After receiving unsolicited interest from a US internet company last fall, Wattpad is reported to have invited bids for the company. The company is “now in active talks with multiple interested parties and could sign a deal as early as this month,” the Globe and Mail reports. By their account they are “in talks with multiple parties to potentially sell the enterprise for upward of $500 million.” The company told the paper, “We don’t have any news to share.” While the platform has lots of users — 90 million a month — after more than 14 years it still does […]
M&A
Acquisitions: A Big Buy for Wiley, and More Titles for Chicago Review Press
Wiley announced the acquisition of open-access publisher Hindawi Limited, “one of the world’s fastest growing scientific research publishers,” for a total purchase price of $298 million. “The acquisition of Hindawi enables Wiley to move farther and faster toward our goal of meeting the world’s urgent and escalating need for new knowledge,” said Wiley ceo Brian Napack. London-based Hindawi expects to record $40 million in sales for 2020, with year over year growth of 50 percent. Chicago Review Press has acquired half of Fulcrum Publishing‘s list, comprising 126 new and backlist titles across graphic novel, gardening, natural history, and travel. The acquisition expands […]
2020: The Year in Mergers and Finance
Befitting the pandemic year, 2020 recorded only modest merger activity, as most potential buyers focused on preserving liquidity over acquisitions. In the end, the year was as notable for what didn’t happen as what did. Cengage and McGraw Hill called off what would have been the year’s biggest merger after running into resistance from the Department of Justice and other regulators. (Both are left with significant debt to pay down.) Barnes & Noble Education spent all year busily not getting acquired: They explored “strategic” options for months and concluded that the company was doing fine on its own — which […]
Briefs
Riky Stock will join North South Books as managing director on January 1. She will focus on “strengthening transatlantic ties to the company’s head office in Zurich, Switzerland and developing a more international approach to marketing and communications.” Stock was head of the German Book Office in New York and represented the Frankfurt Book Fair in the US. (That office was recently closed.) One of the year’s unanswered questions has been what France’s Vivendi — and controlling owner Vincent Bolloré — wants from its sizable 27 percent stage in Lagardere. Reuters suggests the battle for control of the company may […]
People, Etc.
John le Carré, the pen name of David Cornwell, 89, who wrote The Spy Who Came in From the Cold, A Perfect Spy, Tinker, Tailer, Solidier Spy, and many more, died of pneumonia December 12, in Cornwall, England. Johnny Geller, his longtime agent at Curtis Brown UK, said in an announcement on Sunday night, “John le Carré was an undisputed giant of English literature. He defined the Cold War era and fearlessly spoke truth to power in the decades that followed.” Brian Tart, president & publisher of Viking Penguin, said, “It has been an honor to be John le Carré’s […]
Red Ventures Acquires Lonely Planet
Digital business platform Red Ventures has acquired travel guide publisher Lonely Planet from NC2 Media for an undisclosed amount. Lonely Planet’s leadership team will remain the same, with publisher and vp print Piers Pickard staying on in the UK. Red Ventures co-founder and ceo Ric Elias said in the release, “While the travel industry is experiencing an unprecedented downturn, we believe it will come back stronger than ever, and no brand represents the magic of the modern explorer better than Lonely Planet. By joining our travel portfolio, Lonely Planet positions us revolutionize the consumer journey for travelers, helping more people […]