French billionaire Bernard Arnault made another modest purchase of Lagardere stock on October 14, adding approximately 2.2 percent of shares outstanding. Arnault’s companies now hold just over 15 percent of shares (and 16.93 percent of voting rights), and company ceo Arnaud Lagardere owns 7.3 percent of the public shares. In late September, Arnault had made his first direct investment in Lagardere, a 5 percent stake. The new purchase came just a day before a French court is due to decide on whether investors Amber Capital and Vivendi have the right to demand a special shareholders meeting to vote on board […]
Pearson Sales Down 10 Percent in Q3
Pearson announced third quarter and nine month sales results for the period ending September 30, 2020. Sales were down (10) percent for the quarter, which the company deemed “an improving trend” — with the heaviest declines in international (down 26 percent) and North American courseware/higher ed (down 15 percent). Online learning rose 32 percent during the quarter. For the nine months, overall sales have been down 14 percent, “largely reflecting the continuing impact of COVID-19 and test centre and school closures in Global Assessment and International, and expected declines in North American Courseware.” The company says it’s “on track to […]
August AAP StatShot Shows Continued Trade Gains
The AAP released its August StatShot showing combined adult and children net trade sales of $648 million, up $46 million from last year. However, publishers didn’t ship many more books than they did last year in August; the gains persist because returns have been consistently lower this year. Shipments totaled $744 million, up just $5 million from last year, with returns (30) percent lower. Adult trade sales had another good month, $53 million higher at $453 million, up $52 million from last year. But children’s sales declined, falling $8 million to $194 million — with the total of $647 million […]
Judge Rules Government’s Case Against Bolton Will Go Forward
John Bolton’s motion to dismiss the DOJ lawsuit seeking proceeds of his book The Room Where It Happened failed Thursday, with US District Court Judge Royce C. Lamberth finding that the government’s position that Bolton breached prepublication review was sufficiently supported by facts. At stake are his $2 million advance and royalties from the bestselling book, which Bolton will have to forfeit to the government if he loses. Next up, Judge Lamberth has said he would rule “expeditiously” on both the government’s motion for summary judgment and Bolton’s motion to delay it. While a summary judgment has a high standard […]
LSC Sale to Atlas Holdings Wins Court Approval
LSC’s sale to Atlas Holdings has been approved by the bankruptcy court. An affiliate of Atlas Holdings, with support from LSC’s secured creditors, will acquire substantially all of the company’s assets, according to this morning’s press release. The transaction is expected to close during the fourth quarter of 2020, subject to closing conditions, including regulatory approvals. LSC ceo Thomas J. Quinlan III said, “We are confident that through this partnership with Atlas, LSC will be uniquely well-positioned to strengthen and grow our market-leading position and provide our customers with the same high standards of quality, reliability and innovation,” and thanks employees […]
Bernard Arnault Buys Direct Lagardere Stake
Late last week, French billionaire Bernard Arnault bought a 5 percent stake in the publicly-traded shares of Lagardere, signaling the strength of his commitment to supporting ceo Arnaud Lagardere as a majority of shareholders seek to shake up the board and management of the company. Earlier this year Arnault helped shore up Mr. Lagardere financially, acquiring a 25 percent stake in the privately-owned holding company that controls Lagardere. A Vivendi spokesman said the firm was “very happy” that Bernard Arnault had become a direct Lagardere shareholder, Reuters reported. (This will only fuel speculation from earlier this year that the ultimate […]