Activist investor Cevian Capital, which owns more than 12 percent of Pearson’s shares, has a magical solution to increase the company’s stock: Move the listing from London to New York. Cevian managing partner Christer Gardell tells Bloomberg, “To change the listing is an easy and effortless way to increase the value of a company.” He reasons, “As most of the competition is based in the US, we see an upside to the share of 30-40 percents from a relisting.” Pearson does trade on the New York Stock Exchange through an American depositary receipt listing. A Pearson spokesperson said they are […]
Archives for December 2023
Obituary: Roy Gainsburg
Former president of St. Martin’s Press Roy Ellis Gainsburg, 91, died on December 9. He worked for 30 years as a lawyer at Szold & Brandwen, specializing in publishing and literary law and representing St. Martin’s Press, Macmillan Ltd. of London, and the J.R.R. Tolkien estate. He became president of St. Martin’s from 1987 until 1997, then served as an administrative vice president until he retired in 2009.
Powell’s Union Agrees to Contract
After striking in September and rejecting a tentative agreement in November, the Powell’s bookstore union voted to ratify a new contract with 93 percent of members voting yes. The new contract, which lasts for the next four years, promises wage increases that average approximately 28 percent over the life of the contract, expedited promotions for entry level workers, and decreased costs for healthcare claims. Notably, the contract also restores the paid time off accrual for any employee who was rehired after being laid off in 2020.
Best Of: People, AirMail
People Magazine named its 10 favorite books, with Eleanor Catton's Birnam Wood as the top pick.