While Paramount Global did not mention their book publishing division during their investor call on Thursday, the 10-K filed with the SEC later in the day officially reaffirms yet again their plans to sell: “Simon & Schuster remains a noncore asset as it does not fit strategically within our video-based portfolio. We expect to enter into a new agreement to sell Simon & Schuster in 2023. Assuming that we do so, closing would be subject to closing conditions that would include regulatory approval.” The termination fee paid by Bertelsmann and Penguin Random House following the expiration of their original purchase […]
Barnes & Noble Revises Membership Program
The bookseller is modifying its longstanding membership program, making it more…complicated. The $25 membership is turning into a $40 “premium” program. The main enhancements are extending the 10 percent discount to most online purchases, some additional cafe enhancements, and a “free” tote bag every year. A new initiative offers a free rewards program, providing rewards “stamps” in exchange for your personal data and letting the store market to you. (“Stamps” is the same term used for rewards points in Waterstones’ long-running program, if you’re wondering why they chose that paradigm.) The WSJ tries to position it as having something to […]
Simon & Schuster Celebrates Record Year
As was clearly in the works but is now official, Simon & Schuster is celebrating an “extraordinary, stratospheric” and record year — “the greatest year in the history of Simon & Schuster” — far exceeding $1 billion in sales for the first time ever and capping a three-year run of record results. Sales were a big $1.177 billion, up 18.5 percent, and operating income hit $248 million, up 16 percent. Those numbers compare to sales of $993 million in 2021, when operating income was $213 million. In 2020, also a record at the time, sales were $901 million and operating […]
Lagardere Publishing Gains on Acquisitions and FX, Falls on Comp Basis
Lagardere reported fourth quarter and full-year results on Wednesday after the market close in Paris. Sales at Lagardere Publishing were €752 million for the fourth quarter, down €20 million compared to the previous year, a 2.6 percent decline overall (and down 8.1 percent on a like for like basis). Foreign exchange provided a €21 million boost during the quarter due to the stronger US dollar (though was held back slightly by the declining British pound) while recent acquisitions added €23 million to sales. For the full year, sales rose €150 million to €2.748 billion — also due to a combination […]
On Schedule, Paramount Restarts Sales Process for Simon & Schuster
“Sources” confirm to Reuters that Paramount Global has begun shopping Simon & Schuster again through a financial adviser. Liontree advised the company on the sale to Penguin Random House that was blocked by the court. As expected, those sources also suggest the company is focusing on the clear, uncomplicated path to successful sale this time: “Paramount will court private equity firms as potential buyers of Simon & Schuster because they do not compete with it and would not raise competition concerns with U.S. regulators that led to the demise of the Penguin deal last year, the sources added.” Of course […]
Bookselling: More Barnes & Noble News
On Wednesday Barnes & Noble opens a new, modestly-sized 7,000-square-foot store in the Paddock Shops in Louisville, KY, a day after they close a much larger 25,000-square-foot store in the same shopping center. Separately, another longtime BN in Rochester Hills, MI closed on Sunday after 27 years in that location.