Shortly after acquiring the E-Reads ebook list of approximately 1,200 titles in April, Open Road is bulking up more with the acquisition of Premier Digital Publishing‘s list of over 300 ebooks. Open Road will take over publication of those titles, “a majority of which” are in the mystery, science fiction, and fantasy categories, in July. The acquisitions puts Open Road at over 6,000 titles in all. Premier Digital Publishing, founded in Los Angeles and now with offices in Toronto and New York, had attracted authors with a reported 80 percent royalty. A spokesperson for Open Road tells us that going forward […]
Finance
Judge Temporarily Blocks Hastings Merger, Schedules Hearing On Shareholder Suit
A Texas US District Court has granted a temporary restraining order “restricting” the proposed merger between retailer Hastings and companies controlled by National Entertainment Collectibles Association owner Joel Weinshanker. The court has scheduled a June 12 hearing on a shareholder lawsuit alleging that the purchase price is “insufficient consideration” and charged that the officers and directors of Hastings “breached their respective fiduciary duties in the course of negotiating and approving” the merger. The buyout offer is for $3 a share, but the plaintiffs indicated earlier they believe the company may be worth $5 a share or more. If the $21.4 million buyout is […]
Mediabistro Sold to Prometheus
Mediabistro will sell its editorial and e-commerce assets to a subsidiary of Prometheus Global Media, which also owns Adweek, The Hollywood Reporter and Billboard, for $8 million in cash. That’s significantly less than the $23 million Jupitermedia paid to acquire Mediabistro in 2007 — but the parent company’s stock total market is about $6.3 million, even after a 13 percent gain today. As Crain’s notes, the parent company reported a loss of $5.7 million in 2013, on sales of $12.5 million. Prometheus is acquiring Mediabistro’s editorial properties, job board and education business. CEO Alan Meckler will retain the trade show business and related […]
BEA M&A: Blurb Buys Out Graphicly; Feedbooks Acquires Aldiko
As has been rumored for some time, Blurb.com is acquiring Graphicly.com, which has focused on helping creators produce image-rich ebooks such as comics and other illustrated works, including photo books. It’s considered an “acquihire,” with the press release phrasing it as “Blurb acquires key talent from Graphicly.” Six employees from Graphicly will join Blurb, including founder Micah Baldwin, while Graphicly will shut down as an independent service. Founder Micah Baldwin tells TechCrunch that Graphicly has 10,000 publishers on its platform, issuing about 20,000 titles, with approximately $2 million in revenues. In the release, Baldwin says, “After spending four years working […]
Globe Pequot Press Sold to Rowman & Littlefield
The Globe Pequot Press has been sold to Rowman & Littlefield, for undisclosed terms, by parent company Morris Publishing. R&L has purchased the imprints that published as Globe Pequot Press, Lyons Press, Falcon Guides, Knack, Two Dot, and Insiders’ Guide. Morris Publishing will retain the Milepost, Skirt, Pop Out, and Western Horseman Books imprints, and the U.K.-based Footprint Guides. R&L’s National Book Network will take over distribution of the purchased imprints as well as the retained lines “sometime in August or September.” NBN will also take over sales and distribution responsibilities for Globe Pequot’s own 18 distribution clients. Morris Publishing’s Springfield, TN distribution facility […]
Sales Rise At Bloomsbury, As Profit Softens
Bloomsbury reported results for their fiscal year ending February 28, with sales rising 11 percent of £109.5 million, but profit after tax of £9.5 million was down slightly (from £9.8 million the year before). All three major publishing divisions — adult trade; children’s and educational; and academic & professional — showed gains during the year, which “mitigated a fall in higher-margin rights and services revenues.” Those sales fell 26 percent to £8.5 million, with “fewer [copyright licensing] deals completed and at lower amounts.” Digital sales overall rose by 21 percent to £12.2 million, and now comprise 12.1 percent of revenues […]