menendez is offline
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Re: F&W Media , WC owners - bankruptcy filing?

Since the "Sky is falling" I would like to save my olds threads/posts. However, I don't this is possible since WC has its own format. Can anyone tell me please?
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Old 03-18-2019, 12:31 PM
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Re: F&W Media , WC owners - bankruptcy filing?

Moises, I'm not very techy. If you tell me what you want to save, I can ask someone to help answer that. Is it just your images?
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Old 03-18-2019, 12:48 PM
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Re: F&W Media , WC owners - bankruptcy filing?

Technical questions can be asked in the WC Site Technical Forum. Doug is very good regarding answering questions.

Remember, a member can only copy his or her own works from WC.




ETA: March 18

Quote:
Hi All,

I just wanted to let you know that it is business as usual and that the company is not shutting down. Hope you are all well and apologies for any delay.

Thanks,

Courtney
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Old 03-18-2019, 03:50 PM
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Re: F&W Media , WC owners - bankruptcy filing?

Quote:
Originally Posted by Moises Menendez
Since the "Sky is falling" I would like to save my olds threads/posts. However, I don't this is possible since WC has its own format. Can anyone tell me please?

Not a technical person either, but I think the recommendation is that people who are interested - and know that they have posted images of their own paintings that they have not saved on their own home computer - save copies of their images from threads they have posted in. I don't believe that you can save a thread. You could conceivably copy and paste an individual post ot yours and paste it into a word or other document.

Hope this helps,

Don
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Old 03-18-2019, 05:28 PM
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Re: F&W Media , WC owners - bankruptcy filing?

Thank you Jon and Don.
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