Private equity companies Candover and Cinven are believed to be preparing to put Springer Science and Business Media up for sale, with UBS and Goldman Sachs apparently appointed to sound out potential bidders. Sources tell the Guardian that prospective purchasers have until the end of next week to register their interest. Springer could fetch up to £2bn from financial or trade buyers, though the current economic climate may make meeting that price difficult and the head of one competing venture capital firm said he thought it was “unlikely Springer would attract much interest, given the poor short-term prospects for the […]
Archives for March 2009
People and Announcements
Jan Girando, Vice President of Andrews McMeel’s Product Development Group, will retire as of April 30. She had been with the company since 1988. Book critic Gail Caldwell and books & publishing reporter David Mehegan are among 24 Boston Globe staffers who took a buyout from the paper this week. Boston Herald “The 2009-2014 World Outlook for 60-milligram Containers of Fromage Frais,” by Philip M. Parker won the Diagram Prize, awarded Friday by The Bookseller.
Scholastic Down Slightly, As Loss Grows
Scholastic reported third quarter sales from continuing operations of $425 million, down 3.5 percent, and a bigger loss from continuing operations before taxes of $41.4 million. (That loss, not counting special items, was much larger than forecast by the analyst who covers Scholastic, who was expecting just one cent a share. Sales were about $25 million below the expectation, too.) But they celebrate having “successfully sustained revenues last quarter in our market-leading children’s book and educational technology businesses” and reaffirmed guidance to investors for the fourth quarter and full year. Corporate overhead rose for the quarter, including $4.8 million in […]
Changes to Amazon UK's Advantage Program Provoke Publisher Ire
Amazon UK has unveiled a change in terms for publishers in its Advantage program, offering “early payment” in 15 days with an additional discount of 2 percent, alongside a revision of the “standard” payment period to 60 days. Some publishers have claimed that the consignment-based scheme is “utterly outrageous” and “thuggery” even as others are more sanguine. The changes are effective as of April 1 and members are required to make their choice known to Amazon by that date. The email outlining the new terms arrived this week, giving publishers just days to reply. Said one IPG member contacted by […]
Delisting Possible as Borders Prepares to Unveil Strategy Next Week
With Borders set to declare fourth-quarter results next week, expectations are grim: more multi-million dollar losses, store closures, payroll slashings and, with shares currently trading at 64 cents per share, potential de-listing from the NYSE. Shareholders will hear more about the company’s strategy, including plans for a reverse stock split to satisfy NYSE conditions, next Wednesday when CEO Ron Marshall hosts a conference call with analysts and investors. One turnaround expert tells the Detroit Free Press that Borders seems to be one of buying time and hoping economic recovery is just around the corner. “They are figuring their brand name […]
Former Treasury Secretary Henry Paulson to Write About Economic Meltdown
Grand Central imprint Business Plus will release an account of the economic crisis by Henry Paulson, former Secretary of the Treasury and CEO of Goldman Sachs, this October. According to a statement issued Wednesday by Business Plus, the untitled book will “include Paulson’s personal recollections of key moments and decisions” and “will also include his insights on what has happened since he left office.” In a telephone interview with the AP, Paulson said: “I didn’t come to Washington thinking I was going to leave and write a book, but this period was so significant and there are so many insights […]