As planned, Pearson has sold their Global Education business — which provides English language training and test preparation for Chinese students preparing to study abroad — to privately-owned Chinese company Puxin Education. Pearson says the sale is expected to generate proceeds “in the region of $80 million.” The business has sales of £78 million and an adjusted operating loss of £4 million, and the transaction will take approximately 1,900 employees out of Pearson’s payroll. The company says the sale is part of their “strategic shift away from large-scale direct delivery services to focus on more scalable online, virtual, and blended services.” Pearson […]
Archives for August 2017
People, Etc.
Vice president and publisher of WaterBrook and Multnomah Alex Field is leaving the company in September to start an author-consulting business. Crown has begun searching for his successor. Publisher for Christian Publishing Tina Constable writes, “He has been a true partner in helping me position WaterBrook and Multnomah for the future…. Alex is a man of deep faith, and his in-depth knowledge of the Christian landscape combined with his joyful spirit and exuberant smile will be missed by all.” Poet Dionne Brand has been named to the newly-created position of poetry editor at McClelland & Stewart. If you haven’t read it yet, […]
Amazon: Bonds, Bombast, and Life Offline
Today’s Amazon news spans a wide gamut. Yesterday, the company quickly completed their largest debt offering ever, raising $16 billion in seven tranches — ranging from three-year to 40-year notes — with “strong demand” from investors rewarding the company. They are reported to have paid approximately 90 basis points (o.9%) above what the US government pays to borrow money on the 10-year issue. The Whole Foods purchase will cost $13.7 billion, so analysts infer that Amazon is preparing itself for additional acquisitions and/or continued aggressive investment in its buildout. The company also has over $21 billion in cash. (As readers […]
Quarto Ends Talks With Potential Buyer
Quarto has quickly terminated the negotiations with a potential acquirer that were initiated five weeks ago, and announced on August 8 when they reported results for the first half of the year. The issue was not price — the company continues to say that was “attractive and reflective of the inherent value of the business” — but rather timing, which does not entirely make sense. Their statement asserts that “discussions were not progressing to the satisfaction of the board,” citing how “it became clear that the regulatory approvals required by the bidder to complete the proposed acquisition were increasingly less likely to […]
People, Etc.: Burke to Retire, Bergstrom Promoted At Gallery
Louise Burke will retire from Simon & Schuster on August 18, after 16 years with the company and a 40 year career in publishing. She joined S&S in 2001 as publisher of Pocket Books, and in 2009 she led the newly-formed Gallery Books Group, which combined Pocket and what was then Simon Spotlight Entertainment. During her tenure the group launched and grew lines including Karen Hunter Publishing, Jeter Publishing, North Star Way, Scout Press and Threshold Editions, the latter a driver of many big authors for S&S, but also the imprint that signed and then cancelled Milo Yiannopoulos. S&S ceo Carolyn Reidy […]
People, Etc.
At FSG, Laird Gallagher has been promoted to associate editor. Julia Ringo has joined as assistant editor; previously she was editorial assistant for Knopf. Camaren Subhiyah has joined Chronicle Books as senior editor for food and lifestyle. Previously she was editor for Abrams. Hafizah Geter has joined Amazon’s Little A imprint and digital literary magazine, Day One, as editor. Previously she was editor and publicity coordinator for Poets House. Shannon Criss has joined EverAfter Romance as senior acquisitions editor. Previously she was editor for Harlequin. Richard Brown will step down as director of Georgetown University Press on October 6 to become director of University of South […]