Harper Collins is closing some of its current offices, with plans to not renew leases in San Francisco and Grand Rapids. In these two locations, as well as Boston, the company is “evaluating the business needs for flexible space as needed.” The company’s Montage space in Scranton/Moosic, PA will be relocated to a different building. CEO Brian Murray writes in a memo to staff: “While we still believe in the importance of in-office collaboration, especially in a creative industry like ours, we recognize the necessity of streamlining our office footprint so that we can continue to invest in the business.” […]
Archives for June 2023
July Library Reads
Harper Collins Among Second-Round Bidders for Simon & Schuster
With bids for Simon & Schuster moving on to second rounds, Harper Collins remains an active bidder, the WSJ reports. Private equity company KKR is also among the still-active bidders, multiple sources told PL and the WSJ, with the next bids expected in mid-July. Neither Lagardere nor its new owner Vivendi bid for S&S, people familiar with the sale process told PL. Vivendi was the underbidder behind Penguin Random House during the first sale of the publisher in 2020. While Harper is bidding, ceo Brian Murray had testified last August that their bid in 2020 “was not close” to Bertelsmann’s […]
Wiley to Divest Educational Businesses After Disappointing Year
Wiley announced fourth quarter and year-end earnings for the period ended April 30. For the fourth quarter, the company reported $526 million in sales, down 4 percent from last year, and adjusted EBITDA of $146.2 million, up from $109.6 million. For the year, sales were $2.02 billion, down 3 percent, and non-GAAP EBITDA before adjustments fell 36 percent to $284.1 million, compared to $444.6 million in 2022. Academic publishing sales were down 3 percent to $127 million for the quarter, and fell 9 percent for the year, to $482 million, with the “decline in print and ebooks more than offsetting […]