Independent Publishers Group (IPG) will “upgrade” its ebook and audiobook distribution services by pairing with Bookwire to use their cloud-based system. In turn, Bookwire will take advantage of access to IPG’s digital print and distribution services. Update: According to a subsequent release from investment banking firm Oakins Desilva Phillips, Bookwire actually “acquired the digital distribution business of IPG and entered into a long-term strategic partnership.” Indeed, in a letter to clients, IPG ceo Joe Matthews wrote that “IPG has come to an agreement with Bookwire…to acquire IPG’s INscribe Digital business.” IPG ceo Joe Matthews says in the announcement, “IPG’s digital […]
Finance
Lagardere Returns As CEO Following Partial Lifting of Ban
Following a judicial appeal, there was a “partial lifting of the management activities ban imposed on” Arnaud Lagardère, as he faces criminal charges of “vote buying, abuse of power and breach of trust, disseminating false or misleading information and failure to publish accounts.” As a result, he has resumed his position as chair and ceo of Lagardere SA.
Booktopia to Remain In Limbo Until Late July or Later
Struggling Australian retailer Booktopia announced that it expects to remain in financial limbo until late July or beyond. After suspending trading of its stock in the middle of June while the company seeks new financing and/or credit as “necessary for the company’s continued financial viability,” the company has been extending its own deadline further and further out. Now, the company tells the Australian Stock Exchange, it does not expect to have news regarding “the additional funding it is seeking” until July 19. The only progress reported is that “due diligence has been undertaken by some of these parties [suppliers and […]
Webtoon Stock Prices At Top End, Rises Further
Webtoon Entertainment’s IPO priced at the top of its indicated range earlier this week, issuing 15 million shares at $21 a share, yielding gross proceeds of $315 million. The company receives another approximately $50 million from a private placement of additional shares to parent company Naver. In NASDAQ trading, the stock rose above the initial offering price, this morning priced at about $24 a share.
Booktopia Searches for Funding in Order to Continue As a Going Concern
On Friday, Australian bookseller Booktopia requested an extension of the voluntary suspension of their securities, making clearer how dire their financial situation has become as the company seeks funding in order to continue operating. Last week, the company suspended trading shares pending an announcement about the outcome of its strategic review, which has been delayed in multiple press releases and is now expected to be made on June 28. In a letter to the Australian Stock Exchange, the company noted that it has had ongoing “liquidity challenges” and is looking for funding “both to meet redundancy costs and to provide […]
Booktopia Suspends Trading of Its Shares
Struggling Australian online bookseller Booktopia looks to have reached a troubling new stage. Late last week they suspended trading of the company’s stock — which is worth only five cents a share — pending an announcement. But the follow-up announcement earlier this week simply said that trading in their shares would remain suspended, “pending the release of an announcement regarding further outcomes from the previously announced strategic review including its progress in seeking additional funding.” Co-founder, board member and once-again executive Tony Nash told The Guardian Australia, “We’re in motion at the moment, so [an announcement] will be probably more […]