News Corp. will acquire Harlequin Enterprises from Torstar for C$455 million (the final price was $414 million in US dollars, net of $19 million in cash on Harlequin’s balance sheet). Harlequin will become a division of HarperCollins but will remain headquartered in Toronto. Torstar originally acquired control of Harlequin in 1975 and full ownership in 1981. Both parties said they expect the deal to close by the end of September, pending approval by regulatory bodies in both US and Canada, as well as Torstar shareholders. (It’s possible that the deal would be subject to review in other territories as well, primarily […]
Finance
People: Deborah Rogers Dies, and More
Prominent UK literary agent Deborah Rogers died yesterday, of a suspected heart attack, the Bookseller reports. Rogers, Coleridge and White confirmed the death of its chairman — who was presented with a lifetime achievement award just weeks ago at the London Book Fair. One of her authors, Kazuo Ishiguro, commented: “I’m groping for consolations in the face of this loss, but one of them is that she departed absolutely at the top of her game, knowing no decline. In the last few months, she was sharper, wiser, more energetic than at any time in the 34 years I’ve known her.” Brittney Ross […]
Hodder Purchase of Quercus Moves Forward
Hachette UK’s Hodder & Stoughton deal to acquire Quercus has become “unconditional,” which essentially finalizes the deal as it heads towards the formal closing. Quercus chief executive Mark Smith is leaving the company, but will serve as a consultant for an unspecified period of time. As noted in March, when H&S agreed to pay £12.6 million, Quercus will operate as its own division, under the supervision of Jamie Hodder-Williams. H&S reiterates that it will honor all written contracts, and a spokesperson tells us “all existing arrangements will remain in place,” including Quercus’s US-based business. Hodder-Williams comments in the announcement: “I […]
Barnes & Noble Stock Falls 12 Percent; Riggio Reflects
Barnes & Noble stock fell almost 12 percent on Thursday following the disclosure of chairman Len Riggio’s big sale of 3.7 million shares, reducing his stake to roughly 20 percent (down from 30 percent at the beginning of December). Trading finished at $16.37 a share on heavy volume of 9.4 million shares, but now investors have a long weekend to cool off. While the recent sales by Riggio and Lberty Media have weighed on the company’s stock price, it had been usually high up until those sales — which made it easier for these big investors to sell. “Several weeks […]
Riggio Sells Another Big Piece of Barnes & Noble, Sending Shares Down
Any lingering expectation that Barnes & Noble chairman Len Riggio might still take the company’s bookstores private was further dampened Thursday morning by the disclosure that Riggio sold 3.7 million shares of the company’s stock. The SEC filing indicates he received the below-market price of $17.30 per share “in a privately negotiated block trade” yesterday. That reduces his holdings in the company to roughly 20 percent, or approximately 12 million shares. Riggio says in the announcement, “After this sale I remain the company’s largest shareholder, a position I feel very good about. I love this company and I believe in its […]
WME Details IMG Cost Cuts for Lenders
Sports Business Journal and The Wrap both obtained financial documents prepared in connection with William Morris Endeavor’s debt offerings, lining up financing for their acquisition of IMG. The transaction is due to close May 1, though the two sources disagree on the actual price (between $2.375 billion and $2.45 billion). The documents provide an interesting look at WME’s operations, as well as its ownership going forward. Their minority private equity backer Silver Lake will own 50 percent of the combined agency (up from 31 percent); WME will own 47 percent, and an Abu Dhabi sovereign wealth fund will hold 3 […]