In the meantime, Time Inc. says it’s transferring Source Interlink’s distribution business to The News Group, which, along with Comag, is owned by the Jim Pattison Group.Time Inc. estimates that it will take up to 12 weeks to re-align the distribution operation under The News Group to accommodate the added retailers. Because of this, Time Inc. expects to take a $4 million revenue hit and incur about $1 million in transition costs. Under the new payment terms with The News Group, which extend through May 2019, Time Inc. expects a $12 million decrease in operating cash flow. The publisher-wholesaler relationship has been a contentious one. In 2009, Time Inc. and Source Interlink effectively settled an anti-trust lawsuit brought by Source when Time Inc., along with other publishers, refused to go along with a per-copy distribution price increase. As part of the deal, Time Inc. entered a multi-year contract with Source, but didn’t have to pay the increase. See Also: Time Inc. Strikes Deal with Source InterlinkPrior to that deal, Time Inc., other magazine publishers and national distributors had threatened to deny shipments to Source, which was granted a restraining order from the U.S. District Court for the Southern District of New York which prevented the publishers and NDs from doing so. In advance of its spinoff from Time Warner, Time Inc. has terminated its business with Source Interlink Distribution, its second largest wholesaler. According to a regulatory filing, the decision was made due to $7 million in uncollectible receivables owed to Time Inc. that will be recorded as bad debt in 2Q 2014.Source Interlink distributed Time Inc.’s titles to retailers in the U.S. and sales of these magazines represented about 2 percent of the company’s total 2013 revenues—about $70 million.Actions like these in the magazine newsstand distribution market typically cause an immediate chain reaction. According to a source, Curtis, a national distributor, has pulled its business from Source Interlink as well and Comag, another national distributor, had already done so, going as far as sending letters to its publisher clients notifying them of Source Interlink’s supposed payment problems.
Yuvraj Singh announces retirement from cricket, says 2014 World T20 final his lowest moment IBTimes VideoRelated VideosMore videos Play VideoPauseMute0:01/1:11Loaded: 0%0:01Progress: 0%Stream TypeLIVE-1:10?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading … Close One of India’s most successful cricketer Yuvraj Singh has announced his retirement from international cricket. At a press meeting in Mumbai, an emotional Yuvi talked about how cricket has influenced his life. He thanked people in his personal life, his guru, parents, etc.Describing his achievements, the 37-year old said the proudest moment of his career was the 2011 World Cup and, very interestingly, said the 2014 World T20 final against Sri Lanka where he scored 11 runs of 24 balls and was blamed for India’s loss. He said this shattered him and he needed some time to recover from the jolt and rediscover why he played cricket.He also thanked former captain Sourav Ganguly for having faith in him. It was after all, Dada under whose captaincy that Yuvi made his debut and established himself in the team despite failures early on. As he read out his pre-written statement, the former all-rounder often seemed overpowered by emotions.