News Corp. reported fiscal fourth quarter and full year sales after the close of the market on Thursday, with record profits companywide, as well as at Harper Collins. For the fiscal fourth quarter, Harper’s sales of $493 million were up significantly from $407 million a year ago (but also from $419 million two years ago). EBITDA was up just $1 million, to $48 million, after a surprisingly profitable quarter a year ago even on lower sales. Earnings were “partially offset by higher costs related to the acquisition of HMH, increased sales volume and the mix of titles, as well as […]
HBG Postpones Office Reopening; For Now Will Require Vaccinations and Masks
With uncertainty surrounding the Delta variant, Hachette Book Group ceo Michael Pietsch told staff that, “We have decided to postpone the reopening of our offices, which had been set for September. We have not set a new reopening schedule at this time. When we decide it is safe to proceed with reopening, we will provide a minimum of four weeks’ notice before we proceed.” Pietsch notes they have also experienced “ongoing changes to regulations in some of the cities and states where HBG has offices.” The offices “remain open for people who want or need to use them, within our […]
Obituary: Kitchen Arts & Letters Founder Nach Waxman Dies Suddenly
The renowned Upper East Side bookstore Kitchen Arts & Letters announced that founder and co-owner Nach Waxman “died suddenly” on Wednesday, August 4. They write: “He built the store into a worldwide haven for people who were serious about food and drink books. He encouraged the best authors, respected the passion and curiosity of cooks and readers at all levels, and never lost a sense of pleasure and wonder at discovering the myriad ways people wrote about cooking, eating, and drinking. All of us who worked with him will miss him deeply. As we carry on the tradition he created, […]
Imprints: Rucci to Start Eponymous Line at Scribner
Simon & Schuster editor-in-chief Marysue Rucci will move over to Scribner on September 7, where she will lead a new Marysue Rucci Books imprint as vp, publisher and editor-in-chief. Her first books under the new imprint will be on the Summer 2022 list. Scribner publisher Nan Graham writes, “Her facility and flair as an editor of bestselling suspense, literary fiction, and memoir will complement and build upon areas of publishing in which Scribner has historically excelled. Marysue’s appointment also marks her return to the house where she worked as an editorial assistant and was crucial in Scribner’s acquisition of New […]
S&S Sales Were $219 Million
Following ViacomCBS’s release of their form 10-q for the second quarter, we can see that Simon & Schuster had sales of $219 million — rebounding from $200 million in 2020, and in line with the $218 million recorded in 2019. Operating income looks to have been $52 million, versus $35 million a year ago. Previously, the company reported OIBDA for the publisher, which was $38 million in 2020.
HMH Recovers Somewhat From the Pandemic Low
Thursday morning Houghton Mifflin Harcourt reported a “strong” second quarter, with sales of $309 million, rebounding from a terrible result a year ago due to the pandemic — up 43% compared to $216 million in 2020. But that’s still well (12 percent) below the $350 million recorded in 2019 for the same businesses, leaving aside the trade publishing division. The company reported income of $2 million, improved from a loss of ($32) million a year ago and another loss in 2019, so that represents some real improvement. Based on their “robust pipeline” the company excitedly raised their full-year guidance…but only […]