Independent Publishers Group (IPG) will “upgrade” its ebook and audiobook distribution services by pairing with Bookwire to use their cloud-based system. In turn, Bookwire will take advantage of access to IPG’s digital print and distribution services. Update: According to a subsequent release from investment banking firm Oakins Desilva Phillips, Bookwire actually “acquired the digital distribution business of IPG and entered into a long-term strategic partnership.” Indeed, in a letter to clients, IPG ceo Joe Matthews wrote that “IPG has come to an agreement with Bookwire…to acquire IPG’s INscribe Digital business.” IPG ceo Joe Matthews says in the announcement, “IPG’s digital […]
M&A
B&N to Purchase Tattered Cover for $1.83 Million
As was rumored last week, Barnes & Noble will buy Tattered Cover bookstore for $1,833,402 in cash, in an offer accepted by Tattered Cover’s owner Bended Page LLC Monday evening. The deal must be approved by bankruptcy court before it is final, and a decision is slated to be made before July 31. B&N will acquire Tattered Cover’s inventory and five locations, which will continue to operate under the Tattered Cover Book Store name. Per the filing with the bankruptcy court, BN “anticipates offering employment to substantially all of Tattered Cover’s current employees,” approximately 70 people, “to continue its events […]
Blue Star Press Acquires Sasquatch Books
Bend, OR-based publisher Blue Star Press has acquired Seattle-based Sasquatch Books from Penguin Random House, which bought the company in 2017. Both presses will continue to be sold and distributed by Penguin Random House Publisher Services, extending Blue Star’s distribution agreement for 10 more years. They write in the announcement that Sasquatch will maintain its Seattle office and continue to “operate autonomously and maintain its editorial independence and creative identity.” Peter Licalzi, ceo of Blue Star Press said, “Investing in quality content is integral to Blue Star Press’s growth strategy, and Sasquatch Books has an incredible portfolio that we’re excited […]
Bloomsbury Acquires Rowman & Littlefield Academic for $83 Million
Bloomsbury announced that it has acquired Rowman & Littlefield’s academic publishing business, comprising over 40,000 titles, for $83 million. They paid $76 million in cash on completion of the deal, with up to $7 million in escrow, to be paid post completion. It’s Bloomsbury’s largest acquisition to date, and doubles the size of their Academic & Professional publishing business in the US, adding to the ABC-CLIO business they acquired in 2020. Rowman & Littlefield’s academic business generated revenue of $36 million in 2023, and profit before tax of approximately $6 million. The sale does not include Rowman & Littlefield’s other […]
Shareholders Approve Indigo Buyout
As expected, Indigo shareholders voted to approve the sale of the Canadian bookselling chain to Trilogy Investments, formalizing a plan that was set in motion in February. “We are pleased with the result of today’s vote and look forward to continuing our work on Indigo’s transformation strategy,” CEO Heather Reisman said in a release. “We remain deeply committed to our customers and to all our stakeholders as we work together to inspire reading and enrich the lives of booklovers across the country.” The deal is expected to be effective on May 31 after regulatory approval.
Greenhaven Capital Discloses “Preliminary” Efforts to Make Competing Refinancing Offer for Barnes & Noble Education
Greenhaven Capital disclosed in an SEC filing that as of March 29 it acquired a 9.9 percent stake in Barnes & Noble Education, and that it has been engaged in an ongoing series of discussions about presenting a competing offer for injecting capital into the ailing company. Greenhaven indicates in the filing that it had made multiple preliminary and non-binding proposals to the BNED board for a recapitalization of the company — some in conjunction with pre-existing investor Outerbridge Capital Management — ahead of the deal announced on April 16 led by Immersion Corporation. On April 11, Greenhaven tried to […]