Harper UK filed their annual report for the fiscal year ending June 30, 2013 with Companies House. Reports from the UK miss the larger context, which is that the parent company reported results for the same period months ago in the US. What’s useful, then, is disclosure of the division’s share of the publisher’s sales. Harper had full-year sales of $1.369 billion and EBITDA of $142 million. Harper UK reported sales of £190.6 million (up £8 million), as pre-tax profit fell to £2.8 million from £8.3 million. At June 30, 2013 conversion rates, Harper UK’s sales were about $290 million. (The UK market […]
Finance
Briefs: Authors Guild To Appeal Google Book Search Ruling; Rowling Leak Lawyer Fined; and More
On December 23 the Authors Guild and the named author plaintiffs filed notice with New York federal court that it intends to appeal Judge Denny Chin’s November 14 dismissal of the case on fair use grounds. The AG was told on December 10 that it had two weeks to file an appeal, and did so right on schedule. Meanwhile, Apple and the Department of Justice continue to square off over the effectiveness of independent monitor Michael Bromwich, with the DOJ filing a 30-page rebuttal to Apple’s request for a stay after it accused Bromwich of charging too much, taking up […]
Briefs: A Harry Potter Play, Hachette UK’s New Office, and a Microsoft Employee Who Leaked Nook Deal
JK Rowling will co-produce a Harry Potter play intended to debut on London’s West End in 2015, and will collaborate with a playwright on the show, which will focus on “the previously untold story of Harry Potter’s early years as an orphan and outcast.” Already a year in “gestation,” it will be produced by veterans Sonia Friedman and Colin Callender. Rowling said their pitch “was the only one that really made sense to me, and which had the sensitivity, intensity and intimacy I thought appropriate for bringing Harry’s story to the stage.” As announced in September, Rowling is also working on […]
Shareholder Sues Barnes & Noble Over Earnings Restatement and SEC Investigation
The SEC’s two investigations into accounting issues at Barnes & Noble have provoked at least one shareholder lawsuit, filed in New York State Supreme Court on Wednesday. In his complaint, David Shaev accuses the bookseller’s board and several of its executives of breaching fiduciary duties and an abuse of control. “Barnes & Noble has operated with deficient and inadequate financial reporting and inventory management systems since at least 2001,” Shaev said in his complaint. “These systems do not adhere to industrywide best practices and company internal audits have repeatedly shown them to be unreliable and subject to manipulation.” Later he […]
WME and Silver Lake Confirm IMG Acquisition
William Morris Endeavor and their private equity backers Silver Lake announced Wednesday morning they have finalized an agreement to acquire talent and sports agency IMG. WME’s co-ceos Ari Emanuel and Patrick Whitesell say in the release, “IMG has incredible strategic value to WME. The brand’s global reach, outstanding management team and leadership across sports, fashion and media are a strong complement to our business.” The announcement also notes that “Mubadala Development Company will be a minority investor in the transaction.” (It’s an investment vehicle of Abu Dhabi.) While the final price was not officially disclosed, multiple accounts had the winning bid […]
IMG Sales Near Finish; Latest Lagardere Asset Sale
The long-running auction for talent and sports agency IMG may be limping to a conclusion rather than leaping there. Final bids were due on Friday, from William Morris Endeavor (and their private equity backer Silver Lake) and the partnership between Peter Chernin and CVC Capital. (By some accounts ICM dropped out already, but the NYT thinks they are still bidding, with financing from the Carlyle Group.) But all accounts speculate that the price will fall well below the $2.5 billion to $2.7 billion that the owners were looking for. Sources are indicating the bids are in the range of $2 […]