Businesswoman Dawn Braasch has bought the Bunch of Grapes Bookstore on Martha’s Vineyard, where he also worked as events coordinator before last summer’s fire, and will reopen in temporary quarters next month while the original is being restored. Braasch has signed a long-term lease for the store’s previous space, and hopes to reopen there next summer. Ann Nelson, who owns that building and used to own and run the store, will serve as a consultant for Braasch.MV Gazette Separately, Anchorage bookstore A Novel View “will be closed indefinitely due to the death of its owner, Patricia Tegtmeier, who passed away […]
Archives for October 2008
People
John Fagan–who already serves as director of marketing, Penguin Books; executive director, academic marketing & sales; and marketing director, eBooks–is taking on the additional role of marketing director for Plume and Hudson Street Press. Liz Keenan is moving up to publicity director for both imprints. Ginee Seo has resigned as editorial director of her eponymous children’s book imprint at Atheneum, PW writes. Longtime publishing executive Dan Harvey, 62, died yesterday after a long struggle with melanoma. He was most recently svp, director of marketing for Trident Media Group. For 17 years, he held senior management positions at the Putnam Publishing […]
Amazon's Quarter Is Fine, But They're Braced for a Grim Finale
Amazon.com held up well enough in their fiscal third quarter, which ended September 30, recording another healthy increase in sales of 31 percent to $4.26 billion (with an $80 million boost due to favorable currency exchange). Operating income rose 26 percent to $154 million. The sales number was in line with analysts’ expectations but the income figure fell well short. Of greater concern to markets is Amazon’s reduced guidance for the fourth quarter. Sales are projected to fall between $6 billion and $7 billion (an increase of between 6 percent and 23 percent), and operating income is projected to range […]
Let's Play the Amazon Guessing Game
How can we get a handle on what Amazon’s mysterious Kindle statistic–a unit-based percentage of a percentage of titles, where books comprise an unspecified percentage of overall media sales–actually looks like? Given all the variables it’s very hard, but below is one potential formula, and you can adjust the assumptions as you wish. As reported above, North American sales for all media for the quarter were $1.245 billion. At the closest roughly comparable businesses, Barnes & Noble and Borders, book sales tend to comprise 70 to 60 percent of total sales. Let’s be conservative and start with 70 percent, which […]
Redstone Sale? "Not a Chance"
The scrappy billionaire tells the WSJ there’s “not a chance” he would sell CBS or Viacom to alleviate his debt issues as he struggles to restructure $1.6 billion in loans. “Redstone ruled out selling any shares in either of the two companies he controls, even if negotiations with lenders about a debt restructuring turn sour. Mr. Redstone acknowledged there is ‘no guarantee’ those negotiations will result in a deal, but he described them as ‘extremely constructive.'” He adds: “I will not sell Viacom and I will not sell CBS. They’re two great companies.” Plus: “We have no intention to sell […]
How Badly Does Reed Need RBI Sale?
The longer the auction for the Reed Business Information goes on, the more the reported price drops, as the economy continues to slide. The latest rumor in the British media has the offering prices heading below 1 billion pounds, against an initial valuation of at least 1.25 billion pounds. The three bidders left are Bain Capital, TPG and Strauss Zelnick. One person involved in the deal tells the FT, “Reed Elsevier won’t sell at any price but buyers can’t ignore what they are hearing and seeing in the marketplace.” Plus, “Just how much below £1bn remains to be seen.” But […]