Bertelsmann has continued their roughly billion-dollar education spending spree, agreeing to buy a controlling stake in California-based Alliant International University, a network of five California-based professional schools that has locations in Mexico City, Hong Kong and Tokyo as well. The undisclosed investment is said by a Reuters source to be “in the mid-double-digit range.” Bertelsmann ceo Thomas Rabe has been talking for some time about “making the education business a third mainstay of business for Bertelsmann alongside media and services.” Last March he said they would focus on “low-cost online degree programs, educational services and medical education.” Now Rabe expands on that vision, […]
Archives for February 2015
People, Etc.
In the Riverhead publicity department, Claire McGinnis has been promoted to senior publicity manager; Liz Hohenadel moves up to publicity manager; and Margaret Delaney is now associate publicist. The ABA nominated Pete Mulvihill at Green Apple Books in San Francisco to join the board, with Valerie Koehler (Blue Willow Bookshop, Houston) and Jonathon Welch (Talking Leaves…Books, Buffalo) put up for second three-year terms. As planned, current board vp Betsy Burton (The King’s English Bookshop, Salt Lake City) will move up to president for a two-year term at the end of May, with Robert Sindelar (Third Place Books becoming vice president/secretary), subject to ratification by ABA membership. Deputy director […]
In Bankruptcy Court, Questions About Plan to Sell Family Christian Stores Back to Itself
There was no hiding the suspicious reorganization strategy being pursued by Family Christian Stores in a bankruptcy court hearing earlier this week. Family Christian Ministries has proposed selling the stores from one FCM subsidiary to another, new subsidiary. No other changes are proposed across the 266 stores and roughly 4,000 employees; the sole point of the reorganization is to clean out their creditors and start all over again. In the initial announcement, FCS ceo Chuck Bengochea said, “We strive to serve God in all that we do and trust His guidance in all our decisions, especially this very important one.” In a video […]
Kindle Unlimited Pool Is Bigger In Dollars, Lower Per Book
With the continuing rollout of Amazon’s Kindle Unlimited subscription program to additional territories, the total payout to participating authors continues to grow, even as the per-borrow payment remains near its lowest levels. Every month on or about the 15th, Amazon tells authors how much they will be paid on a retroactive basis, still terming the payment a “bonus” rather than something they earned and are entitled to receive. For January borrows, Amazon said they are adding $5.5 million to the payout pool, for a total fund of $8.5 million. That works out to just under $1.38 a book (covering approximately 6.175 […]
People, Etc.
Sean Shoemaker will take over as president of Publishers Group West, effective April 1, after Susan Reich retires. Shoemaker has been with PGW for the past 20 years. Perseus Client Services president Mark Suchomel writes: “In addition to a strong operations and finance perspective, Sean brings to the role a keen awareness of the needs of PGW’s clients and customers, and the value PGW brings to both. He has a stellar reputation as a straight shooter and is held in the highest regard by clients and his colleagues at PGW and Perseus. Importantly, Sean has the historical perspective and deep understanding of what […]
Mondadori Offers to Buy RCS Media’s Book Division
When Mondadori Editore spun off their book publishing and distribution units as a separate company as of January 1, the company indicated it would help them to pursue “partnership and merger opportunities” to grow. With little delay, on Wednesday Mondadori made a non-binding offer to acquire competitor RCS Libri (a unit of RCS Media Group). Reuters reports that people with knowledge of the offer say the deal could be worth between 125 million and 150 million euros. Mondadori recorded book sales of €334 million in fiscal 2013, down from €414 million in 2010 — and for the first 9 months of 2014, they had […]