Alfred A. Knopf, Jr., co-founder of Atheneum Publishers (leaving his parents’ company, Knopf, in 1959 to do so), died Saturday at the age of 90 from complications of a fall in mid-January. NYT Obit
Reed Nearing Deal to Extend Loans
Reed Elsevier is close to securing a “forward-start agreement” to extend about $2bn of loan debt by three years. The Financial Times reports that the deal, which is expected to close in the next few weeks, will see Reed pay up to 225 basis points more than the London interbank rate to lending banks including Barclays and the Royal Bank of Scotland. Reed has about $5bn of debt to refinance before 2012 and “must repay $2bn of ChoicePoint acquisition financing in March 2010 and $2.2bn a year later.” Reed’s $3bn committed back-up bank lines expire in May 2010. Meanwhile, the […]
Announcements
Amazon plans another exclusive Kindle download, partnering with America’s Test Kitchen to offer The Cook’s Illustrated How-to-Cook Library: An illustrated step-by-step guide to Foolproof Cooking for free starting February 24. Thriller writer Andy McNab’s audiobook company GoSpoken struck a deal with Research in Motion to supply e-books to the Blackberry and other smartphones.Times (London)
The Librarian's Role in the Digital Age
Motoko Rich continues her series on “The Future of Reading” by looking at P.S. 225 librarian Stephanie Rosalia, part of “a growing cadre of 21st-century multimedia specialists who help guide students through the digital ocean of information that confronts them on a daily basis.” These new librarians believe that literacy includes books, but also exceeds them via Powerpoint presentations and social networking sites. “The days of just reshelving a book are over,” Ms. Rosalia said. “Now it is the information age, and that technology has brought out a whole new generation of practices.” Yet school librarians are often the first […]
Falling Sales, Outlook at B&N
The lack of a comparable book sales-wise to Harry Potter and the Deathly Hallows – even with the success of Stephenie Meyer’s Breaking Dawn, the Story of Edgar Sawtelle by David Wroblewski and Randy Pausch’s The Last Lecture – took an expected toll on Barnes & Noble’s second quarter earnings. Total sales for Barnes & Noble declined 2% to $1.22 billion. Store sales were off 1.6%, to $1.1 billion, while sales through Barnes & Noble.com increased 3.6% to $99.8 million. Comparable store sales fell 4.7% at the physical stores in the period. Excluding prior year sales of the Harry Potter […]
US Situation Reflects Quarto's Second Half Losses
For the six months ended June 30, International coedition and publishing group Quarto made a pretax loss of 3.1 million pounds against a 400,000 pound profit last time as revenues rose to 43.8 million pounds from 36.6 million pounds. Revenue increased by 20% to £43.8m on an adjusted basis, with underlying sales growth of 4%. Adjusted operating profit was £2.3m, growth of 33%, or 4% on an underlying basis. The group’s actual operating loss was £1.3m, compared with an operating profit in the same period last year of £1.6m. The loss came after restructuring costs of £2.7m associated with the […]