On Monday Barnes & Noble [BKS] filed another revised prospectus for the upcoming spinoff of Barnes & Noble Education [BNED], telling investors just how much stock they will receive: For every single share of Barnes & Noble Inc. stock owned, investors will 0.632 shares of BNED common stock. Ultimately the stock market will determine what the two entities are “worth” once separated. But based on the current stock price and market capitalization, that implies something like a $640 million market cap for BNED and a $1 billion market cap for BKS (not including the preferred shares). In the filing, however, BN’s […]
Finance
People: A Harry Potter Play, and More
JK Rowling announced on Twitter that she has written a play — Harry Potter and Cursed Child — that will open in London’s West End next summer. She calls it “a collaboration” with writer Jack Thorne and director John Tiffany, along with singer-songwriter Imogen Heap. Tickets will go on sale this fall, and the production will be stated at the Palace Theatre. The theater’s website says the play “will explore the backstory leading up to Harry’s parents untimely death at the hands of Lord Voldemort.” Rowling writes, “I’ve had countless offers to extend Harry’s story over the years, but Jack, […]
Scribd Takes Over Librify; Google Ventures Backs Personalized Children’s Publisher
Scribd has acquired social reading ebook retail platform Librify. Founded in 2013 by Joanna Stone Herman, Ingram Content Group Ventures was among Librify’s funders, and their primary retail relationship was with Target. Scribd ceo Trip Adler said in a statement, “We value Librify’s focus on the social reading experience and the great work they’ve already done within reading communities. This move is a natural extension of the existing Scribd product and something we, and our readers, have wanted to explore more deeply.” Herman adds, “we set out to create a book club like reading experience for the digital age and we’re excited […]
Corporate: Harlequin’s Customer Rewards Program; Bonnier Germany Drops DRM
Harlequin has launched a new customer loyalty program, Harlequin My Rewards, which gives members opportunities to earn rewards such as autographed books, signature gift baskets and Skype conversations with favorite Harlequin authors. Harlequin My Rewards presents readers with points for purchasing books or engaging in multiple online activities, including sharing book reviews, providing opinions, completing weekly book challenges and games, tweeting and partaking in Facebook activities. In addition, readers who purchase Harlequin books at retail locations can earn points by taking a photo of their receipts, which they email or upload to the Rewards site. Bonnier Germany (which includes Carlsen, […]
People, Etc.
Kim Shannon has been promoted to vp, director, retail sales at Penguin Random House. Awards The Carnegie Medal was awarded to Tanya Landman for Buffalo Soldier, while the Greenaway Medal was given to William Grill for Shackleton’s Journey, which he wrote and illustrated. Grill is the youngest prize winner (at age 25) in more than 50 years. Obituary James Salter, 90, died June 19 in Sag Harbor, NY. He was the author of novels including A Sport and a Pastime (1967) and Light Years (1975) as well as two short story collections and a memoir. The NYT reports his wife […]
Judge Denies Results of Family Christian Bankruptcy Auction
U.S. Bankruptcy Judge John Gregg voided the results of the complicated bankruptcy auction for the Family Christian Stores bookselling chain, calling the process “at times, nothing short of chaotic.” At the same time, the Judge wrote, “While the Debtors clearly made mistakes at the auction, this court concludes that the allegations of fraud and unfairness are, in large part, unfounded.” That presents FCS with two main options: Reopen the bankruptcy auction, under the expanded oversight of the United States Trustee’s office, or, “as an alternative to recommencing the auction, the Debtors may simply wish to file a plan of reorganization […]