In another BEA-timed announcement, Target plans to pair with start-up Librify to offer some form of ebook club/subscription service, though an “official launch is still several months off,” USA Today reports. As a result, the details are opaque for now, with Target indicating they will reveal more this summer. “The service will be targeted at women, especially young professionals and moms of the coveted Millennial generation.” Target spokeswoman Erica Julkowski says, “We are proud to partner with Librify to offer a differentiated experience, which focuses on social connectivity and book clubs. She adds, “It is a great solution for bringing a […]
Bookstores
At Least One New Holder for Barnes & Noble
With the April sale of 3.7 million shares of Barnes & Noble common stock by chairman Len Riggio — and the sale earlier in the month of nearly all of Liberty Media’s convertible preferred shares in the bookseller — there were bound to be disclosures on the way about new major holders in the company. On Friday, investor David Abrams and associated hedge funds operated by Abrams Capital Management disclosed ownership of a total of 3.746 million shares in the bookseller, or 6.26 percent of the common stock. Separately, a scan of large holders on Bloomberg indicates that other hedge […]
The Washington Post On Their Owner, and VF On Judge Cote
After being needled for not mentioning the dispute over contract terms between Amazon and Hachette Book Group that has resulted in alterations in how the etailer displays and ships HBG titles, the Washington Post has posted something…equivocal. The paper’s column finds it “understandable” that authors “are irate over the unequal treatment.” On the one hand, Amazon “is by no means unique in employing this tactic.” But “in some ways, Amazon’s decision to choke off Hachette is similar” to the net neutrality showdown, they suggest. “As Amazon gains more and more market share, its power to do so will only increase.” While […]
People: Lynch to Ecco, Penguin Random’s Marketing/Operations Team, Sophie Hicks’ Agency
Megan Lynch will join Ecco as editorial director on May 28, reporting to Daniel Halpern, who says “I can’t imagine anyone more suited to taking over the fiction reins at Ecco.” Ryan Willard will report to Lynch, and Hillary Redmon will continue to report to Halpern. Lynch is currently senior editor at Riverhead, where she spent the previous 11 years. Penguin Random House has created a companywide Consumer Marketing Development and Operations group. SVP, director Amanda Close — who has led the predecessor, Random House’s digital marketing and channel development team — will lead the new group, reporting to US president and coo Madeline McIntosh. […]
International: Paragon Acquires Bankrupt Weltbild; Amazon Partners With Italian Bookstore Chain Giunti
German media group Weltbild, which went into bankruptcy reorganization last January, has been acquired by private equity group Paragon, Manager Magazin reports. As part of the deal, for which terms were not disclosed, Paragon will take a majority stake in Weltbild and transfer the main business in Germany as well as satellite operations in Austria and Switzerland to a new company. Since the bankruptcy, 900 of Weltbild’s employees (nearly 50 percent of the workforce) have lost their jobs and 50 of 220 stores have closed. Amazon has partnered with Italian bookstore chain Giunti, which will allow the bookseller to sell […]
Frontiers: BN College Aims to Grow; Speculation On A McGraw-Hill IPO
Barnes & Noble College ceo Max Roberts tells Reuters the unit plans to add about 300 stores over the next 5 years, bringing them to approximately 1,000 locations. The company has added about 50 college bookstores over the past two years, with almost 700 stores now. Reuters writes: “It intends to do that by getting more schools to outsource their bookstore operations with the lure of nicer, higher-grossing stores and by poaching accounts from larger rival Follett Corp.” Separately, an article in The Deal cites “sources speculating” that Apollo Global Management may be looking to float an IPO in McGraw-Hill […]