German media group Weltbild, which went into bankruptcy reorganization last January, has been acquired by private equity group Paragon, Manager Magazin reports. As part of the deal, for which terms were not disclosed, Paragon will take a majority stake in Weltbild and transfer the main business in Germany as well as satellite operations in Austria and Switzerland to a new company. Since the bankruptcy, 900 of Weltbild’s employees (nearly 50 percent of the workforce) have lost their jobs and 50 of 220 stores have closed. Amazon has partnered with Italian bookstore chain Giunti, which will allow the bookseller to sell […]
Finance
Many Hachette Print Books Are Hard to Get From Amazon, As “Negotiations Are Underway”
A large number of Hachette Book Group print books are not available directly from Amazon.com in timely fashion, showing as shipping in anywhere from 2 to 5 weeks, even though the same titles are readily in stock at other booksellers. The NYT takes note of the unusual situation and elicits a response from HBG spokesperson Sophie Cottrell, who says Amazon is doing this “for reasons of their own.” Cottrell provided us with the company’s full statement: “It is our normal policy not to comment on negotiations underway with any retailer. “However, we have been asked legitimate questions about why many of […]
Frontiers: BN College Aims to Grow; Speculation On A McGraw-Hill IPO
Barnes & Noble College ceo Max Roberts tells Reuters the unit plans to add about 300 stores over the next 5 years, bringing them to approximately 1,000 locations. The company has added about 50 college bookstores over the past two years, with almost 700 stores now. Reuters writes: “It intends to do that by getting more schools to outsource their bookstore operations with the lure of nicer, higher-grossing stores and by poaching accounts from larger rival Follett Corp.” Separately, an article in The Deal cites “sources speculating” that Apollo Global Management may be looking to float an IPO in McGraw-Hill […]
Acquisitions: McEvoy Buys Personalized Publisher, Kobo Adds More Sony Readers, Oyster Expands
The McEvoy Group has acquired Minneapolis–based personalized gifts and books publisher I See Me! from founders Maia and Allan Haag for an undisclosed sum. Owner of properties including Chronicle Books, McEvoy plans to use the acquisition to build upon Chronicle’s personalized books and gift line. “We’re excited to welcome I See Me! to our family of companies,” said The McEvoy Group founder and ceo Nion McEvoy in the announcement. “We believe that together with Chronicle Books’ growing personalized publishing program, MyChronicleBooks, we will provide the best and most innovative personalized publishing and gifts in the market.” The 14-year-old company will remain headquartered […]
People, Etc.
Tisse Takagi has teamed up with The Science Factory as an agent, based in New York, focusing on non-fiction in the areas of biography, food, and music as well as science. She was an editor at Basic Books. It’s the first appointment since Peter Tallack, who runs the agency from Hamburg, Germany, founded the company six years ago. He describes the collaboration as an exciting step in extending the company’s international reach and intellectual breadth and depth. Co-ceo of The Carlyle Group David Rubenstein will take over in October as chairman of the James Madison Council, an advisory and fundraising […]
Inkling Closes Consumer Business to Focus on Enterprise Side; Lays Off 25 Percent of Staff
Inkling is officially closing its consumer retail business and has laid off something close to 25 percent of staff as a result. (CEO Matt MacInnis confirmed the layoffs to TechCrunch, indicating that 25 percent “was a little high.”) The company will focus on the enterprise/platform side, licensing their technology to publishers and large companies creating content for in-house use. MacInnis indicates that part of the business is performing well “and will continue hiring, he said.” MacInnis already discussed the company’s shift in a Fast Company article in March, “What Happened When A Digital Textbook Company Was Forced to Redefine Its […]