Activist investor Cevian Capital, which owns more than 12 percent of Pearson’s shares, has a magical solution to increase the company’s stock: Move the listing from London to New York. Cevian managing partner Christer Gardell tells Bloomberg, “To change the listing is an easy and effortless way to increase the value of a company.” He reasons, “As most of the competition is based in the US, we see an upside to the share of 30-40 percents from a relisting.” Pearson does trade on the New York Stock Exchange through an American depositary receipt listing. A Pearson spokesperson said they are […]
Finance
Penguin Random House Acquires Hay House
Penguin Random House continues to expand, acquiring mind-body-spirit, self-help, health and wellness publisher Hay House, for undisclosed terms. Long self-distributed, Hay House moved their distribution to PRHPS in 2018. They have a backlist of over 1,500 titles. Hay House ceo Reid Tracy will continue to run the operation, and “no changes are planned for its Carlsbad, CA, New York, and London offices, or its management and employees.” The company was founded in 1984 by Louise Hay, author You Can Heal Your Life. Tracy says in the announcement, “I am excited to remain at the helm of Hay House in partnership […]
Acquisitions: The Taunton Press
The Taunton Press has been acquired by “enthusiast media company” Active Interest Media. AIM president at ceo Andrew Clurman said in a release, “AIM and Taunton are closely aligned on several important fronts. While the symmetry of many of our core markets is obvious; woodworking, gardening, and homebuilding; there are many other similarities. Strategically, like AIM, Taunton has been aggressively pursuing the creation of new digital products, memberships, and online learning to better serve their audiences. Most importantly, Taunton shares with AIM a commitment to growing and promoting both the communities we serve, and our fantastic teams dedicated to that […]
Leaver Unveils New Publishing Group
Marcus Leaver has announced the launch of his new company, Gemini Books Group. The goal is to “build a publishing business focused on the UK and North American markets through the acquisition of established companies and by incubating start-up businesses in scalable areas of the market.” Gemini has acquired Imagine That!, Palazzo Editions, Ad Lib Publishers, Mardle Books and Pimpernel Press. Managing director of Palazzo and Mardle Jon Rippon serves as group finance director of Gemini and sits on the board. Leaver says in the announcement, “I look forward to working with Jon to build a publishing business where we […]
Quarto to Go Private
As we suggested well over a year ago, there has been little reason for Quarto Publishing to continue operating as a publicly traded company on the London Stock Exchange — and on Thursday morning, the company announced a plan to go private. CK Lau and his Honk Kong-based company 1010 Printing Limited already have a controlling 50.08 percent stake in Quarto, with lead minority investor Andrea Giunti Lombardo owning 22.34 percent. The stock trades very lightly, and fell substantially at the end of August when Quarto reported a 16 percent decline in sales for the first six months of their […]
Vivendi Finalizes Takeover of Lagardere
Following a second promised sale (of Gala magazine to Groupe Figaro), Vivendi announced Tuesday that it has officially closed its deal for a controlling interest in Lagardere. Vivendi’s executives say in the announcement, “As we do for all our businesses, while preserving its integrity, we will support Lagardère in its development and the transformation of its businesses. Together, we will strengthen our international presence in the fields of creation, content and distribution. We are delighted to start a fruitful collaboration, bringing all our activities to new heights.” Vivendi owns 60 percent of Lagardere stock, and just over 50 percent of […]