Investor Richard Schottenfeld at Schottenfeld Management filed revised ownership forms with the SEC, indicating he has increased his stake in Barnes & Noble, now controlling over 5 million shares, or approximately 6.9 percent of shares outstanding. Schottenfeld’s companies have been engaged in a lot of trading of the bookseller’s stock — mostly through options. As of yesterday those investment’s were under water, with BN’s stock falling more than 8 percent on Thursday following another disappointing earnings reports, down to $4.55 a share. But news of Schottenfeld’s buying, and his agitation for a sale, boosted the share price on Friday, with […]
Archives for September 2018
Waterstones Buys Foyles
Waterstones has agreed to acquire Foyles, the 115 year old family-owned chain of seven bookstores. The terms of the transaction have not been disclosed, but it is expected to close by the end of the year. Waterstones chief executive James Daunt, said in the release, “Together, we will be stronger and better positioned to protect and champion the pleasures of real bookshops in the face of Amazon’s siren call.” He noted, “We are honoured to be entrusted with the Foyles business, and greatly look forward to joining forces with the Foyles bookselling team.” Foyles has three locations in London, including its flagship […]
Moonves Reportedly Offered $100 Million Exit Package
According to reports today from CNBC, CBS is offering Les Moonves an exit package of $100 million, mostly in stock. Big as that sounds, it is less than severance called for in Moonves’ contract, which is $180 million and a production deal. Additionally, CNBC reports that the board wants to recover some of the severance compensation if the sexual misconduct allegations against Moonves that surfaced in July prove true. After Moonves’ exit, coo Joe Ianniello would step in as his interim replacement. The initial market reaction to that news was positive, pushing the stock up at midday. The accusations about Moonves […]
Enger’s Virgil Wander Tops October Indie Next List
The ABA named Virgil Wander by Leif Enger as its No. 1 pick for October. Other picks include Stuart Turton’s The 71/2 Deaths of Evelyn Hardcastle, and Imogen Hermes Gowar’s The Mermaid and Mrs. Hancock, both excerpted and available for download in our Buzz Books 2018 Fall/Winter. The rest of the list: Waiting for Eden, by Elliot Ackerman November Road, by Lou Berney Heartland, by Sarah Smarsh All You Can Ever Know, by Nicole Chung A Spark of Light, by Jodi Picoult The Real Lolita, by Sarah Weinman Transcription, by Kate Atkinson Night Moves, by Jessica Hopper Man With a Seagull on His Head, […]
People, Etc.
Jennifer Schuster has left Crown Archetype, where she was an executive editor, to launch Jen Schuster Editorial Services, providing developmental editing, ghostwriting, proposal development, and consulting services. In an update to our report on Folio Literary Management acquiring Harold Ober Associates, Phyllis Westberg and Craig Tenney are retiring, and other Ober personnel will join Folio. Bookselling Laurel Book Store in Oakland closed on Friday, after a relocation downtown four years ago caused financial troubles. Last July, owner Luan Stauss asked customers to help raise $30,000 she needed to catch up in rent. She wrote in a final newsletter to customers, […]
Wiley Reports Modest Q1 Decline in Overall Publishing
Wiley reported results for the first fiscal quarter ended July 31, 2018, with GAAP revenue of $411 million, a 1 percent decline versus the prior year, and operating income of $36 million, a $24 million increase from a year ago, when the company had taken a restructuring charge. Overall publishing sales were slightly lower, continuing the trend from last year. STM and professional publishing sales of $66 million were up 3 percent from $63.6 a year ago. Those gains were offset by a decline in educational publishing sales, down 16% to $38.2 million. “First quarter performance was consistent with our […]