The fallout over Andrew Wylie’s entry into the e-book business with the help of an exclusive deal with Amazon continues, with publishers and independent booksellers expressing their displeasure – and in one Big Six house’s instance, some forceful action. In a statement released yesterday afternoon, Random House has indicated that The Wylie Agency’s decision to sell e-books exclusively to Amazon through its new Odyssey Books company “undermines [Random House’s] longstanding commitments to and investments in our authors, and it establishes this Agency as our direct competitor.” As a result, “Random House on a worldwide basis will not be entering into […]
Archives for July 2010
Amazon Earnings Fall Short and Market Hits Shares
Amazon reported second quarter sales after the close of the market yesterday of $6.54 billion, up 41% from a year ago and on target with expectations of $6.5 billion. But net income of $207 million, or 45 cents a share, was well short of analysts’ expectations and below the low end of the company’s own guidance. The consensus expectation was for 54 cents a share, and that’s after Amazon warned of lower earnings in April when they reported first quarter sales. Wall Street had anticipated earnings of $322 million before the April reset; and Amazon told investors to look for […]
McGraw-Hill Reports Higher Q2 Profits, But Keeps Outlook Cautious
McGraw Hill reported second quarter earnings of $191.1 million; or 61 cents a share, a 16 percent (or $27 million) jump compared with $164.1 million, or 52 cents a share last year — in line with Wall Street expectations of 61 cents per share. Revenue was up 0.6 percent to $1.5 billion. Revenue for the education side increased by 1.8 percent to $565 million, helped by foreign exchange rates that added $3.3 million in revenue and $2.3 million in operating profits. School Education Group revenue declined 4.0%, or $13.7 million, to $324.9 million, affected by a delay in shipping a […]
Briefs: Quick Ruling Possible in Burkle/B&N Trial; Figuring Out E-Book Bestseller Lists; and More
After final arguments in the trial stemming from Ron Burkle’s complaint about B&N’s poison pill measures, a Delaware court judge said B&N “may have responded in a reasonable manner last year”, and that he would try to issue a ruling quickly. He didn’t say how soon that would be and acknowledged his ruling may be appealed to the Delaware Supreme Court.AP The New York Times Book Review is now available as a standalone subscription for the Kindle. In related news, TIME’s Andrea Sachs wonders when e-books will be incorporated into the NYT and other bestseller lists, the way it now […]
People, Etc.
Michelle Andelman has joined Regal Literary, where she will represent children’s fiction. Previously she worked as a foreign rights scout and with the Andrea Brown Literary Agency. Roger Jon Ellory has won the Theakstons Old Peculier Crime Novel of the Year Award for A Simple Act of Violence (Orion)The Guardian Booksource will shut down its Irish subsidiary CMD Booksource this fall, citing “very difficult trading conditions.”The Bookseller
Macmillan CEO Is “Appalled” by Wylie Publishing Deal with Amazon
In a blog post on Macmillan’s website, CEO John Sargent has issued his response to Andrew Wylie’s move to distribute select backlist titles exclusively via Amazon. First, Sargent “welcomes” Wylie to the fold as a publisher, joking that he’ll be knocking on the agent’s door to ask for AAP dues: “In today’s world job functions, channels of distribution, and age-old relationships are constantly shifting. Combining the functions of agent and publisher raises serious issues that I feel strongly about, but if Andrew wants to attempt to disintermediate publishers, that is his right.” But Sargent is “appalled” that Wylie has chosen […]