Penguin Random House Grupo Editorial announced Friday it has agreed to purchase the remaining minority stake of 15.6% of PRH Grupo Editorial Portugal from Manuel de Freitas and his family. De Freitas had retained that share when selling the 20|20 Editora group to PRH in 2021. With that transaction, de Freitas leaves the company, where he served as general director. Editorial continues to be run by Clara Capitão, with Pedro Veiga Ferreira, as director of financial, logistics and systems director, both reporting to Patxi Beascoa.
The First Decision: Will Paramount Wait for An Appeal of Ruling Blocking Simon & Schuster Sale
There are a lot of thinly-formed hot takes following Judge Florence Pan’s ruling Monday blocking Penguin Random House’s planned acquisition of Simon & Schuster for $2.175 billion, but the WSJ points directly to what is likely the most important next step: Will S&S parent company Paramount Global agree to give Bertelsmann more time to await an appeal, or has the clock run out? The original purchase agreement was executed on November 24, 2020, and the common inference based on vague sources is that the contract had a two-year term. (A couple of people, including the WSJ, have mentioned November 21 […]
Simon & Schuster Gains 10 Percent
Paramount Global reported third quarter results on Tuesday, and one of the company’s best-performing divisions was Simon & Schuster, covered only briefly as a discontinued operation. The publisher recorded sales of $353 million, up 10 percent from $321 million a year ago (and comped against $279 million in 2020, $217 million in 2019, and $240 million in 2018). Operating income was flat, at $93 million, “due to higher costs across the entire supply chain (such as paper, production, freight, and distribution).” The company experienced some negative effect from currency exchange as well due to the strong dollar, though they do […]
No Treats for Penguin Random House As Judge Pan Blocks Simon & Schuster Acquisition
As expected if you were following along during The Trial, Judge Florence Pan issued a brief order late Monday blocking Penguin Random House’s acquisition of Simon & Schuster. “Upon review of the extensive record and careful consideration of the parties’ arguments, the Court finds that the United States has shown that ‘the effect of [the proposed merger] may be substantially to lessen competition’ in the market for the U.S. publishing rights to anticipated top-selling books. Accordingly, judgment shall be entered in favor of the Plaintiff and the merger shall be enjoined.” For more details from the judge’s extensive opinion, everyone […]
Bookselling: Barnes & Noble Opens New Riverhead, NY Location
On Wednesday, November 2, Barnes & Noble will open a new store in Riverhead, NY, in the Riverhead Shopping Center, “the first new Barnes & Noble to open on Long Island in 14 years.” Most recent BN “openings” have been for replacement stores. In this case, they are serving a community that last had a chain bookstore in 2011, when Borders liquidated in 2011.
Rainy Day Books Sold to Local Owners
Longtime Kansas City independent bookstore Rainy Day Books will be sold to a local ownership group, with the deal expected to close in November. Some of the owners of Made in KC, a quickly-growing group of retail shops, have paired with a group of investors and bookstore customers known as Friends of Rainy Day Books, forming a consortium of at least 16 people financing the purchase. Made in KC co-owner Tyler Enders indicates “there are likely to be slight tweaks in the future, including the possibility of adding more locations. ‘We do want to bring more people into the shop, […]