About Michael Cader

Michael Cader is the creator of Publishers Lunch and PublishersMarketplace.com
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Penguin Random House Wins Obama Books

Armed with the biggest purse in town, Penguin Random House announced late Tuesday that the company has acquired world rights to two forthcoming books, one by Barack Obama and one by Michelle Obama. The announcement was made under the name of ceo Markus Dohle, who reportedly stayed in New York to…

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Auction for The Obamas' Books Said to Pass $60 Million

By Tuesday afternoon bidding for world rights to a package of two books, one by Barack Obama and one by Michelle Obama, had reached over $60 million, according to multiple sources talking to the FT. Penguin Random House has always been considered the leading contender -- and has the biggest…

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Riggio's MBS Sold to Barnes & Noble Education for $174 Million

The privately-held MBS Textbook Exchange, majority owned by Len Riggio and other Riggio family members, has been sold to Barnes & Noble Education -- which also used to be privately owned by the Riggio family, and where the Riggios currently hold about 16 percent of shares -- for $174.2 million…

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Pearson Takes £2.55 Billion Charge

Pearson reported full 2016 results on Friday morning in London, announcing an impairment charge to North American goodwill against their declining higher education courseware market of £2,548 million. While the company said that in 2017 "early trading is in line with expectations," they neglected to mention the big charge when…

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Family Christian Stores to Liquidate and Close

The largest chain of Christian book and merchandise stores Family Christian announced that it will liquidate its assets and close all of their outlets, comprising over 240 stores in 36 states. The statement did not provide a timetable for the liquidation. President Chuck Bengochea says in the press release, "We had two…

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Houghton Takes $139 Million Charge In Another Bad Quarter

Houghton Mifflin Harcourt continued their string of disappointing results on Thursday morning, reporting poor fourth quarter earnings. Net sales of $242 million were down $56 million (or 19 percent) from a year ago. The continuing trouble at their legacy basal and supplemental education business helped lead to an operating loss…

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Kobo Plus eBook Subscription Service Launches In Holland and Belgium

Kobo has launched an ebook subscription service, called Kobo Plus, in Holland and Belgium, jointly created with their local partner, the online bookseller bol.com. Priced at €9.99 per month (with a one-month free trial), the services promises unlimited access to 16,000 titles in Dutch and over 40,000 titles in all,…

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Corporate: Adams Acquisition, Capstone Sells Digital Platform, and More

Simon & Schuster's parent company CBS filed their annual report with the SEC at the end of last week. While it does not directly state the purchase for Adams Media, acquired in the fourth quarter of 2016, a little arithmetic yields the answer: S&S paid approximately $42 million to purchase…

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Simon & Schuster Finishes with Declining Sales But Rising Profits

Sales at Simon & Schuster fell to $209 million in the fourth quarter, down $24 million compared a year ago. (In 2014, the company had sales of $215 million in the quarter.) CBS said in their release the decline reflected "a difficult comparison with the fourth quarter of 2015, which…

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People: HMH Names Jack Lynch As CEO, and More

Five months after firing Linda Zecher following a series of unexpected performance problems, the Houghton Mifflin Harcourt board has hired John (Jack) J. Lynch, Jr., 58, as president and chief executive officer. L. Gordon Crovitz will continue to serve as interim CEO until Lynch joins the company. Lynch will take over…

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