Wiley Looks to Cut $80 Million in Costs

Wiley said it expects the $80 million in cost savings to come from: Strategic sourcing and procurement of third-party-vendor supplied services to reduce complexity and cost of outside services; management delayering of certain business activities through consolidation; offshoring, and potentially outsourcing, of select services to lower cost locations; and overall reduction of business operating complexity. The company said it will provide more information following release of its fourth quarter results in June.

Within the professional development group in the quarter, Wiley said book revenue fell by just less than 1% as a 20% increase in e-book sales was offset by a decline of 4% in print sales. Digital book revenue was $12.9 million in the quarter, while total digital sales accounted for 18% of overall division sales due to higher e-book sales and sales from online assessment (Inscape) and e-learning services.