Even with ebook adoption in its very early stages outside of the English-language world, brick-and-mortar bookstores all over are feeling the pressure of a changing world. As head of the Association of German Publishers and Booksellers Gottfried Honnefelder said at the opening press conference of the Frankfurt Book Fair, so far this year the German book market as a whole is down two percent, but physical bookstores are down 4.7 percent and “one of our leading retailers said 50 percent of the retail space [for books] has to be abolished.” eBooks are not yet to blame, as they are expected to double […]
Finance
Financier Leon Black’s Family Buys Phaidon
Founder of private equity firm Apollo Leon D. Black has acquired Phaidon Press from Richard Schlagman. Black explains in the announcement, “We have greatly admired Phaidon and the important contribution the company has made to art and culture. My family and I look forward to supporting the future growth of the company, including through the ongoing development of its publishing program, further geographic expansion, and the launch of digital products.” Schlagman says in the announcement, “The profile of the ideal buyer in my mind was exceeded in reality by Leon Black and his family. Self-evidently possessed of immense business acumen, […]
Results At Both Canongate and Faber Down In 2011
Two independent UK publishers have reported difficult sales results (following the drop over at Quercus as well). Canongate’s 2011 sales fell 19 percent, to £10.8 million, and pre-tax profit was a meager £300,000, down 70 percent, with an operating loss after taxes. And that margin was boosted by £660,000 from the sale of their 70 percent share in Australia’s Text Publishing. The company blamed “Julian Assange’s failure to deliver the book he had contracted to produce,” without mentioning their decision to publish an unauthorized and ultimately unsuccessful version of his manuscript anyway. Faber and Faber said sales fell 8.4 percent, […]
Barnes & Noble and Microsoft Finalize Partnership, Now Called Nook Media
Barnes & Noble announced Thursday that it has formally closed its strategic partnership with Microsoft. The new BN subsidiary comprising the Nook and College business, is formally called Nook Media LLC (until now it was simply known by the placeholder NewCo). As originally specified, Microsoft now has an approximately 17.6 percent equity stake in Nook Media, valuing the subsidiary at $1.7 billion (but the stock market still gives Nook Media’s parent company Barnes & Noble a market capitalization of $800 million, even with a bump in shares today after realizing that the investment the market forget about had gone through.) […]
Market Warms to New Era At Pearson
Yesterday’s investor reaction to the coming executive change at Pearson, with John Fallon taking over from Marjorie Scardino at the beginning of 2013, was rather opaque, but today shares traded in the US jumped 2.5 percent at the opening bell, near an all-time high at more than $20 a share. At a news conference, Mr. Fallon said supportive things about Penguin and the Financial Times, calling them “highly successful businesses in their own right” that integrate well with the “strategic grain of what we are trying to do across Pearson.” He called FT in particular a “valued and valuable” part […]
In Australia, Allen & Unwin Buys Murdoch Books
Australia’s Allen & Unwin has successfully completed those exclusive acquisition talks we reported on recently and agreed to acquire illustrated books publisher Murdoch Books. Chairman and CEO of Murdoch Books Matt Handbury hails the new owners’ promise of continuity in quality publishing: “This is what Allen & Unwin has identified and so enthusiastically pursued in our sale negotiations. I am thrilled that the business will become an integral and wholly owned part of the largest Australian independent publishing house, and the efforts that my team have put into building the Murdoch Books brand will seamlessly continue in its new home.” As […]