The slow but persistent battle over who will buy RR Donnelly continues. The unidentified strategic buyer has increased its bid to $11.50 a share after completing its due diligence — but they still need until February 8 to finalize their financing. In the meantime, Donnelly is moving forward with their latest formal agreement, in which Chatham Asset Management is paying $10.85 a share, aiming for a shareholder vote on February 23. The “strategic buyer” has promised it will pay back to the company the $12 million expense payment due to Chatham if the current agreement is terminated, along with the […]
M&A
Follett Book Fairs Sold to Literati
After saying they would exit their unprofitable school book fair business as of last November, Follett School Solutions has now announced the sale of that business to book subscription business Literati. According to the release, “Literati will inherit the Follett Book Fair infrastructure, including book inventory, distribution centers, and key members of the executive, sales and operations team.” They will begin booking school book fairs for spring 2022 in parts of the Midwest, Texas, and Southern California. Schools in the Southeast can book now for the 2022-2023 school year.
Acquisitions: Paperblanks to Hachette UK
Hachette UK has acquired notebook publisher Paperblanks. The terms of the deal were not announced. Paperblanks, which is headquartered in Dublin and has co-branding partnerships with the Getty Museum and New York Public Library, will operate as a standalone business under Hachette UK, reporting to deputy group ceo Richard Kitson. Paperblanks founder and ceo Victor Marks will step down, and regional ceo and group cfo Graham Conway will become ceo. Hachette UK ceo David Shelley said: “I believe that there are fantastic opportunities for us as a book publisher in acquiring and developing adjunct businesses. Since we acquired Laurence King […]
CAA-ICM Merger Postponed Amid Justice Inquiry
CAA’s acquisition of ICM, originally planned to be completed by the end of 2021, has been delayed as the Department of Justice’s antitrust division questions the deal’s “impact on the entertainment industry,” according to the Hollywood Reporter. They cite “multiple sources familiar with the matter.” The parties now hope to close the merger in Q2 2022.
Acquisitions: RBmedia, Chicago Review Press
RBmedia has acquired German audiobook publisher ABOD, which will supply titles to its newly launched German-language audio brand RBmedia Verlag. ABOD licenses and produces audio titles from German publishers, focusing on nonfiction, primarily politics and economics. ABOD founder and ceo Rudi Singer, said, “Since founding ABOD in 2012, I have put much work and care into building a first-rate audio catalog. With RBmedia’s vision, I am confident that we will see these efforts continue to gain momentum.” Chicago Review Press has acquired LGBTQ+ fiction publisher Interlude Press, including a catalog of nearly 100 titles, and its YA imprint Duet Books. […]
2021: The Year In Mergers
It was a blockbuster year for mergers and acquisitions, even with the headline-making lawsuit brought by the Department of Justice to try to block Penguin Random House‘s deal to acquire Simon & Schuster. Prospective sellers across the publishing landscape read the environment and made big deals, often at healthy multiples. With growing sales, strong profits, and impressive resales, publishing is actually looking investable to a wider range of players. And there was plenty of notable activity beyond the roster of straight acquisitions. Scholastic experienced a dramatic change in control following the abrupt death of Dick Robinson, and surprising designation of […]