Wiley reported third quarter results on Tuesday morning, and the company continues to perform well in nearly every area and medium except for their oldest one: books. Companywide sales were flat at $436.5 million, with net income rising $14 million to $53 million in the period. They took a $9.1 million restructuring charge in the quarter “primarily related to the consolidation of facilities and severance provisions related to additional efficiency gains.” CEO Mark Allin noted that “publishing revenue showed a significant decline due to market weakness in books and reference material, particularly print.” Wiley’s book sales have been declining continuously […]
Archives for March 2017
Corporate: History Press Management Buyout, and More
In the UK, three members of management have acquired The History Press in a buyout from private equity firm Octopus Investments. Finance director Gareth Swain will take over as managing director since former MD Tim Davies did not participate in the buyout and has left the company. Laura Perehinec is now publishing director and Jamie Kinnear is local history publisher. The publisher lost £2.3 million in 2015 on sales of £4.8 million, after losing £1.6 million in 2014 on sales of £7.8 million. At the same time, in a separate transaction, The History Press sold the Pitkin Publishing imprint to Pavilion Books. Separately, investment firm […]
Murray Shares More HarperCollins Figures
HarperCollins ceo Brian Murray spoke at a Deutsche Bank investor conference in Palm Beach, FL on Monday, providing a measured but bullish review of the publisher’s strengths and prospects. Throughout the interview Murray shared a variety of data points. As is the case broadly, “the fastest growing component of our digital business is audio,” Murray said, accounting for “about $50 million worth business last year.” (In the most recent fiscal year Harper’s total digital sales were roughly $310 million, incorporating both ebooks and digital audio.) Murray noted, “Audible has been growing leaps and bounds and I really think we’re going […]
People, Etc.
Open Road co-founder and former company ceo Jane Friedman is stepping down from her positions as board chair and executive publisher. Friedman will remain a director at Open Road, but “said in a statement that it was time for new leadership and that she looked forward to partnering with others in reviving classic books for the digital market.” Paul Slavin took over as ceo of Open Road last May. Shannon Welch, executive editor at Scribner, is leaving to pursue freelance editorial and writing opportunities. Martha Bucci will move over to become executive director of chain sales at Hachette Book Group USA, also […]
March Picks from iBooks
iBooks has listed its March recommendations. The fiction picks feature: All Grown Up by Jamie Attenberg Exit West by Mohsin Hamid New York 2140 by Kim Stanley Robinson One of the Boys by Daniel Magariel The Twelve lives of Samuel Hawley by Hannah Tinti. In nonfiction, it’s: South and West, by Joan Didion Dear Ijeawele, by Chimamanda Ngozi Adichie The Rules Do Not Apply, by Ariel Levy Asteroid Hunters, by Carrie Nugent Blitzed, by Norman Ohler And for Young Adult: Wonderful Feels Like This, by Sarah Lovestam Shadow Run, by Michael Miller and Adrianne Strickland Survivors Club, by Michael Bornstein The Inexplicable […]
Hachette UK Buys Bookouture
Hachette UK has announced the acquisition of digital publisher Bookouture, founded by Oliver Rhodes in 2012. Rhodes will continue to run the unit, and will also serve in the new position of digital publisher at Hachette UK, “steering and advising” to “help increase ebook sale across the group,” and join the company’s board. He will report to David Shelley, and Little Brown UK will publish some of Bookouture’s titles in print. Rhodes says the acquisition “will help us to build on the significant momentum we already have and achieve even greater things for our authors.” The Bookseller notes that Bookouture has […]