Bertelsmann reported results for the first six months of the year on Wednesday morning, with Penguin Random House recording sales €2.098 billion—up 9.5 percent versus €1.916 billion a year ago, due to a mix of acquisitions, international growth and the strength of Prince Harry’s memoir SPARE. But operating EBITDA remained flat even with the sales increase, at a relatively modest €258 million (compared to €257 a year ago, and a record €324 million in 2021). Interim ceo Nihar Malaviya wrote to staff that the flat earnings “should come as no surprise, as industry inflationary cost pressures and increased costs across […]
Archives for August 2023
Appeals Court Strikes Down “Mandatory Deposit” of Books with the Library of Congress
Yesterday the United States Court of Appeals for the District of Columbia ruled in favor of small Virginia publisher Valancourt Books, finding that publishers should not be required to send physical copies of their copyrighted books to the Library of Congress. The process of a “mandatory deposit” of books to the LOC (Section 407 of the Copyright Act), without compensation from the government, was unconstitutional, the court said, reversing a lower court decision. Previously, the LOC claimed that the providing the books to the Library of Congress was related to copyright protection, and refusal to do so would result in […]
Quarto Sales and Earnings Fall After Closing Distro and Toy Businesses
Quarto announced results for the first half of the fiscal year ended June 30, with sales of $52 million, down 16 percent from $61.9 million in the same period in 2022. The sales decline was in part due to the company closing their distribution service and selling their Smart Lab toy imprint. Adjusted operating profit was $3.1 million, compared to $6.1 million last year. The company also noted that the book market overall has been more challenging in 2023 than 2022, though they expect it to pick up in the rest of the year as inflation is past its peak. […]
Distribution: Rockpool Publishing
Simon & Schuster will sell and distribute Rockpool Publishing in the US, starting March 1, 2024.
People 8/29
At Chronicle, Andie Krawczyk is moving into the newly created role of director, institutional and independent trade marketing for adult and children's books.
GMA September Pick
Good Morning America chose Happiness Falls by Angie Kim as its September Book Club pick.