While Amazon is investing in their in-house publishing program, Barnes & Noble is headed in the opposite direction as part of their repositioning as a technology company, with bankers currently eliciting bids for Sterling Publishing. The WSJ reported the development on Wednesday, citing “people familiar with the situation,” and a BN spokesperson would not comment. But sources with direct knowledge of the offering indicate to us indicate that it has been in circulation for at least two months if not longer. Someone acquainted with the sale’s progress indicates that there is considerable interest in the company. There will be at […]
Finance
Corporate News: Scholastic Buys Learners Publishing; Bertelsmann Sells 50 Percent Stake in Pubbles to Weltbild
Scholastic announced Monday that its Singapore subsidiary acquired Learners Publishing, a Singapore-based publisher of supplemental English-language learning materials which has published more than 400 titles since its founding in 2000. “Through this acquisition, Scholastic’s offering of products in the English Language Learning segment is significantly enhanced,” Scholastic International president, growth markets Shane Armstrong said in the release. “Learners’ talented team and its list of outstanding titles will assist Scholastic in accelerating educational publishing growth in International markets.” Regulators approved Bertelsmann’s deal to sell half of its stake in German e-reading store/platform Pubbles to Weltbild for an undisclosed sum. The deal was […]
Remembering 2011
2011 was a lively, fascinating unpredictable year, and we’re expecting more of the same for 2012. Before we can make a fully fresh start, though, there are some things we need to let go of from 2011. The obvious “big stories” have been rehashed amply over the past few weeks, and every year we try to do something different with our year-end wrap-up. Therefore, we present: 2011: The Things We Need to Get Straight Edition * Major book publishers did not raise ebook prices in 2011. Or 2010. They actually lowered them. * Mill River Recluse was not the bestselling […]
Corporate News: AllRecipes.com Bidders; Harper’s Building Sold; Qatar Boosts Lagardere Stake; and More
Random House is reportedly among the bidders for Reader’s Digest’s successful AllRecipes.com unit, as is Amazon, according to the NY Post, with the auction expected to end soon. Other bidders according to the report include Meredith, which had tried the acquire the property earlier, and Scripps Interactive, which owns the Food Network. NYP Also from Random House, the publisher notes that the week before Christmas, the Illinois Supreme Court dismissed a class action lawsuit against the publisher and former author Timothy Ferriss. The plaintiffs took issue with “bonus material” in THE 4-HOUR BODY that was originally accessible only with a […]
Investor Buys A Million Shares in Books-A-Million For 6.38 Percent Stake
Late last week, a filing with the SEC revealed that Roseland, NJ-based investor Harsha Gowda has acquired a little more than one million shares of Books-A-Million stock through his five-year-old investment firm Blueshore Capital Management. The acquisition gives Gowda a 6.38 percent stake in BAMM, accumulated over the past year with a “big increase during the recent sharp price drop,” he said in an interview with us Thursday morning. (The stock has been as high as $6.10 a share during the year, but it now trades at $2.30 a share.) Gowda’s fund focuses on buying stock in companies “that we […]
Unsecured Borders Creditors to Get Close to 10 Cents on Dollar As Liquidation Plan Approved
Federal bankruptcy court put its official stamp on the end of Borders, as the chain’s liquidation plan was approved by Judge Martin Glenn on Tuesday. Approximately 98 percent of creditors holding $211.5 million in debt voted to approve the plan. As previously reported, unsecured creditors owed between $812 million and $850 million will receive 4 to 10 cents on the dollar, but court papers indicate that recovery may be in the “higher end of the range,” with Borders lawyer Andrew Glenn stipulating in court that percentage may be even higher still, according to Bloomberg. In addition, Borders got the go-ahead to […]