The New York Post has a hot “exclusive” business story: It turns out book sales have boomed during the pandemic, and Barnes & Noble is “cashing in.” Of course the story doesn’t really say what it thinks it says. Here’s what we find notable: – Owner Elliott Advisors hopes to unload the chain within another two years. “A source familiar with the matter says Elliott is about halfway through its plan that would eventually spin the bookseller back onto the public markets — or sell it to another private buyer.” – Barnes & Noble’s store count has declined, from 627 […]
Agencies: The Literary Office
In the UK, former Canongate publisher Jenny Todd will launch The Literary Office on October 1. She said: “I am drawn to writers who dare to be different; with the potential to be published in fresh and inventive ways.”
Imprints: More PRH UK Lines to Publish Paperbacks As Penguins
At Penguin Random House UK, three paperback lines will publish under the Penguin brand and colophon in the future, to “leverage” the better-known brand. Transworld’s Black Swan and Corgi imprints and Cornerstone’s Arrow will all make the switch, the Bookseller reports. But it is a branding change only: “There are no internal structural implications to this development. Nor are any roles in the company affected by it.”
Macmillan Postpones Full Reopening to 2022
Macmillan trade told employees the company is “delaying the official reopening of the office until no earlier than January 10, 2022, while also adding a soft opening of the office beginning in October 2021.” Previously, they had planned on reopening the New York office on October 18 for those who want to work in the office. In line with that, business travel continues to be suspended through the end of 2021. The notice indicates, “As we look to reopen the office, we are keenly aware of everyone’s unique situations. We continue to prioritize flexibility and the creation of a safe environment, […]
Opening Sales: Rooney In the US
Yes, Sally Rooney’s Beautiful World, Where Are You? launched at No. 1 on the NPD Bookscan bestseller list, just as it topped the list in the UK. But US hardcover sales registered just under 40,000 units — below the 46,000 hardcover sales that were tracked in the UK.
Vivendi Boosts Ownership of Lagardere, and Will Launch Tender Offer for Full Buyout
The battle for control of Lagardere enters what may be its final stage, as well-funded Vivendi is taking steps towards a full takeover. Vivendi announced an agreement to buy activist investor Amber Capital’s significant minority stake in Lagardere, paying €24.10 a share for Amber’s block of over 25 million shares, comprising just under 18 percent of shares outstanding. That price provided a good premium above the market close of €19.49 on Wednesday. Vivendi and Amber had a reciprocal right to buy each other out if either party wanted to sell. The FT reported, “Last week, Amber told Vivendi it wanted […]