Random House Publishing Group president and publisher Gina Centrello shares word of a promotion in advance of “present[ing] the organization and management team of the newly expanded” division “early in the new year.” Dial editorial director Susan Kamil will add responsibility as editor-in-chief of the Random House imprint while continuing to run Dial, reporting to Centrello. Current editorial director Jennifer Hershey will “provide complementary management of the day-to-day running of the editorial department” and report to Kamil; Kate Medina and Bob Loomis will continue to report to Centrello. Random House spokesperson Carol Schneider confirms that, per Centrello’s statement, the unit […]
Galassi On the Changes at FSG
Since news of companywide cutbacks and reorganization at Macmillan began to spread, the Observer has pursued a singular focus on what the changes mean for Farrar, Straus. Today they reproduce a memo sent by publisher Jonathan Galassi to staff yesterday afternoon. In addition to “reduc[ing] staff in certain areas,” he describes “a plan that will reduce FSG’s cost structure and help us to be more efficient in what everyone recognizes is an extraordinarily difficult environment. In some areas, we will rely more on the existing Macmillan infrastructure than we have up to now, to achieve greater effectiveness in an increasingly […]
Now that Quercus Has Sold New Shares, They Revise Guidance
Citing “exceptionally challenging recent market conditions,” the UK’s Quercus warned thatsales and profits for 2008 will fall below expectations. Trade book sales will range between 6 million and 6.5 million pounds, with what had been slim profits to begin with evaporating to breakeven for the whole group (including steady contract publishing sales of 4 million to 4.3 million pounds). The company says “a significant program of cost-cutting has been implemented, including a reduction in current staff costs and a review of the company’s future staffing requirements. Quercus just completed raising 1.75 million pounds in a share offer after they were […]
Beedle Sales
According to a press release today, JK Rowling’s Tales of Beedle the Bard sold 2.6 million copies worldwide in its first week on sale, generating £4.2 million (approximately $6.5 million) in proceeds for the Children’s High Level Group charity.
Another 10 Percent Drop in the UK
Weekly sales figures from Nielsen BookScan show book sales expenditures in the UK via tracked outlets declined 10.5 percent compared to the same week a year ago, ending December 13. Unit sales fell less, by 5.4 percent, with discounting pushing down the average selling price.
Layoffs at Macmillan; Farley to Head Single Children's Division
A restructuring throughout Macmillan USA eliminates 64 positions from throughout the company’s imprints and divisions (including cuts at their college business, central services for the whole company, and Scientific American magazine), representing about four percent of staff in all. CEO John Sargent writes in the memo, “Going forward we are tightening our belts in response to the current recession, but we are also reorganizing and rethinking our business to position ourselves for the long term.” He tells the NYT, “Book sales are markedly slower this Christmas than they were last Christmas. This is a recognition of the times that we […]