The board of the owner of the Tattered Cover Book Store, currently in bankruptcy reorganization, announced a decision that “positioning Tattered Cover for sale to a qualified, committed new owner is in the best long-term interests of the company, current investors, employees, suppliers and Colorado’s literary community.” The word “positioning” is quite intentional. They say “the company is in discussions with individuals and businesses across the US” but the press release and a motion with the court to delay their next bankruptcy hearing is designed to elicit “additional interest from other potential buyers as word spreads that Colorado’s iconic independent […]
Redesigned Search, Better Matches
Today we are live with the last major piece of the Publishers Marketplace redesign we began rolling out 10 months ago: A new look for our sitewide search engine, and therefore the search results from all of our different databases. The development team has worked hard on improving the results for mobile devices in particular. (We have updated the guidance/tips on how to use site search as well.) Separately, we have pushed an update to our AI-powered Agent Matcher, too. Filters let you adjust matches to agents that we know are open (or closed) to queries; and agents by experience […]
Rabe to Exit Bertelsmann In 2026
Bertelsmann CEO Thomas Rabe will move on from his job when his contract expires in 2026. He told FAZ, “My contract runs until the end of 2026. My plan is to then move on to other tasks.” It will be “the right time for new impulses,” Rabe said. Thereafter, “I would like to be free.” He noted, “I can only imagine taking on one or two entrepreneurial roles, but more as a supporter and advisor.” Members of the company’s controlling owner the Mohn family have been rising quickly in Bertelsmann’s management ranks. Carsten Coesfeld joined the company’s supervisory board in […]
Simon & Schuster’s Last Public Result
There is a small addition to Simon & Schuster’s known results before going private late last year, following Paramount Global’s full-year earnings filing on Wednesday. For 30 days of October, Paramount indicates, S&S had sales of $101 million, and operating income of $18 million. That puts their publicly-released results for 10 months at sales of $958 million and operating income of $227 million. For the first three full quarters of the year, sales had been running just $6 million below their record year in 2022. For all of 2022, sales had reached $1.177 billion, up 18.5 percent, and operating income hit […]
Lakeside to Close Menasha Plant, Lay Off All 339 Employees, Will Close Two More Plants By Year-End
Lakeside Book Company indicated in a WARN notice to the state of Wisconsin that it will “permanently close its print production facility” in Menasha, WI, “due to changing market conditions.” As a result they will terminate all 339 employees at the plant, starting June 7 and ending June 21, when it will close. “Each employee impacted will receive a written 60-day notice of position elimination and will be paid all earned wages and agreed upon benefits at the time of their termination.” That work force was already reduced in 2023 through both voluntary and mandatory layoffs. General counsel and chief […]
Inkitt Raises $37 Million In Series C
Self-publishing website Inkitt raised another $37 million in Series C financing, led by Khosla Ventures. valuing the company at about $400 million post-money. (That’s only slightly above where they stood after raising $57 million in 2021.) Unfortunately, the capital will help fund “AI to write stories based on your original ideas, and to produce versions of its fiction personalized for specific readers” among other purposes. The facile tech media repeats CEO and founder Ali Albazaz’s claim that “Inkitt, in aggregate, ranks as the number 11 best-selling publisher globally” — to which TechCrunch amusingly adds “above household names like Penguin Random […]