UK bookseller Waterstones has secured a new financing facility of £125 million “to support its future growth.” The package comprises a £75 million term loan and a £50 million revolving credit facility. The company’s cfo Karen Ashworth said: “Waterstones would like to thank Barclays and HSBC for their continued partnership in increasing the syndicated facility that supports the financing needs of the business.” When the bookseller reported its most recent fiscal year results in April, they indicated they were in the process of arranging a new £50 million term loan and £50 million credit facility, so the final arrangements are […]
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Scribd Acquires Fable
Scribd’s Everand has acquired social reading app Fable, for undisclosed terms. Everand and Fable will continue as separate services, though “Fable will benefit from Everand’s resources and the operational stability that comes from being part of Scribd, a privately-held company with over 18 years experience, to further enhance its community-first features as both teams explore thoughtful opportunities to evolve the reading experience together.” Fable founder and ceo Padmasree Warrior will transition to an advisory role. Fable had raised $27.25 million in funding.
Bookshop.org Sales Are Growing Again, Says eBook Offering Is Running Ahead of Projections
Bookshop.org founder Andy Hunter is the latest interviewee on the Open Book with David Steinberger podcast. Hunter reports that their recent initiative to add ebook sales to the retail site is, “Already performing three times what we expected when we launched—about 5% of our sales now, and I thought it would take a year for us to get to that point.” On overall sales through the site, Hunter says they are growing significantly: “This year we’re looking to do about $70 million, maybe $75 million.” That would be significantly ahead of sales of $44 million in 2024, which showed modest […]
NetGalley Fixes Kobo Downloads, Expands Relationship
When NetGalley launched their in-browser NetGalley Reader in January, using Readium LCP-protected downloads, they left some users of dedicated ereading devices, particularly owners of Kobo devices, unsupported. Now the service announces that a “Send to Kobo” capability will be available to NetGalley members “starting late May.” Clients can bulk-enable a “Send to Kobo” reading option for their digital review copies now in advance of the customer launch. The company reports, “Once live, the Kobo integration will allow NetGalley members to seamlessly send NetGalley epub files to their Kobo eReaders or the Kobo app, offering greater reading flexibility and convenience without the […]
NetGalley Responds to Kobo Device Owners
NetGalley’s newly-launched implementation of Readium LCP-protected downloads left some users of dedicated ereading devices, particularly owners of Kobo devices, unsupported for now. The service wrote to users who reached out about the issue, “We understand change is hard, and we hear you — and we love Kobo, too! We’ve been actively in contact with Kobo, and the good news is they do have LCP support on their roadmap, we just don’t yet know the exact timeframe.” They note that, “Since Adobe unfortunately no longer provides active support for their DRM (.acsm), it is unsustainable for the long-term.” NetGalley evp Lindsey […]
NetGalley Launches In-Browser Reader
NetGalley has launched NetGalley Reader, a proprietary in-browser platform allowing users to read approved ebooks without downloading them, using an external device, or navigating away from the NetGalley website. The platform supports both ePub and PDF formatted ebooks. Audiobooks can still be accessed through the NetGalley Shelf app. The upgrade is now live across in the United States, United Kingdom, Germany, France, and Japan. The company has also introduced downloads secured with EDRLabs’ Readium Licensed Content Protection. “We’re committed to making books easily and securely accessible to NetGalley members, however they like to read,” said Firebrand Technologies and NetGalley chief […]