WH Smith announced earnings for the year ended August 31, 2019, with revenues for the overall group of £1.4 billion, up from £1.3 billion. The growth is all in the company’s fast international travel business — now about to double in size via a major acquisition. Alongside earnings, the company announced an agreement to purchase of the Las-Vegas based Marshall Retail Group, for $400 million. Marshall has 170 North American locations, 59 of them inside airports, mostly selling news, gifts, and convenience products. The purchase builds on their 2018 acquisition of InMotion in the US for $208 million (following an […]
AAP Stats Show Good July for Children’s Books
AAP released its July StatShot report, showing reasonable activity for children’s books in particular. As has been the case for much of this year, the final adult trade comparison data from 2018 was revised, so comparisons are difficult. Trade sales were $543.7 million, up from a revised $506.5 million last year (first reported as $528 million), and ahead of the four-year average of $529.5 million. Adult trade sales for July 2019 were $384 million — which is better than the final count of $369.6 million for July 2018, but behind the originally-reported $389.2 million. Children’s trade sales were up by […]
The Year In Mergers, Acquisitions, and Finance
Though 2018 was not as active a year for publishing mergers, acquisitions, and finance as was 2017, it was by no means quiet — and reflects certain marketplace shifts towards consolidation and scale we’ve been paying close attention to for the last several years. Penguin Random House made with a number of modest purchases around the world, including the books division of Rodale, paperback publisher Hind Pocket Books in India, and a controlling stake in Brazil’s Companhia das Letras, while also selling off the app company Smashing Ideas, which was an early outside purchase under ceo Markus Dohle’s tenure in […]
Abrams Acquires Overlook Press
Abrams announced the acquisition of The Overlook Press, two and a half months after the death of founder and publisher Peter Mayer. As of August 1, Abrams will handle all aspects of the publishing, marketing, and business operations for The Overlook Press’ books, including its forthcoming titles, while sales and distribution will be handled by Abrams as soon as existing contractual obligations expire. (Overlook has been distributed by Norton. And Abrams using Hachette Book Group for distribution services.) Longtime Overlook associate publisher Tracy Carns and several other employees will join Abrams, continuing in their current roles. “Acquiring The Overlook Press’ […]
Reidy Supports Moonves: “He has always been supportive, straightforward, and helpful to me and S&S”
Simon & Schuster president and ceo Carolyn Reidy issued a statement Monday in response to Ronan Farrow’s New Yorker story detailing multiple allegations of sexual harassment against CBS head Les Moonves. “I have directly reported to Leslie Moonves for nearly 12 years, and during all that time I have been heartened and deeply impressed by the way in which women have been promoted and championed under his leadership at CBS, treated as equals and rewarded for their accomplishments and talent.” Reidy said. She added, “He has always been supportive, straightforward, and helpful to me and Simon & Schuster.” Reidy continued: […]
People, Etc.
Mitchell Ivers is leaving Simon & Schuster on August 31 after more than 21 years at the company, most recently as vp, editorial director of Threshold Editions (though the imprint is not mentioned in the announcement), to write a book “inspired by his recent trip to Israel and Palestine” and to explore publishing opportunities. Ivers joined Simon & Schuster in 1997. In a note to staff, Jonathan Karp remarked on Ivers’ years of “major bestsellers and consummate professionalism” and his “his open-mindedness and courageous support of writers of all voices.” Including, though also not mentioned, the ill-fated Milo Yiannopoulos project. That […]