There was a suspicious spate of financial articles the last couple of days tipping the idea that the worst is over at Barnes & Noble and Nook and earnings would be up — but the results announced before the opening of the market on Thursday proved those hopeful stories wrong again. Analysts hoped earnings per share would more than double to 31 cents — but instead consolidated net earnings fell $1 million, to 12 cents a share. Analyst John Tinker at Maxim Group had convinced the WSJ Nook would only lose $14 million (they lost almost 3 times that) on […]
Finance
Corporate: Mondadori to Spin Off Books Group As A Separate Company; Moody’s Has Negative Outlook On Amazon
Italy’s Arnoldo Mondadori Editore announced last week that they will spin off their book publishing and book distribution units as a separate, freestanding company effective January 1, 2015, to be called Mondadori Libri. The company says “the operation will not involve any changes to the overall profile of the underlying businesses and operating characteristics of the group.” The move is seen as opening the door to more aggressive mergers and acquisitions opportunities, from partnerships to purchases, or as the release states it, “The contribution will also facilitate the creation of a more functional corporate structure for the potential realization, with a view […]
Hachette Book Group Agrees to Acquire Black Dog & Leventhal
Hachette Book Group continues to add to its growing nonfiction list, following the summer’s failed effort to acquire the Perseus Book Group. The company announced Thursday it has agreed to purchase illustrated book publisher Black Dog & Leventhal. The deal will close “in the next several months, subject to meeting the closing conditions.” Once completed, the line will become an imprint of the Hachette Books nonfiction division. Founder J.P. Leventhal will stay on as publisher, with Rebecca Koh moving up to editorial director, and Maureen Winter becoming associate publisher. BDL publishes 20 to 30 books a year, and has been […]
Corporate: Reviving Scribner’s Magazine Online, Open Road Espanol, and Courier’s Brazilian Buy
The latest consumer-facing website launched by Simon & Schuster revives an old magazine name: Scribner Magazine, inspired by (but dropping the apostrophe of) the publisher’s long-ago sister publication Scribner’s Magazine, which published from 1887 through 1939. The new site will act as a general-interest literary magazine featuring “contributions from Scribner authors, editors, fellow S&S imprints, and other voices in the literary community.” Pieces already online includes an essay from Anthony Doerr on his new novel ALL THE LIGHT WE CANNOT SEE, up for a National Book Award Wednesday night; rare Hemingway photos from the publication of Ernest Hemingway’s THE SUN […]
People, Etc.
Erin Stein will join Macmillan Children’s Publishing Group as publisher of a new, yet-to-be-named new imprint on December 1, reporting to Jon Yaged. Her imprint will focus on branded publishing and new content creation, as well as acquiring original commercial fiction and picture books. Previously she was editorial director of branded, licensed, and media tie-in publishing for Little, Brown Children’s. “MCPG has enjoyed fabulous growth over the past several years, and we are always exploring new ways to accelerate our growth. Erin’s phenomenal track record with licensed publishing and new content creation makes her the perfect fit for us. I could not be […]
People: Bykofsky Associates Takes Over DSM Agency List
Sheree Bykofsky Associates has taken over the list of DSM Agency, as Doris Michaels “decided to make a transition in her life, which meant finding a new home for her clients.” Colleagues for a long time, they report: “Sheree and Doris realized that they ran their agencies in much the same way and Doris decided to look no further in her search for the perfect home for her list. It has been an extremely smooth transition, and they both feel like this was meant to be.” Sara Weiss has been promoted to editor for both the Grand Central Life & Style and Grand […]