Following “decade high” earnings in the first half of the year, Lagardere Publishing said in a release that the division’s “strong sales momentum and product mix” will raise profits “in a more favorable manner than anticipated in the context of the health crisis.” They now expect full-year operating margin of “around 13.5 percent” for the year, up from a previous expectation of 12 percent. For comparison, in 2020 they had operating margin of 10.3 percent, with recurring EBIT of €246 million on sales of €2.384 billion. Through the first nine months of 2021 publishing sales were up 9 percent; if […]
The Top 10 Best of the Best Books of 2021 So Far
As we continue to tabulate the consensus very best books of 2021, the roster has remained one of the most interesting and competitive we have seen in years of aggregating. Distinctions are fine, with all of the top titles receiving similar totals of “picks” from across the lists we monitor. At the very top, works of fiction and nonfiction are closely matched for “book of the year” honors — and across the top 10, the list is more balanced than usual, with five works of nonfiction and six novels. (Eight are from Penguin Random House, with one each from Simon […]
Lagardere Board Prepares for Tender Offer
Ahead of the coming tender offer from Vivendi to buyout the remaining shareholders of Lagardere, the company’s board appointed an ad hoc committee. Soon that committee will recommend “an independent expert in accordance with the General Regulations of the French Financial markets authority.” Separately, Joseph Oughourlian has resigned from the board now that his company Amber Capital has sold their shares to Vivendi.
Penguin Random House Answers DOJ
Penguin Random House filed their initial answer on Monday to the Department of Justice’s complaint seeking to block the publisher’s plan to acquire Simon & Schuster. The reply challenges the core of the DOJ’s case, which asserts that the acquisition is “likely to substantially lessen competition” for “the acquisition of US publishing rights to books from authors,” focusing in particular on what the government describes as the market for “anticipated top-selling books,” which “would be highly concentrated.” But is that an acceptable market definition? PRH argues that, “DOJ invents a market for rights to ‘anticipated top-selling books’ that excludes the […]
Authoritive Announces Funding, Legible Goes Public
Publishing-related startup Authoritive formally announced the completion of $5 million in seed funding, led by edtech venture firm Owl Ventures, and including Guardian Media Ventures. The Lean Startup author Eric Reis is also an investor and board member. Founded by literary agent Christy Fletcher, Figment co-founder Jacob Lewis, and technology executive Gene Cohen, Authoritive uses messaging technology to provide instruction, coaching and other learning experiences from experts — including such authors as Gretchen Rubin, Denise Hamilton, Sarah Knight Mark Bittman, Susan Cain, Danielle Town, and Tim Tebow. (While some are Fletcher & Co. clients, many are not.) In addition to direct-to-consumer […]
Once Again, RR Donnelly Agrees to Buyout By Atlas Holdings — and Then Receives A Higher Bid
After a bidding war that included increased offers from both Chatham Asset Management and an unidentified “strategic party,” on Thursday RR Donnelly said it has accepted a revised bid by Atlas Holdings at $10.35 a share (or $856 million in cash for the equity). The proposed deal will be sent to a shareholder vote — though the market indicated it expects still more action. After the close of the market yesterday, Chatham announced another higher offer of $10.85 a share, though the bid expires on December 13. While the board has seemed inclined to pair with Atlas since accepting an […]