Entangled’s Red Tower Books, a new adult fiction imprint focused on romantic fantasy and science fiction, first appeared in our digital pages almost a month ago with the acquisition of Rebecca Yarros’s new adult fantasy FOURTH WING, but now the company has provided full details. Molly Majumder is editorial director, and the company says the line “will champion feminist and empowered perspectives in the fantasy and science fiction space, while also enfolding in…romance.”
Storytel Gets Breathing Room With Capital Raise that Includes Otava As New Shareholder
Storytel has given itself a significant financial lift with a new share issue that raises approximately 400 million SEK (about $37 million) from its two largest shareholders — EQT Public Investment and Roxette Photo — while also bringing in Finnish media company and book publisher Otava as an investor. (In a separate announcement, Otava says they bought a 3.5 percent stake in the streaming media company, for about 125 million SEK.) Shares were priced at SEK 45.50. The board “believes [it] will strengthen the liquidity of the shares and be beneficial to the Company” and help “ensure a strong balance […]
People: McAveney Named CEO of Abrams As Jacobs Moves to Executive Chair, McCarthy Joins Open Road
Abrams has hired Mary McAveney as president and CEO, taking over on November 28 as the company’s first-ever female chief executive. Currently chief revenue officer and chief marketing officer at Open Road, McAveney first worked for Abrams in 1992 on the marketing and sales team, and has held positions at Simon & Schuster, Zondervan, and HarperCollins. She succeeds Michael Jacobs, who will step down after running the company for 19 years. Jacobs will take the role of executive chair of the board at Abrams and will remain on the board of Abrams & Chronicle Books in the UK. He will […]
Harper’s Sales Fell Sharply On Big Returns and Lower Orders From Amazon
The effect of Amazon’s much talked-about “reset of its [book] inventory levels and rightsizing of its warehouse footprint” is front and center in News Corp.’s fiscal first quarter account of HarperCollins’ performance, and the impact is clear. Sales at Harper fell $59 million in period, down 11 percent, to $487 million. The changes at Amazon “resulted in lower order volume and higher returns, despite consumer sales data remaining consistent with prior quarters.” Foreign exchange, due to the strong dollar, cost the company $22 million in the quarter as well. Backlist sales comprised about 65 percent of sales in the quarter, […]
People 11/8
Barry Harbaugh joined Spiegel & Grau as an executive editor, and Joey McGarvey joined as senior editor. Both report to co-ceos Cindy Spiegel & Julie Grau.
Judge Pan Finds “Compelling Case” to Block Penguin Random House/Simon & Schuster Merger
As Judge Florence Pan makes painfully clear in her now-issued full “memorandum opinion” blocking Penguin Random House’s acquisition of Simon & Schuster, in her view it was never a close case: She finds in favor of all of the government’s key arguments and building blocks, and positively scoffs at many of the defendants’ “medley of other arguments.” Along the way, she provides multiple burns — of PRH in particular and the Big Five in general, including the contention the merger would have no effect on advances (“incredible”); PRH’s bidding pledges (“the Court gives no weight to this unenforceable promise”); PRH’s […]