The state of Maryland has replied to Judge Deborah L. Boardman’s order “to show cause why the preliminary injunction” blocking their unconstitutional library digital lending law “should not be converted to a permanent injunction.” Maryland Attorney General Brian Frosh concedes the loss and does not offer any new evidence, noting, “The State acknowledges that there is no genuine dispute as to any material fact and that the Court may grant or deny further relief in this matter without a further hearing or trial.” Instead he reaches for a final sliver, asking the judge to issue declaratory judgment in the AAP’s […]
First Quarter Deals: Sales Remain At Record Levels, Even As Six-Figure Deals Soften
Following a record year in 2021 for US deal transactions as measured through our PM deal reports, it’s time for an update on deal trends from the first quarter of 2022. To recap the baseline, 2021 saw a surge in dealmaking in the first and second quarters, followed by a modest pullback in the third quarter and a finish to the year that was slightly ahead of the first pandemic uptick from late 2020. In the end, US deals were up 9.4 percent overall, and six-figure deals grew even more, up over 21 percent. Those results aligned with industry stats: […]
After All These Years, Barnes & Noble Tries Again with Digital Audiobooks
Barnes & Noble is trying again with a full-fledged offering of digital audiobooks, available for single-title sales or through a monthly subscription priced at $14.99. They promise a catalog of over 300,000 titles. In a bit of brand confusion, the new initiative is called Barnes & Noble Audiobooks, though it’s tied to the all-but-dead Nook brand, since customers will listen to their audiobooks through the Nook mobile apps. (Separately, BN recently had to discontinue in-app purchases through their Android Nook app, after Google changed their terms to require the use of the Google Play billing system.)
Imprints: Sugar23 Moves to Random House
The Sugar23 Books imprint, first established at Houghton Mifflin Harcourt’s trade division, will publish newly-acquired titles in partnership with imprints across the Random House division. Crown president David Drake will be the in-house liaison, with Kevin Doughten taking on the expanded dual role of executive editor, Crown, and nonfiction editorial director, Sugar23 Books. Sugar23 ceo Michael Sugar and editorial director of books Angela Ledgerwood will continue to lead the line from their side. Seven books already under contract will be published in 2022 by Harper Collins, as part of their acquisition of HMH’s trade books.
Finance: HMH Sale Closes, Quarto Owner Keeps Buying, NPD to Merge with IRI
Private equity firm Veritas Capital formally completed their purchase of Houghton Mifflin Harcourt, valuing the shares at roughly $2.8 billion. Now a private company again, the shares no longer trade on the NASDAQ. CEO and managing partner of Veritas Ramzi Musallam says in the release: “This acquisition underscores Veritas’ commitment to investing in businesses that leverage technology to make a positive impact, and we see vast opportunity for innovation and impact in the education technology market. We look forward to working with Jack [Lynch] and the leadership team and bringing to bear our expertise in K-12 education as HMH executes […]
Coesfeld to Advance at Bertelsmann; Kelly and Smart Named Co-CEOs at DK
Current DK ceo Carsten Coesfeld continues to move up the ranks at Bertelsmann, leaving the publisher on June 1 to become ceo of Bertelsmann Investments, reporting to Bertelsmann ceo Thomas Rabe. Coesfeld also joins Bertelsmann’s group management committee, which advises and supports the executive board. A grandson of the late Reinhard Mohn, who built Bertelsmann into a media conglomerate, Coesfeld already sits on the Bertelsmann Foundation board, and has been touted in German media as the Mohn family member who “could one day lead the media giant.” Penguin Random House ceo Markus Dohle said in the announcement, “Under Carsten’s tenure, […]