Tough times for Bertelsmann, owner of (among other things) Random House: "Anyone seeking a summary of the publishing industry's woes needs look no further than first-half results from Bertelsmann. The privately held German group's swing to a €333m net loss in the six months to June reflects both this year's steep advertising downturn and the longer-term structural shift under way in the media business, as companies grapple with fragmenting audiences and the changing economics of the digital age. Rivals could be forgiven for wincing as Europe's biggest publisher warned that a €900m cost-cutting drive may not be enough to prevent a full-year net loss."

The next line, if [...]