Privately-owned talent agency UTA has entered public markets by launching a special purpose acquisition company. The IPO raised $230 million with a plan “targeting businesses in the gaming, digital media, creator economy, entertainment and technology industries.” That’s ahead of an initial plan to raise $200 million. It trades as UTAAU on Nasdaq. Former Nintendo president Reggie Fils-Aime serves as chair. UTA’s Clinton Foy is co-CEO alongside Jamie Sharp, with UTA’s Ophir Lupu as president. Elsewhere in finance, founder and owner of academic publisher SAGE Sara Miller McCune has transferred her voting shares and control of the company to a trust, […]
Good October Continues Great Year for Trade Publishers
The AAP reported their monthly StatShot statistics for October from participating publishers, recording another strong month as retailers stocked up for the holidays ahead of expected supply chain issues. Trade publishing sales were $1.042 billion — what we believe is the first time AAP-monitored sales have ever topped $1 billion in a single month — up $143.5 million, or 16 percent higher than a year ago. Adult sales of $712 million were up $104 million, with hardcovers growing by 14.5 percent (up $41 million) and trade paperbacks rising a big 35 percent (up $49.5 million). Children’s and YA sales of […]
Legal: Court Sends Foundry Dispute to Mediation
Judge Joel M. Cohen approved the joint request by former Foundry Media partners Yfat Reiss Gendell and Peter McGuigan to send their dispute to the court’s non-binding Alternative Dispute Resolution mediation program. If the mediation fails to resolve the matter, the parties will appear back before Judge Cohen for a conference on February 15. In the meantime, as requested, the discovery and motion schedule was extended, pending the results of the mediation.
Open Road Sold to Steinberger-Led Investor Group; Clarivate Completes ProQuest Buy
Founded in 2009 as a venture-capital backed ebook publisher and marketer, Open Road has been sold to an investor group led by former Arcadia Publishing and Perseus Book Group ceo David Steinberger, selling for “between $60 million and $80 million” according to the WSJ. Investors include private equity company Abry Partners, MEP Capital (which acquired Rosetta’s ebook catalog earlier this year), Grove Atlantic (which has worked with Open Road as a customer), and “a number of prominent individual investors from the worlds of publishing and finance” according to the press release. Paul Slavin, who took over as ceo in 2016 […]
Acquisitions for RBMedia, and Hachette UK
RBmedia has acquired Toronto-based Author’s Republic, a distribution platform for self-published audiobooks. The deal includes the company’s Novel Audio audiobook publishing imprint as well. (Novel Audio was originally Audiobooks.com Publishing, and changed its name after the Audiobooks.com retail site was sold to RBmedia’s predecessor. And RBmedia just sold Audiobooks.com to Storytel.) RBmedia says in the announcement that the two will “also provide audiobook creation tools, a narrator marketplace, and other functionality to enable self-published authors to produce and distribute their audiobooks to as many listeners as possible.” Separately, Hachette UK’s Hodder Education Group has acquired John Catt Educational.
BN Launches New eReader
Barnes & Noble will launch a GlowLight 4 ereader on December 8. CEO James Daunt insists in the announcement, “Barnes & Noble is now investing significantly in our Nook line of products. The GlowLight 4 is the second Nook device to launch this year as we set about to bring a new family of devices to our customers and to reinvigorate Nook in the coming months and years.” He added, “The team is working steadfastly to develop new NOOK products, and we are delighted to see such a strong pipeline of innovation into 2022.”