So what's the story behind this? I am too lazy today to play private detective.
I can tell you from personal experience that physical publishing of any sort is difficult right now, even if you've got solid revenue.
At my company we had 35% growth in gross revenue over 2023 and still had to cut 15% of our overhead and are still looking for places to trim to make our net look good.
We also chopped our distribution agreement with Simon and Schuster and cut off our printing agreement with Sheridan and LSC and have gone more heavily to print on demand for our clients that want physical media.
There's still money to be made in books and magazines but we've tripled down on alternate revenue sources for our authors over traditional royalties and book store sales. It's a hard business even if you're doing well and SI wasn't.