Sourcebooks has acquired B.E.S. Publishing from Peterson’s Publishing, in a deal that closed November 1. The deal includes more than 800 B.E.S. titles, including adult nonfiction and children’s fiction and nonfiction. B.E.S. stands for Barron’s Educational Series; Peterson’s had purchased B.E.S. a little less than two years ago from Barron’s. The line has been distributed by Two Rivers, and accounts should continue to order ttitles through Ingram Content Group through the end of 2021. “The addition of B.E.S. adds breadth, variety, and depth to our rapidly expanding children’s and adult nonfiction catalog,” said Dominique Raccah, Sourcebooks ceo and publisher. “We […]
M&A
An Odd Story of M&A and Antitrust
This isn’t what you are thinking. Rather, on Wednesday morning, RR Donnelly announced the board has accepted an offer from Atlas Holdings to take the company private. The bid comprises about $620 million to buy out the equity, and takes on about $1.4 billion in debt. Atlas topped an offer made in October by Donnelly’s largest bondholder (as well as owner of about 15 percent of their stock) Chatham Asset Management, which quickly said they were prepared to offer a higher bid, subject to various contingencies. Not noted in the initial coverage — even from the WSJ — is that […]
S&S “Committed” to Fight DOJ and “Will Carry On”
In a memo to employees on Tuesday, Simon & Schuster president and ceo Jonathan Karp echoed Penguin Random House’s statement that they will fight the Department of Justice’s lawsuit to block the merger of the two houses. “Penguin Random House is determined to fight vigorously to bring this transaction to fruition and we will be doing all we can to help in those efforts,” he wrote. Additionally, “We are committed to working together with PRH to fight this lawsuit.” (The DOJ suit names ViacomCBS as a defendant, alongside Bertelsmann and PRH.) Karp writes, “Notably, DOJ has not alleged that the […]
DOJ Sues to Block PRH Acquisition of S&S
The U.S. Department of Justice Antitrust Division filed suit to block the proposed acquisition of Simon & Schuster by Penguin Random House for $2.175 billion. This time the primary argument is not on behalf of consumers but authors, and authors of “anticipated top-selling books” in particular. Filing in the Washington, DC District Court, the DOJ alleges violation of Section 7 of the Clayton Act, arguing the acquisition is “likely to substantially lessen competition” for “the acquisition of US publishing rights to books from authors.” That market for “anticipated top-selling books…would be highly concentrated,” the filing argues. “The merger would give […]
Harper UK to Buy Pavilion Books
Harper Collins UK will acquire Pavilion Books, including six of its imprints: Collins & Brown, Pavilion, Portico, Robson, National Trust and Pavilion Children’s. Pavilion owner and publisher Polly Powell will keep two imprints, Batsford and Pitkin, and operate under the name BT Batsford. (That’s the previous name, under which Batsford operated until going into receivership in 1999, with Chrysalis Books buying their assets. Chrysalis became Anova, when then became Pavilion.) The deal is expected to close on November 30. Executive publisher Lisa Milton will oversee Pavilion’s adult non-fiction, which will become part of the HQ and Mills & Boon division. […]
M&A: Bookscan Owner NPD to be Sold to Private Equity Firm
NPD group, owner of Bookscan in the US, announced a deal to be acquired by private equity firm Hellman & Friedman. The investor has over $80 billion under management, and recently raised a new $24.4 billion fund. NPD executive ehairman Tod Johnson and CEO Karyn Schoenbart will “retain a minority stake in the business and continue to serve on the NPD board of directors.” The privately-held NPD is estimated by Dun & Bradstreet to have annual sales of approximately $300 million. Johnson says in the announcement, “Both Karyn and I are delighted to have the opportunity to partner as minority […]