Parent company of Germany’s largest–but ailing–book chain Thalia continues to be the focus of market gyration. First shares fell sharply on reduced earnings guidance, driven by Thalia’s difficulties competing with ebooks and online bookselling and unquantified “restructuring” costs at the bookseller. But then shares soared on news of a possible buyout. CEO Henning Kreke “told analysts at a meeting on Thursday that Douglas had been approached by investors several times in recent years and that the Kreke family, which has a 12.6 percent stake in Douglas, decided to initiate talks over a buyout because it sees the company’s shares as […]
Finance
Random House Canada Becomes Sole Owner of McClelland & Stewart
Random House Canada has acquired the University of Toronto’s 75 percent share in McClelland & Stewart, making RHC the sole owner of the storied Canadian house. Apparently the University has handed over their interest, telling us in a statement that “the University is not receiving any financial compensation.” They write that “publishing is not a core business of the University of Toronto,” and that “the Canadian government has authorized the sale of McClelland & Stewart to Random House. As a result, UofT is able to divest itself of its shares in the company. The University has used its ownership position […]
Daniel Tisch Reports 5.1% Holding in Barnes & Noble
The Tisch family is the latest group of wealth investors to take in interest in Barnes & Noble. Daniel Tisch filed the required SEC form to disclose that he now holds a 5.1 percent stake in the bookseller (or nearly 3.1 million shares). A little fewer than half the shares are held by his personal investment company, TowerView, while the rest of the stake is controlled by Four Partners, another investment company owned by all four Tisch brothers and run by Thomas Tisch, though Daniel Tisch has “sole voting power and sole investment power” over the entire holding. Tisch has […]
The Market’s Many Minds On Barnes & Noble
Barnes & Noble threw a lot of different, and in some ways contradictory, data points at the market yesterday, and reactions (as well as articles) are all over the map. The general confusion is well-earned, and a lot rests on how you tell the story. Here are some things to keep in mind: The Stock Plunged–But It Also Took Off At its low point yesterday, about 5 minutes after the market opened, Barnes & Noble’s stock was down more than 30 percent, to about $9.40 a share. In today’s volatile environment, that’s what happens when you miss or lower your […]
People
Ballantine Bantam Dell publisher Libby McGuire has been promoted from svp to evp. She will continue to oversee the hardcover and mass market publishing programs for the division, reporting to RHPG president Gina Centrello. “With a sales and marketing background, Libby’s marketplace sensibility and decisive leadership is complemented by a wonderful eye for both fiction and nonfiction, for the publishing to support it, and by strong relationship with her colleagues, our authors, and the agent community,” Centrello said in the announcement. Amanda Cook will join Crown as vp, executive editor on February 6, responsible for developing the imprint’s non-fiction list. […]
Barnes & Noble Reduces Expectations On Shortfall In Simple Touch Sales; A Sterling Sale Is Far Along
It’s already another fascinating year for Barnes & Noble, which surprised Wall Street with a number of post-holiday announcements. The success of their Nook Tablet, “which has exceeded expectations,” came at some cost to their less expensive eInk device, “with a shortfall in the expected sales of NOOK Simple Touch.” They say “the company over-anticipated the growth in consumer demand for single purpose black-and-white reading devices this holiday.” Primarily as a result of that Simple Touch shortfall, BN reduced their guidance to investors, projecting fiscal year sales of between $7.0 billion and $7.2 billion, EBITDA of $150 to $180 million, […]