The fanciful, long-running lawsuit in which class action specialists Hagens Berman are trying to prove that Amazon has monopoly control of the US ebook market took a big step towards actually making it to a potential trial. The case tries to demonstrate that Amazon’s position actually harms consumers by inhibiting price promotions and new business models through contract provisions that are effectively MFNs. On October 1, Magistrate Judge Gabriel W. Gorenstein recommended confirming the proposed class of ebook purchasers from January 2017 until the certification of the class. As previously reported, the attorneys’ expert witness estimates that Amazon overcharged consumers […]
Fiction Deals Remain Strong In Third Quarter, As Nonfiction and Children’s Decline
As was the case in the second quarter, dealmaking reflects a tale of two markets, as adult sales remain strong while children’s sales continue to struggle mightily, falling over 17 percent. But the overall effect was unmistakable, as total reported US deals declined 12 percent, compared to a record quarter a year ago. On the surface adult sales remained at a five-year high for the period, thanks to fiction, up 13.6 percent and now near parity with nonfiction deals. But those sales were boosted by our integration of mature digital publishers into the general categories at the beginning of this […]
Podium Entertainment Sold For Over $400 Million
Audiobook publisher Podium Entertainment has been sold to private equity firms Flexpoint Ford and Shamrock Capital by its owner Presidio Investors, for “north of $400 million” according to the WSJ. Music rights company GoldState Music is also named as a minority investor in the purchase. Podium said that going forward it is working with the nonprofit Ownership Works “to establish a program giving all employees an ownership stake in the company and aligning the team with Podium’s next phase of growth.” In connection with the transaction, former Spotify executive David Kaefer will join Podium’s board. Started in 2013, Podium has […]
Barnes & Noble Acquires Joseph-Beth Booksellers
Another well-known independent bookstore brand has been sold to Barnes & Noble, as Joseph-Beth Booksellers announced the sale of “their two bookstores and bistros located at The Mall at Lexington Green in Lexington, Ky. and Rookwood Pavilion in Cincinnati, Ohio.” Store owner and chair Robert Langley said in the announcement, “This decision was made for the continued success of Joseph-Beth Booksellers. For 40 years, Joseph-Beth has been more than a bookstore. It has been a gathering place for readers, families, local authors, teachers and neighbors. In honoring its importance to the communities its two stores serve and to support its […]
Obituary: Mary Evans
Literary agent Mary C. Evans, 74, died peacefully at her home in Hudson, NY on September 4. She started her publishing career at Farrar, Straus and Giroux and then spent 17 years at the Virginia Barber Literary Agency before opening her own agency in 1994, Mary Evans Inc., which continues to serve current authors. She represented writers including Abraham Verghese, Erika Krouse, Michael Chabon, Charles D’Ambrosio, Sally Fallon, and many more Memorial contributions in her honor may be made to Bridge Hotel Farm — 184 Orchard Rd, Hudson, NY 12534. Funeral arrangements are private and under the care of Breanna […]
BNED Sales Are Just Above Flat, As Loss Decreases
Barnes & Noble Education reported sales for the fiscal first quarter ending August 1 on Tuesday. Sales were just above flat for the traditionally quiet summer quarter, at $290.6 million, up $2.4 million from a year ago. Same-store sales were up 3.7 percent, but they operated fewer stores due to closures, “including exits from certain less profitable locations.” The net loss for the period was $12.9 million, compared to a loss of $18.3 million a year ago. Total debt at the end of the quarter was $123.5 million, down from $170 million a year ago. The company still isn’t willing to […]