F+W Media has expanded their licensing deal from 2013 to develop Burda Style USA, into a broader 50/50 joint venture with Burda Media “to run the brand Burda Style in the USA and Canada, as well as the UK digital activities of Burda Style.” F+W ceo David Nussbaum says in the release, “This joint venture brings together two of the largest entities serving the craft market and represents the next stage of our trusted partnership with the Burda team. Through organic growth and strategic acquisitions, F+W Media has expanded its reach in the US craft market serving tens of millions of consumers […]
Finance
Barnes & Noble Improves Profit On Lower Sales; Cut 190 Nook Jobs and Promises New Color Device, Higher Ed Tech Launch
Sales for the big holiday third quarter at Barnes & Noble fell 10.3 percent overall to $1.996 billion (down $228 million), but EBITDA improved considerably — on a reduction of Nook losses — to $173 million, compared to just $59 million a year ago, when they first took big inventory losses on unsold Nook devices (of $74 million). In coming attractions, one way or another, in their ever-shifting device strategy they “plan to launch a new Nook color device in early fiscal 2015” (which begins in late April), doing so “in collaboration with a third-party partner.” More broadly, BN says […]
Small Investor/Agitator Touts Unfinanced “Proposal” to Buy Control of Barnes & Noble Or Nook
Michael Glickstein’s G Asset Management — by all outward indications a one-man shop — has been agitating the Barnes & Noble board to increase shareholder value since 2011 without much success, but on Friday he discovered the power of a press release and put himself on the map. Put on the wire early Friday afternoon, G Asset Management’s announcement touted their “proposal” to acquire a controlling stake in all of Barnes & Noble or, failing that, the “Nook segment,” which does not exist currently as a freestanding piece. This is not an actual bid, or even a formal offer. G Asset […]
CodeMantra Has New Owners
Service provider CodeMantra has been acquired by a group of Boston-based investors “with plans to support the company’s growth and expansion,” and the company will relocate its headquarters to Boston. The sale follows the death of one of the three co-founders, Suresh R. Chakravarthy (CR), at the end of 2012. Current cfo Vaidyanathan Segaripuram V will move up to ceo, and executive director – publishing services Walter Walker has been named president. Additionally, Ed Marino will join the company as executive chairman. Marino was an early ceo of Lightning Source (which he says is now a $400+ million business) and […]
James Patterson Writes Checks to 55 Bookstores
James Patterson has followed up on his pledge to donate $1 million to support independent bookstores this year with an initial list of 55 stores that are receiving donations (worth $267,000 so far far). As noted in the announcement, “Some stores have submitted proposals for how the money will be used; others will simply receive an unsolicited check and a note from the author, encouraging them to use the funds to continue doing the good work they already do.” The release indicates “Patterson selected recipient stores by researching which stores are doing the very best work in their communities to […]
People, Etc.
At MacGregor Literary, Holly Lorincz has been promoted to agent. She will focus on representing contemporary and historical romance, political or conspiracy thrillers, women’s fiction, literary fiction, and both literary and classic westerns. Graphic Arts Books announced it recently acquired Companion Press, the Bozeman, MT-based photographic publisher, to expand its Graphic Arts Books and WestWinds Press imprints. Companion Press publisher Jane Freeburg, who founded the company in 1987, will stay on. “The Companion Press list gives us a well-established and respected presence in California as well as representative titles in the Southwest, Northwest, Alaska, and the Rockies.”said Graphic Arts Books publishing […]