Storytel has given itself a significant financial lift with a new share issue that raises approximately 400 million SEK (about $37 million) from its two largest shareholders — EQT Public Investment and Roxette Photo — while also bringing in Finnish media company and book publisher Otava as an investor. (In a separate announcement, Otava says they bought a 3.5 percent stake in the streaming media company, for about 125 million SEK.) Shares were priced at SEK 45.50. The board “believes [it] will strengthen the liquidity of the shares and be beneficial to the Company” and help “ensure a strong balance […]
Archives for November 2022
Best Of: NYT/NYPL Best Illustrated Children’s Books
The New York Times and New York Public Library named their 10 Best Illustrated Children’s Books of the year.
People: McAveney Named CEO of Abrams As Jacobs Moves to Executive Chair, McCarthy Joins Open Road
Abrams has hired Mary McAveney as president and CEO, taking over on November 28 as the company’s first-ever female chief executive. Currently chief revenue officer and chief marketing officer at Open Road, McAveney first worked for Abrams in 1992 on the marketing and sales team, and has held positions at Simon & Schuster, Zondervan, and HarperCollins. She succeeds Michael Jacobs, who will step down after running the company for 19 years. Jacobs will take the role of executive chair of the board at Abrams and will remain on the board of Abrams & Chronicle Books in the UK. He will […]
People 11/9
Audio: RBMedia Expands Partnership With Chronicle Books
RBMedia has signed a three-year agreement to expand its audiobooks partnership with Chronicle Books. The deal will see RBMedia “increase the amount of Chronicle Books audio it publishes and collaborate with Chronicle Books on a variety of titles.” Tyrrell Mahoney, president of Chronicle Books, said, “We are excited to expand upon our partnership with RBmedia to develop our world-renowned, distinctive publishing into compelling audio experiences. This collaboration will ensure that an even wider range of our publishing program will be accessible each season to be heard and enjoyed.”
Harper’s Sales Fell Sharply On Big Returns and Lower Orders From Amazon
The effect of Amazon’s much talked-about “reset of its [book] inventory levels and rightsizing of its warehouse footprint” is front and center in News Corp.’s fiscal first quarter account of HarperCollins’ performance, and the impact is clear. Sales at Harper fell $59 million in period, down 11 percent, to $487 million. The changes at Amazon “resulted in lower order volume and higher returns, despite consumer sales data remaining consistent with prior quarters.” Foreign exchange, due to the strong dollar, cost the company $22 million in the quarter as well. Backlist sales comprised about 65 percent of sales in the quarter, […]