Dr. Seuss Enterprises has now argued before a Federal Ninth Circuit Appeals Court its claim that a Star-Trek themed version of graduation-gift favorite Oh, the Places You’ll Go! violates its copyright. Last year, U.S. District Judge Janis Sammartino had ruled that ComicMix’s Oh, the Places You’ll Boldly Go was fair use. Attorneys from DLA Piper argued the Star Trek book is attempting to serve as a market substitute for the original work, and that previous mash-ups of Seuss’ books, such as the Jim Henson puppet television series “The Wubbulous World of Dr. Seuss,” have been licensed. ComicMix alleges its book […]
AAP February Stat Shot Recalls Better Days Before the Lockdown
The AAP’s February Stat Shot report, from 1,361 publishers, reminds us that trade publishers were having a good start to the year before the pandemic changed everything. Trade sales were $478.7 million in February, up from $454.5 million, with increases in both adult and children’s shipments, buoyed by adult hardback sales (which have been in notable decline while physical store are closed). In February, adult print sales registered to $209.8 million, up $17.5 million from a year ago. Children’s print sales were modestly higher, at $121.6 million, up $5.8 million. Previous trends continued in digital, with audio continuing to grow […]
Education Publishers Deny Conspiracy in Motion to Dismiss Anti-Trust Lawsuit
Defendant publishers and booksellers in the antitrust lawsuit brought by a group of independent college bookstores filed a motion on April 24 to dismiss all claims. McGraw-Hill, Cengage, and Pearson, along with Barnes & Noble Education and Follett, argue that selling digital Inclusive Access courseware solely through BN Ed and Follett stores isn’t anti-competitive or a “long-running conspiracy,” as the plaintiffs had alleged in their complaint, filed in January. The reality, the publishers maintain, is that they have legitimately increased competition through their digital offerings, and indie bookstores have failed to keep up. Inclusive Access, they say, is “both procompetitive […]
Pearson North American Courseware Sales Decline 10 Percent In First Quarter
Pearson gave a first quarter trading update April 24, ahead of its virtual annual meeting today. Sales in the company’s North American courseware and International businesses declined 10 percent, while the assessment business was down 3 percent. Partially offsetting these losses, the Global Online Learning business gained 6 percent in sales due to expanded enrollment and new school openings. Per their earlier warning in March, overall first quarter sales fell by 5 percent, “in line with revised expectations.” Importantly, “We have chosen not to furlough staff and are instead re-deploying people as much as we possibly can around the business […]
Quarto Warns On Pandemic Impact, As Hudson Reports on Sales Declines
Quarto released full results for the year ended December 31, 2019, having already provided preliminary results in late March that showed a very modest profit amidst a steep sales decline in its second half. Adjusted operating profit remained flat, at $10 million. The new report is most notable for the company’s current “downside scenario analysis” trying to estimate “the impact of the Covid-19 outbreak on the Group’s trading and cash flow forecasts,” expecting “a material reduction in the group’s revenues and results for 2020.” So far, “the lockdown measures imposed across the globe have led to falling orders and revenues, […]
Bloomsbury Announces Capital Raise and Cost-Cutting; Lagardere Continues Fight with Activist Hedge Fund
Bloomsbury announced a series of actions to raise capital and reduce expenses, preparing for a “prudent downside scenario” projecting the impact of the pandemic, which assumes “a 75% decline in print revenues and gradual retailer re-openings, to recovery in January 2021.” The company will raise approximately £8.4 million in cash by selling an additional 3.77 million shares (or 5 percent of the existing issued share capital) to “provide financial flexibility to the Company to enable it to maintain appropriate investment to capitalise on future commercial opportunities, whilst ensuring it remains within its banking covenants.” They note that, “Should a prolonged […]