Storytel has given itself a significant financial lift with a new share issue that raises approximately 400 million SEK (about $37 million) from its two largest shareholders — EQT Public Investment and Roxette Photo — while also bringing in Finnish media company and book publisher Otava as an investor. (In a separate announcement, Otava says they bought a 3.5 percent stake in the streaming media company, for about 125 million SEK.) Shares were priced at SEK 45.50. The board “believes [it] will strengthen the liquidity of the shares and be beneficial to the Company” and help “ensure a strong balance […]
Penguin Random House Grupo Editorial announced Friday it has agreed to purchase the remaining minority stake of 15.6% of PRH Grupo Editorial Portugal from Manuel de Freitas and his family. De Freitas had retained that share when selling the 20|20 Editora group to PRH in 2021. With that transaction, de Freitas leaves the company, where he served as general director. Editorial continues to be run by Clara Capitão, with Pedro Veiga Ferreira, as director of financial, logistics and systems director, both reporting to Patxi Beascoa.
Kensington Publishing has acquired sci-fi/fantasy publisher Erewhon Books, which will continue as an imprint of Kensington. Publisher Sarah Guan and her team will stay with the line. (Co-founder Liz Gorinsky left Erewhon in March.) Having recently moved distributed to PGW from Workman, Erewhon’s titles will be taken over by Kensington’s distributor Penguin Random House Publisher Services next year. Kensington CEO Steve Zacharius says in the announcement, “The diverse, high-quality list Erewhon has built and the level of support they’ve been able to offer their authors as a small, but effective and passionate team is impressive. It also very much aligns […]
HarperCollins Focus has acquired Cider Mill Press, a publisher of gift books specializing in “cookbooks, elegant wine and spirits projects, humor books, and children’s classics.” Cider Mill Press and children’s imprint Applesauce Press will become imprints under HarperCollins Focus. Cider Mill founder John Whalen Jr. will continue on with the company. John Whalen III joins HarperCollins Focus as vp, publisher of both Cider Mill Press and Applesauce Press. He was previously responsible for all operational oversight of the imprints. Laura Minchew, senior vp, group publisher for HarperCollins Focus Children’s and Gift books will oversee the Cider Mill publishing operations within […]
Independent publisher Gibbs Smith is now entirely employee-owned, after workers finalized a deal to purchase the second half of the company on August 31. In 2015, cofounders the late Gibbs and Catherine Smith sold half of the company to employees, and in the new deal the company’s employees purchased Catherine Smith’s 50 percent share via a third-party trustee. “We are excited to fulfill Gibbs and Catherine Smith’s dream of becoming a fully employee-owned company,” ceo Brad Farmer, representing the company’s executive management team, said in a release. “Being 100% ESOP owned is a dynamic change in the company’s status and is […]
Scholastic has bought Learning Ovations, the creator of literacy screening and assessment system A2i, for an undisclosed amount. The publisher will integrate Learning Ovations’ staff and technology into Scholastic Education Solutions’ literacy platform. A2i was developed with research from educator Dr. Carol Connor and researchers at Florida Center for Reading Research (FCRR) and University of California, Irvine. “Carol Connor was a teachers’ teacher, dedicated both to helping every child learn to read – regardless of background, disadvantage or learning challenge – and to supporting teachers with tools that are both deeply rigorous and easy to use,” evp, president Scholastic Education […]