Rodale, which put itself up for sale in June, has reached a deal to be acquired by Hearst. They expect the deal to close early next year, following government approval. The WSJ reports that the purchase price is less than $225 million, or approximately one times Rodale’s annual revenue. (Those sales fell considerably over the past decade, and were over $600 million in 2008.) Multiple major book publishers were quick to reaffirm to the WSJ, as you would expect, that they would be interested in bidding for the Rodale Books unit if Hearst does not wish to retain it.
Archives for October 2017
Briefs: Shepard’s Last Book, and More
Forthcoming Sam Shepard‘s final book, Spy of the First Person, will be published by Knopf on December 5. Completed shortly before his death from ALS in July, the book is a work of fiction about a man revisiting memories as he undergoes treatment for a medical condition. Shepard wrote the first drafts by hand, and then relied on a tape recorder and dictation. Knopf says that “his friend Patti Smith worked with him during the final months of his life, to edit and arrange the pieces into a final manuscript.” Bookselling The California legislature has passed new legislation that exempts bookstores from the recent […]
People, Etc.
Black Dog & Leventhal founder and publisher J.P. Leventhal will leave the company on December 31. The imprint becomes part of Running Press, reporting to vp and publisher Kristin Kiser, effective immediately. Hachette Book Group ceo Michael Pietsch says, “J.P. Leventhal has been a force in publishing, an original, and a splendid collaborator. His genius for bringing visual content into books in new ways has brought joy to millions of readers. It has been a pleasure having him and his team become part of HBG, and we look forward to his DNA living on in the imprint he created.” At […]
Saunders Wins the Booker
George Saunders to become one of the few “bettors’ favorites” to actually win the Booker Prize, for Lincoln In the Bardo (Random House/Bloomsbury UK). He is the second American to claim the award — and the second in a row, after Paul Beatty’s victory a year ago for The Sellout. The judges said, “The form and style of this utterly original novel, reveals a witty, intelligent, and deeply moving narrative. This tale of the haunting and haunted souls in the afterlife of Abraham Lincoln’s young son paradoxically creates a vivid and lively evocation of the characters that populate this other […]
Pearson Offers Glimmer of Stability, PRH Sales “Down Slightly”
In what counts as good news after a long run of profit warnings and disappointments, Pearson told investors they were raising the lower end of their profit guidance for the year by £30 million. “Whilst we anticipate the underlying structural pressures in US higher education courseware will persist in the medium term, the relative strength of trading in this business is helping our profits this year.” CEO John Fallon reiterates the challenges they face, and the hope to remain standing as the biggest company in a shrinking space: “We expect tough market conditions in our biggest business to continue over […]
People: Napack to Lead Wiley
Former president of Macmillan Brian Napack will join Wiley as president and ceo, starting December 4. He has been senior advisor for private equity firm Providence Equity Partners since 2012, and serves on the boards of companies including Houghton Mifflin Harcourt, Ingram, Blackboard, and Recorded Books. He will “will transition off certain of these boards. “ Interim ceo since Mark Allin resigned in May for family reasons Matthew Kissner will remain as chairman of Wiley’s board. He says: “After a thorough and thoughtful search, the Board of Directors unanimously agreed on Brian as the type of proven leader that can drive our continuous […]