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• Print sales are declining but …
• eBook sales are not replacing that revenue.
• The academic market is in turmoil.
• Cengage entered bankruptcy in 2013.
• Pearson cut 4,000 jobs in 2014.
• McGraw divested their education unit in 2013 (sold to a private equity firm).
• Wiley cut 300 jobs in 2013.
• It is difficult to ask for increased investment in the face of declining revenues.
• Currently publishers must support print and electronic versions.

Publishing culture is changing