Investor and author Richard Hurowitz in partnership with the sovereign wealth fund Mubadala are among the second-round bidders for Simon & Schuster. Mubadala manages investments for the government of Abu Dhabi. Other bidders include private equity firm KKR and Harper Collins. The news was reported by the WSJ. A writer, investor and publisher of the quarterly magazine The Octavian Report, Hurowitz has been a bidder for other trade publishing companies in the past. And Hurowitz and Mubadala are considered by those with knowledge of the process to likely have been bidders for S&S in 2020 as well. Paramount Global executive […]
M&A
Vivendi Signs Deal to Sell Editis to IMI
On Friday, following clearance from the EU for Vivendi’s acquisition of Lagardere, the company announced they had executed the planned agreement to sell the publisher Editis to International Media Invest (IMI). That spinoff will require its own approval from the European Commission, though Vivendi says, “Completion is expected by early October 2023 at the latest.” IMI is owned by Czech billionaire Daniel Kretinsky. He also owns a 25 percent share in French-based retailer of books and other media, FNAC, and has reportedly expressed interest in buying a controlling share in the company. Vivendi needs to complete the sale of Editis […]
Harper Collins Among Second-Round Bidders for Simon & Schuster
With bids for Simon & Schuster moving on to second rounds, Harper Collins remains an active bidder, the WSJ reports. Private equity company KKR is also among the still-active bidders, multiple sources told PL and the WSJ, with the next bids expected in mid-July. Neither Lagardere nor its new owner Vivendi bid for S&S, people familiar with the sale process told PL. Vivendi was the underbidder behind Penguin Random House during the first sale of the publisher in 2020. While Harper is bidding, ceo Brian Murray had testified last August that their bid in 2020 “was not close” to Bertelsmann’s […]
European Commission Approves Vivendi’s Purchase of Lagardere After Spinning Off Editis
On Friday, the European Commission formally approved Vivendi’s long-planned acquisition of Lagardere, following the fulfillment of their “commitments” to sell the Editis publishing division, as well as the celebrity magazine Gala. Next, “The Commission will assess the suitability of buyers proposed by Vivendi in the context of a separate buyer approval procedure. Pursuant to the commitments, Vivendi can only implement the acquisition of Lagardère following the Commission’s approval of a suitable purchaser.” In April, Vivendi struck a put option agreement to sell Editis to Czech Republic-based International Media Invest. In March, based on preliminary offers to purchase Editis from multiple […]
Lakeside Acquires Marquis
Lakeside Book Company, the largest book printer in the US, has acquired Canadian book manufacturer Marquis Book Printing. The brand will remain as a division of Lakeside and Serge Loubier will stay on as president, while the division is led by Lakeside ceo Dave McCree. “Joining the two leading printing companies in North America allows us to better serve the needs of our customers and improve service for publishers of all sizes,” McCree said in a release. “Marquis’ business model is designed to better serve small to mid-sized publishers, complementing Lakeside’s unparalleled service to all publishers. With Lakeside’s full range […]
Penguin Random House Acquires Callisto Media In A Deal Led and Managed By Sourcebooks
Penguin Random House has acquired the publishing assets of once high-flying start-up Callisto Media, in a deal led (and announced) by their partner Sourcebooks, which will manage the Callisto catalog and publishing program. PRH will incorporate Callisto’s data analysis toolset into PRH’s existing infrastructure and tech stack. The deal closed earlier today, for undisclosed terms. Callisto Media ceo and founder Benjamin Wayne and his “key leaders” will join Sourcebooks and a “portion of the organization” will join PRH on the data side. Wayne acknowledged there will be some “redundancies” in finance and various other corporate functions as part of the […]