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 […]
Finance
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, […]
Barnes & Noble Seeks Bids for Sterling
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 […]
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 […]