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 […]
M&A
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 […]
The Opposition
The announcement of Penguin Random House’s agreement to acquire Simon & Schuster was met quickly with a number of statements and articles in opposition. The Authors Guild (it’s “creating a huge imbalance in the US publishing industry”) and the American Booksellers Association (it “will mean too much power over authors and readers in the hands of a single corporation”) will both ask the Department of Justice to block the deal. The Association of Canadian Publishers is asking both the Competition Bureau and the Department of Canadian Heritage to review the deal. They say the merger would “have a direct and […]
Penguin Random House to Buy Simon & Schuster for $2.175 Billion
ViacomCBS announced Wednesday morning that it has a definitive agreement to sell Simon & Schuster to Penguin Random House for $2.175 billion in cash, “from existing liquid funds.” The transaction is expected to close in 2021, with S&S ceo Jonathan Karp telling staff that will “likely” happen “in the second half of 2021 at the earliest.” It is subject to regulatory approvals — primarily in the US — and competing bidders such as HarperCollins parent News Corp. have already declared they believe “it will clearly be a serious antitrust issue.” Bertelsmann has already indicated it does not expect approval issues. […]
News Corp CEO Says PRH Would Face Antitrust Fight Over Simon & Schuster
News Corp. ceo Robert Thomson said in answer to a question at the company’s annual meeting he has no doubt that Penguin Random House would face major regulatory issues in the US if they were to prevail in the bidding to acquire Simon & Schuster. “It will clearly be a serious antitrust issue if Bertelsmann acquires Simon & Schuster,” Thomson said. “However cute and clever the structure, if Bertelsmann is a beneficiary, it will be a book behemoth. And this will certainly be a profound antitrust issue for the entire book industry and no doubt for authors around the world.” […]
The Top Bidders for Simon & Schuster Are…Exactly As Expected
“Three people familiar with the process” have confirmed to the NYT that parents of the two largest trade publishers in the US — Penguin Random House and HarperCollins — are the two leading bidders for Simon & Schuster at this point. Which is exactly as was expected, since the company will yield greater financial efficiencies if it is acquired by another, larger trade publisher. “At least one of the offers has topped $1.7 billion,” two of the people said to the paper, with final bids due prior to Thanksgiving. If true, that would be a substantial premium over prices for […]