With its stock continuing to languish, Scholastic issued an earnings update, reversing the small down grade in profits from last quarter. The company is now back to expecting adjusted EBITDA for fiscal 2025 to range between $140 million to $150 million. That was the original guidance before a “subsequently narrowed outlook” after the fiscal third quarter in March. The company cites “successful cost management and solid execution in the fourth quarter.” Following up on ceo Peter Warwick’s statement in March underscoring the value of their “non-operating assets that could be monetized, if and when the company chose to” — pointing […]
Wiley Finishes Fiscal Year with Improved Profits, Forecasts More Gains
Wiley reported results for their fiscal fourth quarter, ending April 30, and full fiscal year. Sales for Q4 were $443 million, down $25 million “due to foregone revenue from divestitures,” with adjusted sales “essentially even” at constant currency. Operating income rose, however, up $7.7 million to $76.5 million, though adjusted EBITDA was “essentially even.” Due in part to a tax benefit, net income was much higher than last year, at $68 million, compared to $25 million a year ago. The Learning segment had sales of $162 million for the quarter, down 5 percent. But the company reported “strong demand for […]
Obituary: Caroline Herter, 70
Former book packager at Herter Studio and publishing director at Chronicle Books Caroline Ames Herter, 70, died at her home in Bar Harbor, ME on June 12. Herter’s publishing career began as one of the original booksellers at Tattered Cover Bookstore in Denver, and she went on to work in sales, marketing, and publishing roles at Harper & Row, Charles Scribner, Simon & Schuster, and Chronicle, where she was instrumental in developing the gift product line that redefined how non-book products were marketed and sold in the bookselling community and how book products were sold in the gift market. Her […]
The Coesfelds Audition for Bertelsmann Chief Executive Job
Brothers Carsten and Thomas Coesfeld, grandsons of Reinhard Mohn, have long been expected to take over the management of the Mohn-controlled Bertelsmann when current chief executive Thomas Rabe steps down by the end of 2026. Over the weekend, the FT highlighted a recent company management meeting at which both Coesfelds “led energetic Ted Talk-style discussions on ‘growth’ and ‘transformation’ last Wednesday. The presentations, part of a two-day corporate gathering, felt like a public audition for the top job.” Both brothers are members of the company’s executive board. Thomas is ceo of the BMG music division and Carsten is ceo of […]
Scribd Acquires Fable
Scribd’s Everand has acquired social reading app Fable, for undisclosed terms. Everand and Fable will continue as separate services, though “Fable will benefit from Everand’s resources and the operational stability that comes from being part of Scribd, a privately-held company with over 18 years experience, to further enhance its community-first features as both teams explore thoughtful opportunities to evolve the reading experience together.” Fable founder and ceo Padmasree Warrior will transition to an advisory role. Fable had raised $27.25 million in funding.
Cheated Authors Are Unbound
Authors whose work was published by the bankrupt crowdfunding publisher Unbound reacted angrily online in recent days over a letter from Archna Sharma, former Unbound ceo and now ceo of Boundless, a freshly-debt free publisher that subsists on having acquired the IP assets of Unbound at deep discount in a pre-packaged bankruptcy sale. (The payment was £25,000 upfront and another £25,000 over time, which was “the only firm offer.”) In March, Sharma had promised Unbound authors that the new company would pay “all monies owed to authors by Unbound.” A round of checks was reportedly due at the end of […]