The standoff over terms between Barnes & Noble and Simon & Schuster–which agents, authors and some at the publisher itself say have resulted in significantly reduced orders and display of S&S books in the bookseller’s stores since January–was given national attention by both the WSJ and the NYT at the end of last week. (PW had reported briefly on the dispute in late January.) Those reduced sales have hit authors large and small, including bestselling author Jodi Picoult. Her agent Laura Gross confirmed to the NYT that Barnes & Noble has “taken limited orders, limited placement, and did not do […]
Finance
University of Nebraska Press to Acquire Potomac Books; Digital Publisher Frederator Launches
University of Nebraska Press is purchasing substantially all the assets of Potomac Books for $1.2 million in a deal set to close by the end of March. The plan includes the acquisition of their inventory, publication rights, and the trade name of Potomac Books. The company specializes in military history and military affairs and “thus, UNP will publish and sell new works in this area, and will market and sell the existing inventory under the Potomac name.” According to the minutes from a meeting of the UN regents, the acquisition includes “a minimum of $700,000 in existing print inventory and another $100,000 for PBI’s […]
Cengage Hires Restructuring Advisers, Draws Down Credit Line
Confirming reports last month, heavily-indebted publisher Cengage has formally retained restructuring firm Alvarez & Marsal, along with restructuring attorneys at Kirkland & Ellis and restructuring bankers at Lazard, “as part of ongoing efforts to assess its capital structure.” The company has to reckon with approximately $5.3 billion in debt and weakening sales and profits. At the same time as the appointments, the company all but maxed out their revolving line of credit, drawing down another $430 million to make sure they can fill their working capital needs. Spokesman James McCusker told the WSJ, “We would prefer to have the money […]
Corporate; Melville House Adds UK Branch; Wimpy Kid Stationery
Melville House is creating a UK-based operation. Zeljka Marosevic, formerly of Fourth Estate, will run Melville House UK. Dennis Johnson tells the Bookseller the unit “would at first concentrate on marketing its 60 frontlist titles, as well as selected backlist, distributed in Britain through Turnaround.” He hopes to hire an editorial director before the end of the year with the aim of “crafting a list distinct from that of the US company.” Abrams has partnered with Galison Publishing to launch a line of Wimpy Kid gift and stationery products. They will be made and marketed in coordination Galison’s Mudpuppy brand, […]
Google Said to End Print Versions of Frommer’s Guides
Former Frommers.com editor Jason Clampet reports that Google has discontinued issuing new Frommer’s travel guides in print. Starting with New York City with Kids guide that was scheduled for a February 19 publication, “the entire future list of Frommer’s titles will not see the light of day. Many of the authors attached to these 29 titles told Skift that they were informed by editors now working at Google that the books would not publish. Some authors were told that the books would merely be delayed before new contracts were signed. None of the authors contacted reported that their titles would […]
New Zealand Clears Penguin Random House Merger, Too
New Zealand’s Commerce Commission announced Tuesday that they, too, have approved the pending Penguin Random House merger, following on the approvals by the DOJ in February and Australia’s commerce commission earlier this month. In their decision, which arrived a couple of weeks in advance of their April 5 deadline, Commission chairman Mark Berry said in a statement said they “looked at the potential impact of the merger in the markets for book publishing rights, printed book distribution services provided to third party publishers and the wholesale of books” and considered that “in each of the relevant markets, the merged [Penguin […]