After resisting a full buyout of Pearson’s minority share in Penguin Random House in 2017, Bertelsmann is exercising their option to buy Pearson’s remaining 25 percent stake in the book publishing joint venture at the soonest opportunity. They will pay $675 million, subject to another round of regulatory approvals, with the deal expected to close in the second quarter of 2020. An analyst at Barclays commented, “The price is in the ballpark of what we expected — a little better.” The latest purchase is based on an enterprise value for PRH of $3.67 billion, up from the $3.55 billion valuation […]
Archives for December 2019
The Best of Buzz
As we get closer to noting the final very best books of the year, we wanted to give special acknowledgment to some of the honored books first previewed ahead of publication in our popular, free Buzz Books digital samplers. Every year it’s our privilege to help bring consumers, booksellers, reviewers, media and others these curated early glimpses at forthcoming discovery titles and breakout books — and every year, it’s a pleasure to see how many of the titles featured in Buzz Books go on to acclaim. This year more than 20 titles in our two editions of Buzz Books made […]
People: Fallon to Retire From Pearson, HMH Exec Departs, and More
After presiding over years of asset sales, waves of significant layoffs, and a significant decline in sales, Pearson chief executive John Fallon has decided to retire in 2020 after a successor is selected. By his account, “Over 75% of the company is now growing, as we work our way through a major industry wide disruption in the other 25% of Pearson – US Higher Education Courseware. All of Pearson is now very well placed to meet the need for affordable and effective learning…. We’re now at the stage where it’s time to transition to a new leader, who can bring […]
UK’s Book People Is Insolvent, Hopes for Quick Sale
Book People, an online and pop-up bookseller in the UK, has gone into administration (the UK equivalent of bankruptcy protection) with administrator PricewaterhouseCoopers searching for a buyer. Sky News said the firm “had been overseeing an auction of The Book People in recent weeks” — clearly not successful yet, though private equity owners Endless say that a number of “credible” parties expressed interest. None of the company’s 400 employees (the oversized holiday staffing level) are expected to be laid off immediately, but “the longer-term prospects for the business, staff, customers and suppliers will clearly be dependent upon whether a sale can […]
ICM Sells A Stake to Private Equity
ICM Partners, which bought its freedom in 2012 from controlling investor Rizvi Traverse Management, has once again sold a stake in the agency. This time, they have a sold a minority one-third share in the agency to Crestview Partners, for approximately $150 million. CEO Chris Silbermann told Variety some of that money would be used to “reward” employees across the agency, along with buying out some current equity holders. The press release indicates that “all ICM Partners employees, including assistants and support staff, will benefit financially from the deal.” “It will also help fund acquisition of other agencies and related […]
People, Etc.
Audible ceo Don Katz will take the role of executive chairman and Bob Carrigan will join the company on January 2 as ceo, reporting to Katz. Carrigan was ceo of IDG and Dun & Bradstreet (and most recently was executive chairman of Genscape) and Katz praises his “rare ability to field big ideas and turn them into customer-centric action. Both companies became far more connected to their customers, to their founding entrepreneurial roots, and both became more meaningful places to work.” Katz will work with Carrigan on “overarching strategies,” and “focus on global content strategy and the company’s extensive social […]