The Holtzbrinck Publishing Group formally announced the new management structure for its major operating business, following the formation and restructuring of Springer Nature (in which Holtzbrinck has a controlling 53 percent share). John Sargent has been appointed executive vice president of the parent company Holtzbrinck Publishing Group, continuing to manage the global trade publishing business and also overseeing the US higher education unit. (This was “soft announced” in April with the hiring of Ken Michaels to run Macmillan Higher Education and Macmillan New Ventures, reporting to Sargent.) Managing director of Holtzbrinck Digital Markus Schunk will take over responsibility for the digital business units, as head […]
Finance
People, Etc.
Jennifer Ung has joined Simon Pulse as associate editor. Previously she was an assistant editor at Scholastic. Kristen Reach has joined the Kenyon Review as associate editor. Previously she was an editor at Melville House. Bankruptcy Filing Filmed Entertainment Inc. — the parent of DVD direct-seller Columbia House — filed for Chapter 11 bankruptcy protection on Monday, citing $2 million in assets and $62 million in liabilities. The unit was part of Bertelsmann’s once-mighty Direct Group, then part of Direct Brands — purchased, along with the Bertelsmann’s North American book club group Bookspan, by Najafi Companies, which transferred the units to the mysterious […]
The Next Spinoff: Donnelley to Split In Three
RR Donnelley said as part of its second quarter earnings reports that the company intends to divide itself into “three independent, publicly traded companies: one business focused on financial communications and data services; one business focused on publishing and retail-centric print services; and one business focused on customized multichannel communications management.” The split is expected to be completed some time before the end of 2016. CEO Thomas J. Quinlan III said in the announcement, “Over the last decade, we have strengthened our business portfolio through a combination of organic growth and strategic acquisitions, developing new products and services, inventing fresh ways […]
Recorded Books Is Sold to Another Private Equity Owner
Wasserstein & Co. has sold Recorded Books — which incorporates their earlier purchases of HighBridge Audio and Tantor Media — to LA-based private equity firm Shamrock Capital Advisors. Shamrock’s investment portfolio includes Isolation Network, the parent company of INScribe Digital. Terms were not disclosed, though Wasserstein was thought to have paid approximately $25 million for Tantor Media at the beginning of this year. Dow Jones says that Shamrock typically invests anywhere from $15 million up to $100 million. The price was not released when Wasserstein first bought Recorded Books from Haights Cross in 2014, either. In the last reported data, […]
Barnes & Noble Officially Splits
Barnes & Noble split itself into two separately, publicly-owned companies on Monday. Shares in the retail bookseller began trading at about 65 percent of the value of the previously combined operations, with a market cap of about $1.3 billion, while shares at Barnes & Noble Education dropped below their “when issued” trading level from last week, priced at around $12.65 a share in early morning trading. (With fewer shares outstanding than BKS, BNED is pointing to a market cap of a little over $600 million.)
International: PRH Australia Sells Bookworld to Booktopia; Harper Brasil, With Ediouro; Harlequin UK Layoffs From Harper Consolidation
Penguin Random House Australia has sold Bookworld, the online bookseller that operates two sites based on the former Borders Australia and Angus & Robertson assets, to their larger rival Booktopia. The sale is expected to increase Booktopia’s sales from $54 million (AU) in 2014 to an estimated $90 million by the end of 2015. Amazon is thought to sell $250 million to $300 million of books to Australia annually. Terms were not disclosed but PRH Australia had “paid less than $5 million for the assets of Borders and A&R after the collapse of their parent, REDgroup Retail,” rebranding as Bookworld the following year. […]