Thomas Nelson Publishing announced a partnership with Magnolia Publications, a new independent company from Chip and Joanna Gaines. “Jo and I have been changed for the better by people’s stories. These past few years, we’ve had the opportunity to introduce some of these inspiring people to the world, and we’re convinced that there are far more stories out there that need to be told. That’s our hope for Magnolia Publications—that it would be a source of storytelling where people walk away encouraged and inspired,” Chip Gaines said in a statement. Magnolia’s first book is The Road to J.O.Y.: Leading with […]
New ABA VP Announced; Board Meets with Labor Attorney
At the American Booksellers Association three-day virtual board meeting this month, Duende District Bookstore owner Angela María Spring was announced as co-vice president, sharing the title with Kelly Estep. Last year, the board allowed for two vice-presidents to “improve the pipeline to the presidency” as part of their equity and inclusion initiatives. In a session focused on “board education about an industry trend,” the board met with labor attorney Mark A. Konkel from the ABA general counsel’s office. Bookselling This Week reports that Konkel “represents owners but is pro-worker and knowledgeable about unions from the perspective of both employers and employees. He […]
Pearson Expects Growth Despite Higher Ed Losses
Pearson published their full year-end report for 2021, after a brief update in January, with results “ahead of expectations.” Sales were £3.438 billion, an underlying growth of 8 percent over 2020, “reflecting underlying performance, portfolio changes and currency movements.” Operating profit was £183, down significantly from £411, due to the 2020 sale of shares in PRH and restructuring costs in 2021. Adjusted operating profit was £385 million, compared to £313 million last year, a 33 percent increase, “driven by operating leverage on revenue growth and cost savings offsetting cost inflation and investment to accelerate future growth.” Providing more details about […]
HMH Gains for the Year
Houghton Mifflin Harcourt announced results for the fourth quarter and full year 2021. Sales in the quarter were $179 million, up 26.7 percent from $141 million the year before. For the year, sales were $1.051 billion, a 25 percent increase from $840 million in 2020. Operating income was $48.2 million, up from a loss of $(447.9) million the year before (when they took a large goodwill impairment charge). Net income was $2.1 million, compared to a loss of $(470.7) million last year. The company canceled its earnings call due to the recent announcement of a pending sale to Veritas Capital. […]
Spotify Releases “Bookcast” of Parton-Patterson Novel
Spotify announced the release of its first “bookcast,” an audiobook/podcast hybrid of portions of Dolly Parton and James Patterson’s Run, Rose, Run. The bookcast combines excerpts of the audiobook narration with songs Parton wrote and recorded as the soundtrack for the book. The project functions as a preview for the novel (out March 7) and the soundtrack (out March 4). The first two four-minute episodes are available now, with another released next week and the last six dropping on March 7, when the book is available. “This unique audio experience exemplifies the limitless potential of audio and Spotify’s commitment to […]
People 2/24
Gina Gagliano has been named executive director of the Boston Book Festival.