"Similar to other industries, scholarly publishing is dramatically changing due to emerging technology, making traditional publishing very challenging. Typically, most scholarly presses do not generate revenue for universities - with most just trying to break even. The UM System currently provides the press with a $400,000 yearly subsidy," the system said in a statement.
The press publishes about 30 books each year and has published approximately 2,000 books in its history, The Columbia Tribune reports.
Wolfe also said the UM System will improve focus on six priorities he outlined in April: focused strategic planning; attracting and retaining the best people; innovative instruction; operational excellence; expanded research and economic development; and effective communication of our value and importance.
"Achieving these priorities, Wolfe has said, will likely include position eliminations and program reductions across the campuses," today's statement said.