Simon & Schuster ceo Jonathan Karp addressed staff in advance of next week’s antitrust trial. In a memo, he shares that Judge Florence Pan is expected to make her ruling in November. He thanks staff for S&S’s “outstanding” performance the past two years since the sale was announced–which was also two years of unprecedented publishing sales in the pandemic–and shares a sunny outlook on the potential PRHSS. “As I’ve told you before, I am hopeful that Simon & Schuster will become part of Penguin Random House,” he writes. “I spent 16 years at Random House, and I know their culture […]
Scholastic Returns to Pre-Pandemic Levels As Book Fairs Rebound, Forecasts 8 to 10 Percent Growth in Next Year
Scholastic announced fourth quarter and full-year results for 2022, for the period ended May 31, with gains that “exceeded expectations for this rebuilding year,” president and ceo Peter Warwick said on a call with investors, due to a rebound in in-person book fairs and strong results in the educational business. Q4 sales were $514 million, up 28 percent from last year and ahead of the same periods in 2018 ($496 million) and 2019 ($471 million). Operating income was $65.5 million, up significantly from $9.7 million in the same quarter last year. Earnings were $53.7 million compared to $8 million last […]
People 7/21
Ed Schlesinger has been promoted to executive editor at Gallery Books.
People 7/20
Taryn Roeder has been named executive director of publicity, adult books at Abrams.
Callisto Media Laid Off More Than a Third of Staff
Last week, Callisto Media laid off 140 employees—35 percent of their workforce—sources have confirmed to PL. The cuts were made across departments and levels, in both the New York and Oakland, CA offices. CEO Benjamin Wayne told employees in an all-staff virtual meeting on July 12 that the company, which has been trying to go public or execute a sale, was not yet profitable and it was hard to secure investors during the economic downturn. Callisto needed to reduce spending by $20 million, he said, and 140 positions would be eliminated. Wayne also said that the company would pare down […]
Bloomsbury Trade Increases 26% In First Third
Bloomsbury released a trading update for the first four months of the fiscal year, ended June 30, ahead of its annual meeting today. Trade sales rose 26 percent over the same period last year to £49.95 million, with adult sales of £16.7 million (up 12 percent) and children’s sales of £33.3 million (up 34 percent). Company-wide, sales were up 27 percent to £80.3 million. Results were driven by a Paul Hollywood cookbook and, as always, Sarah J. Maas and Harry Potter. Given the strong start, market expectations are for full-year sales of £242.6 million and profit before taxation and highlighted […]