The Book Industry Charitable Foundation (Binc) is launching a three-year pilot program called BincTank to support people from historically underrepresented communities who want to open a bookstore. The organization writes in a release that the program will focus on “capital, education, mentorship, peer-to-peer networking and resource material.” Ken White will lead the initiative as program manager; White has previously served on Binc’s board as well as the board of the ABA. Applications will open in early 2024, with the program initially seeking “entrepreneurs in communities impacted by systemic racism.” Binc plans to open the program up to all marginalized individuals […]
Archives for July 2023
Acquisitions: Norwood House Press
Classroom and library publisher Rosen Publishing Group has acquired Norwood House Press, effective August 1. Norwood House has 2000 titles and will continue to operate under its name with its existing team. Current president of Norwood Patti Hall will retire. She says in a release, “We are so pleased to place our independent, family-owned business with Rosen, another independent family-owned business…We understand and are excited that Rosen shares that commitment and will continue to grow and expand on that mission.” Ken Katula, ceo and president of Rosen Publishing Group says, “Rosen ownership and staff have long admired Norwood House Press… […]
KKR Selling RBmedia to H.I.G. Capital
KKR has reached a deal to sell audiobook publisher RBmedia to private equity firm H.I.G. Capital, the WSJ first reported, at an enterprise value of more than $1 billion (including the actual purchase price, plus assumed debt, which could be considerable). In March, when PE Hub said KKR was readying the sale, a “source” said the private equity firm was aiming for a sale at up to $2 billion (which would have been an aggressive 16 to 20 times EBITDA). The deal is expected to close in the fourth quarter. The WSJ reports that KKR had paid about $500 million […]
Lagardere Publishing Continues Slight Gains, Despite Weakness at HBG
Lagardere reported headline results for their second quarter and detailed results for the first half of the year on Tuesday. “Demonstrating its resilience amid a less buoyant publishing market,” publishing division sales for the quarter were €677 million, up €15 million from a year ago (gaining 2 percent), though recent acquisitions including Welbeck and Paperblanks provided €9 million of that increase. For the first half of the year, sales reached €1.247 billion, up €31 million, gaining 2.5 percent, or 1.6 percent on a like-for-like basis, with €21 million from acquisitions. But recurring EBIT fell by €16 million to €65 million, […]
Two Booksellers and An Industry Coalition Sue to Block Texas School Library Book Rating and Banning Law
Independent booksellers BookPeople in Austin, TX and Blue Willow Bookshop in Houston have joined with the American Booksellers Association, the Association of American Publishers, the Authors Guild, and the Comic Book Legal Defense Fund to sue the state of Texas over their pending new law severely restricting the availability of books in school libraries. The so-called Reader Act, aka The Book Ban in the plaintiffs’ legal papers, is due to go into effect September 1. Filing in suit in the US District Court for the Western District of Texas, Austin Division, the plaintiffs seek both preliminary and permanent injunctions blocking […]