Private-equity backed Cengage hopes to follow McGraw Hill by launching an IPO later this year. Bloomberg reports that the company has picked Citigroup and Morgan Stanley to work on an offering “as soon as in the first half of the year.” The people who leaked the news say the hope is to raise approximately $500 million. That’s roughly what McGraw Hill hoped to raised from their IPO last year, but demand was weaker than expected, so the final pricing only raised just under $386 million. Shares fell steadily after the offering, and though they rebounded recently, it still trades well […]
M&A
Open Road Acquires Rosetta Books
Open Road Integrated Media has acquired ebook publisher Rosetta Books from private equity firm MEP Capital. Rosetta’s ebook catalog comprises more than 700 titles, including Aldous Huxley’s Brave New World, Charles Webb’s The Graduate, and Walter Tevis’s The Queen’s Gambit. MEP Capital is also a minority investor in Open Road. According to a release, “Rosetta Books’s operations will continue uninterrupted.” Rosetta founding publisher Arthur Klebanoff will continue as “consultant, advisor, and the point of contact for Rosetta authors and agents.” MEP Capital “acquired substantially all the assets” of the Rosetta Books backlist ebook catalog in 2021. “We are deeply gratified to […]
Folio Buys Greenhouse Literary
Folio Literary Management has acquired The Greenhouse Literary Agency from Coolabi Group. Greenhouse staff, full client list, and backlist will move to Folio. Greenhouse director Chelsea Eberly will become vice president and will join with her associate, Huyen Vu. “We’re so excited to welcome Chelsea, Huyen, and Greenhouse’s wonderful community of children’s authors and illustrators to Folio Jr,” Folio partner Emily van Beek said in a release. “Greenhouse has built an extraordinary legacy grounded in care, collaboration, and creative excellence, and we’re honored to carry that work forward while offering even more support and opportunity for these creators as part […]
Globe Pequot Acquires Lake Isle Press
Globe Pequot Publishing Group has acquired independent cookbook publisher Lake Isle Press. The terms of the deal were not disclosed. Lake Isle will be distributed by Simon & Schuster, along with the rest of Globe Pequot. “Lake Isle’s acclaimed cookbooks—known for showcasing diverse culinary traditions—are a natural complement to the strong food and cooking list we’ve built at Lyons Press and Globe Pequot,” Globe Pequot president Bob Marsh said in a release. “The acquisition reflects our continued commitment to expanding in these key categories.” “I’m delighted that Lake Isle has found a home with Globe Pequot,” Lake Isle Press president […]
Harper Christian Acquires DaySpring Book and Bible Assets
Harper Christian has acquired the book and Bible publishing business from DaySpring Cards, Inc., which is owned by Hallmark, for an undisclosed sum. According to a release, the acquisition includes approximately 350 backlist titles, including children’s books, Bibles, gift books, journals, puzzle books, and more, which will continue to publish under the DaySpring name. Hallmark will continue to operate the DaySpring greeting card business. DaySprint acquisitions editor Katie Matzenbacher, editor Daniela Howard, and senior production manager Juanita Groomer will join Harper Christian to work on the line. “This strategic acquisition allows us to develop new products and further expand our […]
2025: The Year In Mergers
For the second year in a row, merger activity in book publishing was quite modest. Not only were there no blockbuster deals, there were very few acquisitions of any significant scale at all. Unfortunately, the year was more notable for business closures–particularly the winding down of Baker & Taylor and the bankruptcy sale of Diamond Comics, both of which had widespread impact. Authors were left with unpaid royalties from a series of publisher failures that included one-time fast growing companies such as Mango and Unbound. At least Baker & Taylor Publisher Services found a new home within Lakeside Book Company, […]