Chuck Adams is leaving his full-time position as executive editor of Algonquin Books, after 16 years. He will continue on as editor-at-large for Algonquin, working with authors he has edited in the past. Additionally, he plans to continue developmental and editorial work on a freelance basis. Maya Fernandez has been promoted to associate editor at Beacon Press. Kate Johnson will become senior vice president of direct for Harper Christian and Harper Focus. Michelle Richter has been promoted to senior agent at Fuse Literary. Rachelle Gardner is launching Gardner Literary, a full-service agency “representing diverse authors at the crossroads of faith […]
Archives for December 2020
McGraw Hill Announces Plan to Refinance Its Substantial Debt
McGraw Hill has announced it had entered into a transaction support agreement that would extend its debt maturity through late 2024. Its revolving credit facility would also be extended, to November 2023. “The Transaction will address upcoming maturities and reduce First Lien leverage without materially increasing total leverage or cash interest expense,” according to a company report. The refinancing plan still requires additional approvals from first lien term loan holders. The company’s annual report, released in June, noted “substantial indebtedness” as a risk factor, “restrict[ing] our ability to react to changes in the economy or our industry and expos[ing] us […]
January Library Reads
Rachel Hawkins’ The Wife Upstairs tops January’s Library Reads list. Also on the list is Ashley Audrain’s The Push, excerpted and available in our Buzz Books 2020 Fall/Winter anthology. The rest of the picks: The Children’s Blizzard, by Melanie Benjamin The Ex Talk, by Rachel Lynn Solomon The House on Vesper Sands, by Paraic O’Donnell Outlawed, by Anna North The Perfect Guests, by Emma Rous Remote Control, by Nnedi Okorafor Shipped, by Angie Hockman Siri, Who Am I?, by Sam Tschida
People: Grove Promotes Executives, Boosts Starting Salaries; Jay-Z’s Roc Nation Forms Imprint with Random House
At Grove Atlantic, Peter Blackstock is promoted to vp, deputy publisher, and his new responsibilities including beginning to work with ceo and publisher Morgan Entrekin on matters relating to business and finance. Amy Hundley is promoted to vp, executive editor, while continuing as director of subsidiary rights. More broadly, the company will raise their starting salary to $40,000 for full-time employees. A new executive committee has been formed to help with “day-to-day running of the company and larger business decisions.” It comprises Elisabeth Schmitz, Judy Hottensen and Deb Seager, as well as Hundley, Blackstock and Entrekin. Entrekin said in the […]
AAP October Stats Show Trade Gains Continuing
AAP released its StatShot of publisher reported sales for October, with combined adult and children trade sales of $901 million, up from $877 million. Adult book sales were $611 million, up from $554 million in 2019, or 10 percent, with paperback books showing the biggest gain (18 percent). Children’s book sales meanwhile were down by 10 percent overall, to $290 million, despite gains in board books. Ebook sales were $92 million, up from $76 million. Downloaded audio sales were $55 million, up from $47 million. K-12 sales were $104 million, down from $121 million last year. But higher ed showed […]
People, Etc.
John le Carré, the pen name of David Cornwell, 89, who wrote The Spy Who Came in From the Cold, A Perfect Spy, Tinker, Tailer, Solidier Spy, and many more, died of pneumonia December 12, in Cornwall, England. Johnny Geller, his longtime agent at Curtis Brown UK, said in an announcement on Sunday night, “John le Carré was an undisputed giant of English literature. He defined the Cold War era and fearlessly spoke truth to power in the decades that followed.” Brian Tart, president & publisher of Viking Penguin, said, “It has been an honor to be John le Carré’s […]