In a dire quarter for parent company News Corp.–which is taking a total writedown of $8.4 billion, including $2.8 billion against the $5.7 billion acquisition of the Wall Street Journal, and fell well short of analysts’ diminished expectations–publisher HarperCollins only performed poorly. Sales collapsed by 25 percent, down from $406 million a year ago to $305 million, the lowest total for this period since February 2002. The company cites “lower sales driven by the weakening retail market as well as a difficult comparison to a year ago” when they had a trio of strong bestsellers, but Harper hasn’t been below […]
