Paperwork filed with the bankruptcy court overseeing the sale of F+W Media’s assets shows that Penguin Random House won the F+W Books list with a modest bid. They are paying $3 million at closing, with subsequent payments due equal to 70 percent of recent accounts receivable, plus 15 percent of the value of the printed inventory. PRH also assumes a limited set of liabilities and obligations to the assigned contracts, but only for on or after the closing of the deal. (That suggests that items like unpaid author royalties earned prior to the sale remain at the back of the […]
