Draft2Digital has announced the acquisition of SelfPubBookCovers.com, a marketplace for pre-made book covers from professional designers. D2D will run the cover site from a new Author Success division, headed by Nick Thacker. He says in the release, “Our mission at Author Success, as it is with SPBC, is to help authors efficiently procure the highest-quality essential publishing services for the least cost and effort.” SPBC co-founder Rob Sturtz will remain with the company during a transition period. D2D says it “plans to introduce a major refresh to the [SPBC] marketplace in late 2024 or early 2025 that will enable improved […]
Finance
Sandstone Press Sold in Liquidation to Vertebrate
Scottish publisher Sandstone Press went into bankruptcy liquidation earlier this week, with its assets offered for sale by Hilco Valuation Services. The assets of the fiction-focused publisher have been acquired by Vertebrate, an adventure publisher, the Bookseller reports. Vertebrate hopes to retain ongoing rights to the list of about 230 titles, though at least one agent indicates to the Bookseller she has asked for a reversion of her author’s rights.
Booktopia Issues Shares to Raise $6.5 Million for Distro Center
Australian retailer Booktopia announced commitments to raise $6.5 million from a big new share issuance, with a price of .12 cents per share, which will predominantly be used to fund a new distribution center. The “Next Gen customer fulfillment center” is expected to be operational in late August. “After two years of losses, completing the Next Gen CFC and with the other business improvement initiatives already announced will reset the cost base of the business,” Booktopia chair Peter George said in a release. The company expects EBITDA loss for fiscal year 2023 to be $5 million, compared to a profit […]
Andrews McMeel Acquires Amber Lotus
Andrews McMeel has acquired Amber Lotus Publishing, known for “calendars that showcase wisdom text and inspirational quotes paired with exceptional work by artists and photographers,” from Leslie Gignilliat-Day and Lawson Day. AMP will publish Amber Lotus calendars under their own imprint, starting with the 2025 calendar season. AMP president and publisher Kirsty Melville says in the announcement: “Their work complements the Andrews McMeel calendar line wonderfully, and we’re honored that they have chosen us to continue their mission of sharing the extraordinary work of so many talented teachers and artists.” Leslie Gignilliat-Day adds, “We’re grateful Kirsty shares this vision and […]
Hurowitz and Abu Dhabi-Based Mubadala Are Bidding for Simon & Schuster
Investor and author Richard Hurowitz in partnership with the sovereign wealth fund Mubadala are among the second-round bidders for Simon & Schuster. Mubadala manages investments for the government of Abu Dhabi. Other bidders include private equity firm KKR and Harper Collins. The news was reported by the WSJ. A writer, investor and publisher of the quarterly magazine The Octavian Report, Hurowitz has been a bidder for other trade publishing companies in the past. And Hurowitz and Mubadala are considered by those with knowledge of the process to likely have been bidders for S&S in 2020 as well. Paramount Global executive […]
Vivendi Signs Deal to Sell Editis to IMI
On Friday, following clearance from the EU for Vivendi’s acquisition of Lagardere, the company announced they had executed the planned agreement to sell the publisher Editis to International Media Invest (IMI). That spinoff will require its own approval from the European Commission, though Vivendi says, “Completion is expected by early October 2023 at the latest.” IMI is owned by Czech billionaire Daniel Kretinsky. He also owns a 25 percent share in French-based retailer of books and other media, FNAC, and has reportedly expressed interest in buying a controlling share in the company. Vivendi needs to complete the sale of Editis […]