It is no secret that the U.S. printing business had been battered for years as the popularity of digital formats significantly reduced demand for magazines, catalogs, and other printed materials. While sales of books held up better than those of their print counterparts, many of the largest printers worked across multiple product lines. And as a result, some of the industry giants (R.R. Donnelley, Quad Graphics) underwent wholesale makeovers, while smaller companies either closed or merged to cope with the plunge in demand. At a spring webinar presented by PW and Westchester Publishing Services, Jim Fetherston, president and CEO at the printer Worzalla noted that when the pandemic hit and book sales unexpectedly surged, North American printing capacity was at “historic low levels,” which led to demand exceeding capacity for the first time in years.

The American Forest & Paper Association (AF&PA) released the January 2026 Printing-Writing Monthly report. According to the report, total printing-writing paper shipments decreased 13% in January compared to January 2025. U.S. purchases of total printing-writing papers decreased 16% in January compared to the same month last year. Total printing-writing paper inventory levels increased 3% when compared to December 2025. Using the latest available trade data from the U.S. Census Bureau, November 2025, across the 3 major printing-writing categories — uncoated free sheet (UFS), coated free sheet (CFS), and mechanical (MECH) — exports declined 19% while imports declined 10%, compared to November 2024.

R.R. Donnelley & Sons Company announced the expiration of the “go-shop” period set forth in the previously announced definitive merger agreement with affiliates of Atlas Holdings LLC, dated as of November 3, 2021, the receipt of an “Alternative Acquisition Proposal” as defined in the Atlas Merger Agreement and further developments with respect to a previously announced proposal from Chatham Asset Management, LLC. Under the terms of the Atlas Merger Agreement, affiliates of Atlas have agreed to acquire the Company for $8.52 per share in cash. As previously announced, RRD received an unsolicited proposal from Chatham on November 16, 2021 to acquire all of the outstanding shares of RRD not already owned by Chatham for $9.10 per share in cash, and thereafter the Company has been engaged in negotiations with Chatham regarding the terms and conditions of the Chatham Proposal. In addition, on November 27, 2021 and as part of its “go-shop” process, RRD received an Alternative Acquisition Proposal from a strategic party for $10.00 per share in cash, subject to other terms and conditions (the “Go-Shop Proposal”). On November 28, 2021, the Board of Directors of the Company determined, in good faith after consultation with its outside financial advisor and legal counsel, that each of the Chatham Proposal and Go-Shop Proposal would reasonably be expected to lead to a “Superior Proposal” (as defined in the Atlas Merger Agreement), thereby making each of Chatham and such strategic party an “Excluded Party” under the terms of the Atlas Merger Agreement. At this time, the Board has not determined that the Chatham Proposal or the Go-Shop Proposal constitutes a Superior Proposal, and there can be no assurances that a transaction will result from either proposal or that any alternative transaction will be entered into or consummated.