Olivia Rollins has joined as an editor, replacing editor Lydia Rogue.
Wiley Aims to Reduce Costs as Earnings Fell in Q2
Wiley released its earnings report for the second quarter ended October 31, with sales of $515 million, down 3 percent from last year. Operating income was down 22 percent to $57.4 million, and adjusted EBITDA fell 3 percent to $123.8 million. Net income was $38.2 million, compared to $55.9 million in the prior year. Earnings declined in part due to $14 million in restructuring charges “related to workforce actions and real estate optimization.” In a presentation to investors on Wednesday, the company said it is “accelerating [a] cost reduction program, including targeted workforce actions, general hiring freeze, real estate optimization, […]
One Major New York Publisher Pays Starting Salary of $50K
In yesterday’s open letter addressing negotiations with the union, Harper Collins ceo Brian Murray wrote that, “Based on publicly available information, HarperCollins’s proposed compensation increases would provide for a higher starting salary than any other major New York publisher.” The dollar amount of Harper’s proposal was not disclosed; the union has said it is asking to increase the base salary from $45,000 to $50,000. To expand on the publicly available information, Simon & Schuster’s starting salary for New York City employees is $50,000, which the company confirmed to PL. (Our understanding is that S&S pays based on a 40-hour workweek. […]
Center for Fiction First Novel Prize
The Center for Fiction's First Novel Prize went to Noor Naga's If an Egyptian Cannot Speak English (Graywolf).
BNED’s Big Quarter Was Not So Big
Barnes & Noble Education reported results for their big fiscal second quarter ending October 29, usually their biggest sales period following the opening of schools, with revenues of $617 million, down 1.6 percent from $627 million last year, and still well below pre-pandemic levels ($772 million in 2019 and $815 million in 2018). That’s well short of analysts’ expectations of $675 million in sales. Net income was $22 million, compared to $22.5 million in the same period in 2021, and follows one of their biggest losses ever in the first quarter, when the company was down ($52.7 million), and puts […]
Harper Collins Offers First Response to Union Strike
Harper Collins ceo Brian Murray has issued an open letter in response to the agents and authors who have contacted the company in support of the union. “While we don’t typically comment on negotiations, I feel we owe you a response and want to share some additional background,” he writes. The letter frames the current conflict as with the United Auto Workers union rather than the workers themselves, and notes that the company aims to support all employees, “regardless of their position or union affiliation.” Murray writes that during contract negotiations the company offered “a fair and reasonable pay structure, […]