While Paramount Global did not mention their book publishing division during their investor call on Thursday, the 10-K filed with the SEC later in the day officially reaffirms yet again their plans to sell: “Simon & Schuster remains a noncore asset as it does not fit strategically within our video-based portfolio. We expect to enter into a new agreement to sell Simon & Schuster in 2023. Assuming that we do so, closing would be subject to closing conditions that would include regulatory approval.” The termination fee paid by Bertelsmann and Penguin Random House following the expiration of their original purchase […]
Publishers
Storytel Gains 22 Percent in 2022, Suspends Guidance
Swedish streaming company Storytel released their official year-end earnings report after a brief quarterly update in January, with net sales up 22 percent in 2022 to SEK3.2 billion ($293 million), due to the acquisition of Audiobooks.com, organic growth, and positive foreign exchange. Operating loss was SEK(389) million compared to SEK(350) million last year. The company said that expenses in the period include the purchase of Audiobooks.com, a strategic shift and reorganization in the beginning of the year “to focus on profitable growth”, and an SEK8.3 million severance payment to former ceo Jonas Tellander. EBITDA was SEK(56.5) million. In personnel news, […]
Simon & Schuster Celebrates Record Year
As was clearly in the works but is now official, Simon & Schuster is celebrating an “extraordinary, stratospheric” and record year — “the greatest year in the history of Simon & Schuster” — far exceeding $1 billion in sales for the first time ever and capping a three-year run of record results. Sales were a big $1.177 billion, up 18.5 percent, and operating income hit $248 million, up 16 percent. Those numbers compare to sales of $993 million in 2021, when operating income was $213 million. In 2020, also a record at the time, sales were $901 million and operating […]
Lagardere Publishing Gains on Acquisitions and FX, Falls on Comp Basis
Lagardere reported fourth quarter and full-year results on Wednesday after the market close in Paris. Sales at Lagardere Publishing were €752 million for the fourth quarter, down €20 million compared to the previous year, a 2.6 percent decline overall (and down 8.1 percent on a like for like basis). Foreign exchange provided a €21 million boost during the quarter due to the stronger US dollar (though was held back slightly by the declining British pound) while recent acquisitions added €23 million to sales. For the full year, sales rose €150 million to €2.748 billion — also due to a combination […]
Harper Sales Fell 14%; Offset By Lower Employee Costs
News Corp. reported fiscal second quarter earnings on Thursday for the period ended December 31, with sales at Harper Collins of $531 million, a 14 percent decline from $617 million in 2021, attributed to lower book sales “due to slowing consumer demand industry-wide, difficult frontlist comparisons and some logistical constraints at Amazon.” The strong dollar accounted for $22 million of the decline. The “softness” in sales was “notably in North America.” EBITDA was $51 million, down 52 percent from $107 million last year, due to those same lower sales trends, as well as “ongoing supply chain, inventory and inflationary pressures […]
Pearson to Cut Costs in 2023, Focused on Higher Ed
Pearson released a brief trading update for the fourth quarter and full year 2022, ahead of their full results for the year on March 3. “Underlying” sales were down 1 percent for the quarter but up 5 percent for the year, and adjusted operating profit for the year was up 11 percent to £455 million. The company saw growth for the year in all segments except for Higher Education, which dropped 4 percent, at approximately £900 million, “an expected, albeit reduced, decline.” There, the company restructured the sales team and refocused sales and marketing and invested in modernizing their products. […]