After a preliminary review, the European Commission has formally “opened an in-depth investigation” to assess the competitive effects of Vivendi’s pending acquisition of Lagardere. They are “concerned that the proposed acquisition may reduce competition on a number of markets across the entire book value chain,” as well as in celebrity magazines (where the deal would combine Lagardere’s Paris Match with Vivendi’s Gala and Voici). Without modifications, the deal would combine the two largest book publishers in France. While Vivendi has said it is examining spinning off Editis into a separate company, that has been just talk so far. The EC […]
Finance
Nash Returns to Booktopia Board As Outgoing Chair Highlights Challenges
As set in motion earlier this year, former ceo of Australian online bookseller Booktopia Tony Nash was re-elected to the company’s board — and at Nash’s instigation, directors Fiona Pak-Poy and Judy Slatyer resigned from the board. Director Su-Ming Wong resigned in September, and current non-executive chair of the board Chris Beare will step down once a new chair is appointed. The company is still looking for a new ceo as well. In his chairman’s address to the annual meeting, Beare indicated that, “Current year trading (fiscal year 2023) volumes and revenues are down around 20 percent from the same […]
Scholastic Buys Back Fewer Shares Than Allocated
Scholastic announced preliminary results of their “modified Dutch auction” launched in late October to boost the company’s stock price. Authorized to buy up to $75 million in stock, approximately 534,000 shares were tendered and will be purchased at $40 a share — costing the company about $21.35 million. As a result, the stock now trades just above $41 a share on the open market. Also in finance, following the termination of Penguin Random House’s deal to acquire Simon & Schuster, Bertelsmann is planning to float €750 million in senior unsecured notes, which will be used in part to buy back […]
Charlesbridge Publishing Acquires Move Books
Charlesbridge Publishing has acquired Move Books, a children’s imprint with a “mission to move more boys to read with high-interest middle-grade fiction.” The deal includes Move backlist titles, which will be distributed under Charlesbridge starting April 2023. Going forward, the company will launch Move founder Eileen Robinson joined Charlesbridge in October as editorial director of Charlesbridge Moves, a new middle-grade imprint that will launch in 2024. Robinson will also edit board books and picture books for the Charlesbridge list as executive dditor. She said, “Charlesbridge Moves will excite middle-grade and chapter-book readers with adventure, mystery, and fun, giving them the […]
Storytel Gets Breathing Room With Capital Raise that Includes Otava As New Shareholder
Storytel has given itself a significant financial lift with a new share issue that raises approximately 400 million SEK (about $37 million) from its two largest shareholders — EQT Public Investment and Roxette Photo — while also bringing in Finnish media company and book publisher Otava as an investor. (In a separate announcement, Otava says they bought a 3.5 percent stake in the streaming media company, for about 125 million SEK.) Shares were priced at SEK 45.50. The board “believes [it] will strengthen the liquidity of the shares and be beneficial to the Company” and help “ensure a strong balance […]
PRH Acquires Remaining Stake in PRH Grupo Editorial Portugal
Penguin Random House Grupo Editorial announced Friday it has agreed to purchase the remaining minority stake of 15.6% of PRH Grupo Editorial Portugal from Manuel de Freitas and his family. De Freitas had retained that share when selling the 20|20 Editora group to PRH in 2021. With that transaction, de Freitas leaves the company, where he served as general director. Editorial continues to be run by Clara Capitão, with Pedro Veiga Ferreira, as director of financial, logistics and systems director, both reporting to Patxi Beascoa.