Following media reports alleging that Vivendi violated EU rules by violating its “standstill” agreement and engaging in Lagardere’s business affairs prior to the closing of the merger, the European Commission “has decided to open a formal investigation.” They note that, “An opening of a formal investigation does not prejudge its outcome.” But, as EC antitrust head Margrethe Vestager states in the release, “At this stage, the Commission has gathered sufficient elements to open a formal investigation to determine whether Vivendi has complied with our procedures.” She notes: “Our ex-ante merger control regime, requires that companies notify transactions with an EU […]
M&A
Acquisitions: Norwood House Press
Classroom and library publisher Rosen Publishing Group has acquired Norwood House Press, effective August 1. Norwood House has 2000 titles and will continue to operate under its name with its existing team. Current president of Norwood Patti Hall will retire. She says in a release, “We are so pleased to place our independent, family-owned business with Rosen, another independent family-owned business…We understand and are excited that Rosen shares that commitment and will continue to grow and expand on that mission.” Ken Katula, ceo and president of Rosen Publishing Group says, “Rosen ownership and staff have long admired Norwood House Press… […]
KKR Selling RBmedia to H.I.G. Capital
KKR has reached a deal to sell audiobook publisher RBmedia to private equity firm H.I.G. Capital, the WSJ first reported, at an enterprise value of more than $1 billion (including the actual purchase price, plus assumed debt, which could be considerable). In March, when PE Hub said KKR was readying the sale, a “source” said the private equity firm was aiming for a sale at up to $2 billion (which would have been an aggressive 16 to 20 times EBITDA). The deal is expected to close in the fourth quarter. The WSJ reports that KKR had paid about $500 million […]
Draft2Digital Acquires Pre-Made Book Cover Site
Draft2Digital has announced the acquisition of SelfPubBookCovers.com, a marketplace for pre-made book covers from professional designers. D2D will run the cover site from a new Author Success division, headed by Nick Thacker. He says in the release, “Our mission at Author Success, as it is with SPBC, is to help authors efficiently procure the highest-quality essential publishing services for the least cost and effort.” SPBC co-founder Rob Sturtz will remain with the company during a transition period. D2D says it “plans to introduce a major refresh to the [SPBC] marketplace in late 2024 or early 2025 that will enable improved […]
Sandstone Press Sold in Liquidation to Vertebrate
Scottish publisher Sandstone Press went into bankruptcy liquidation earlier this week, with its assets offered for sale by Hilco Valuation Services. The assets of the fiction-focused publisher have been acquired by Vertebrate, an adventure publisher, the Bookseller reports. Vertebrate hopes to retain ongoing rights to the list of about 230 titles, though at least one agent indicates to the Bookseller she has asked for a reversion of her author’s rights.
Andrews McMeel Acquires Amber Lotus
Andrews McMeel has acquired Amber Lotus Publishing, known for “calendars that showcase wisdom text and inspirational quotes paired with exceptional work by artists and photographers,” from Leslie Gignilliat-Day and Lawson Day. AMP will publish Amber Lotus calendars under their own imprint, starting with the 2025 calendar season. AMP president and publisher Kirsty Melville says in the announcement: “Their work complements the Andrews McMeel calendar line wonderfully, and we’re honored that they have chosen us to continue their mission of sharing the extraordinary work of so many talented teachers and artists.” Leslie Gignilliat-Day adds, “We’re grateful Kirsty shares this vision and […]