Pearson published their full year-end report for 2021, after a brief update in January, with results “ahead of expectations.” Sales were £3.438 billion, an underlying growth of 8 percent over 2020, “reflecting underlying performance, portfolio changes and currency movements.” Operating profit was £183, down significantly from £411, due to the 2020 sale of shares in PRH and restructuring costs in 2021. Adjusted operating profit was £385 million, compared to £313 million last year, a 33 percent increase, “driven by operating leverage on revenue growth and cost savings offsetting cost inflation and investment to accelerate future growth.” Providing more details about […]
Archives for February 2022
J. Anthony Lukas Awards Shortlists
People: Weil to Focus on Editing at Liveright; Simon Named EIC
Liveright editor-in-chief and publisher Robert Weil will shift out of a managerial role as of July 1, to acquire and edit books as vp, executive editor. Peter J. Simon, vp and editor in Norton’s college department, will become Liveright’s editor-in-chief. Chairman and president Julia Reidhead said, “When Bob Weil accepted the challenge of reviving Liveright, we at Norton were confident that he would make good things happen, but we could never have anticipated the scope of successes that have come to pass under his visionary leadership. He has reinvented Liveright while keeping it true to its storied past. Now, with Bob […]
HMH Gains for the Year
Houghton Mifflin Harcourt announced results for the fourth quarter and full year 2021. Sales in the quarter were $179 million, up 26.7 percent from $141 million the year before. For the year, sales were $1.051 billion, a 25 percent increase from $840 million in 2020. Operating income was $48.2 million, up from a loss of $(447.9) million the year before (when they took a large goodwill impairment charge). Net income was $2.1 million, compared to a loss of $(470.7) million last year. The company canceled its earnings call due to the recent announcement of a pending sale to Veritas Capital. […]
Spotify Releases “Bookcast” of Parton-Patterson Novel
Spotify announced the release of its first “bookcast,” an audiobook/podcast hybrid of portions of Dolly Parton and James Patterson’s Run, Rose, Run. The bookcast combines excerpts of the audiobook narration with songs Parton wrote and recorded as the soundtrack for the book. The project functions as a preview for the novel (out March 7) and the soundtrack (out March 4). The first two four-minute episodes are available now, with another released next week and the last six dropping on March 7, when the book is available. “This unique audio experience exemplifies the limitless potential of audio and Spotify’s commitment to […]
People 2/24
Gina Gagliano has been named executive director of the Boston Book Festival.