Dawn Davis, founder and publisher of 37 Ink, is leaving Simon & Schuster to become editor in chief of Bon Appetit magazine. She succeeds Adam Rappaport, who resigned in June after photos surfaced of him in an offensive Halloween costume in 2004.
Canadian independent publishers ECW Press and Annick Press will begin a partnership in January, in which majority ownership of Annick Press will transition over five years from publisher Rick Wilks to ECW co-publisher David Caron. The companies will “remain separate entities, with staff, brands, finances, and editorial mandates unchanged, but will embark on a new collaboration between the houses.” They note, “The arrangement has been in the works for several years and is undertaken with much care and consideration.”
Bookselling
It’s rather late in the game, but in advance of Independent Bookstore Day on August 29, Powell’s Books announced that it will no longer sell rare and collectible books through Amazon Marketplace. Owner Emily Powell wrote in a message to customers, “For too long, we have watched the detrimental impact of Amazon’s business on our communities and the independent bookselling world…. The vitality of our neighbors and neighborhoods depends on the ability of local businesses to thrive. We will not participate in undermining that vitality.”
Oprah Magazine created a guide to 117 Black-Owned Bookstores. As a part of the package, Black authors including Tayari Jones, Kiley Reid, Jackie Woodson, Kevin Young, and more, share their favorite bookstores.
Quarterly Results
McGraw Hill reported results for their fiscal first quarter. Sales of $337 million were down $48 million from a year ago, a 12.5 decline. Adjusted EBITDA fell 16 percent, but they recorded a smaller net loss of ($3 million) v ($41.5 million), as operating and administration expenses were $62 million lower. They note “additional savings will be realized through workforce rationalization and optimization, contract renegotiations, offshoring certain processes” and more.
K-12 sales fell 18.5 percent, down $33 million, and international sales, “significantly impacted by Covid across all regions,” were $19 million lower, down 36%. The company told investors, “performance in full-year 2021 will be negatively impacted by Covid-19 and known smaller K-12 adoption market opportunity.”