The bankruptcy auction for F+W Media’s 10 communities has yielded a total of $7.45 million, with the winning bids going before the court for approval later on Monday. Niche magazine publisher Cruz Bay Publishing, a subsidiary of the sizable Active Interest Media, is paying a total of $1.725 million to acquire the writing community, which…
Finance
Waiting for Readerlink, Investor Agitates and Barnes & Noble Shares Ebb
In the absence of real news about bidding for Barnes & Noble, agitator and modest BN investor Richard Schottenfeld filed paperwork with the SEC in which he asks for a better price than the $6.50 a share deal with Elliott Advisors. The stake controlled by Schottenfeld and related investors is down to under 2.5 million…
PRH Pays Modestly for F+W Books
Paperwork filed with the bankruptcy court overseeing the sale of F+W Media’s assets shows that Penguin Random House won the F+W Books list with a modest bid. They are paying $3 million at closing, with subsequent payments due equal to 70 percent of recent accounts receivable, plus 15 percent of the value of the printed…
Lau Adds Quarto Shares
Quarto ceo CK Lau continues to expand his investment in, and control of, the publisher. Regulatory paperwork indicates that Lau and the printing company he controls acquired another 1.12 million shares of Quarto stock earlier this month. His combined stake now equals 33.63 percent of all shares — up from 20 percent in February 2018…
Readerlink Could Aim to Top Bid for Barnes & Noble
Attentive readers will recall that we were pretty much alone last Friday in pointing out that the agreement for Barnes & Noble’s proposed sale to Elliott Advisors explicitly allowed the bookseller to continue negotiations with companies that had already made acquisition proposals on or before May 29. Late Monday the WSJ reported that Readerlink “is…
Penguin Random House Buys Again, Acquiring F+W Books
Penguin Random House has been selected as the winning bidder in the bankruptcy sale of the book publishing assets of F+W Books. The bid is expected to receive approval from the bankruptcy court on June 10, in which case the sale should close before the end of June. The books division had sales of approximately…