At Sourcebooks, Cristina Arreola has been promoted to marketing manager for Sourcebooks Landmark; Stefani Sloma to associate marketing manager for Sourcebooks Casablanca; and Tiffany Schultz has been promoted to assistant marketing manager, retail marketing & creative services. Pearson board chair Sidney Taurel intends to step down from his positions, no later than the 2022 annual meeting. Separately, former Macmillan executive and current ceo of Guardian Media Group Annette Thomas will join the board October 1. Former longtime book publishing publicity executive Susan Richman died at home in New York City on April 19. Richman worked at houses including Scribner, Warner […]
M&A
Ingram Sells VitalSource to Private Equity Firm
Ingram Content Group has an agreement to sell their etextbook platform VitalSource Technologies to Francisco Partners, an investment firm focused on technology businesses. The acquirer says in the announcement it is, “Committed to furthering the VitalSource mission of improving learner outcomes and accelerating our commitment to developing innovative, forward-thinking solutions and platforms that open doors to affordable and impactful learning experiences to students and professionals around the world.” The deal is expected to close this summer. Ingram bought the business in 2006 and has grown it to service 16 million learners worldwide. VitalSource president Kent Freeman says in the announcement, […]
News Corp to Buy Houghton Mifflin Harcourt Trade for $349 Million
As expected, Houghton Mifflin Harcourt Books & Media will be acquired by News Corp for $349 million in cash and operated as part of HarperCollins. The deal is expected to close in the second quarter, “subject to customary closing conditions, including regulatory approvals.” The announcement indicates that HarperCollins “expects to realize immediate cost savings, accumulating to more than $20 million annually within two years, including manufacturing, distribution and other cost efficiencies. HarperCollins also anticipates revenue synergies by leveraging its global scale and further expanding licensing opportunities.” HMH Books & Media had sales of $192 million in 2020, with net income of […]
Penguin Random House’s Deal to Buy S&S Faces Increased Scrutiny In Both US and UK
Penguin Random House’s pending $2.175 billion deal to acquire Simon & Schuster drew headlines Monday following an announcement from the UK’s Competition & Markets Authority that it launched a merger inquiry last Friday. Of potentially greater significance, however, and reported here exclusively, is that the acquisition is now facing a more detailed level of scrutiny from regulators in the US. Within the last week or so, employees report, the Department of Justice extended its review with a “second request” for more detailed information. Second requests require a far more extensive, and expensive, production of documents and information from the deal […]
People, Etc.
Ruth Dickey will join the National Book Foundation as executive director on May 17. She has served as executive director of Seattle Arts & Lectures since 2013. Former lead Lisa Lucas, who serves on the NBF board now, says in the announcement, “Ruth Dickey’s extraordinary skill set—developed over many years as an exceptional, thoughtful, and dynamic leader in the nonprofit literary space—is precisely what the National Book Foundation needs to charge forward,. Her experiences working across the country help to remind us all that this work is for everyone, everywhere.” David Steinberger, chair of the National Book Foundation’s board of […]
Firebrand and NetGalley Sold to Japan’s Media Do
Quality Solutions/Firebrand Technologies and NetGalley have been sold to Media Do International, the US-based subsidiary of Japanese ebook distribution company Media Do Ltd. Founder and ceo Fran Toolan will remain on as CEO for a minimum of three years. Media Do has been NetGalley’s reseller partner in Japan since it launched there in 2016. Media Do International ceo Daihei Shiohama says in the announcement, “We are very pleased to bring Firebrand and NetGalley into the Media Do family. We have long respected the works of the Firebrand Group, and are very excited about the prospects of working closely with them […]