The ABA announced that member in-store book sales over the Thanksgiving holiday long weekend, as tracked by Bookscan, increased 15.5 percent over the same week in 2010. Sales in store websites powered by ABA IndieCommerce also increased by 60 percent for the same weekend (plus Cyber Monday) as compared to last year. Ann Patchett’s STATE OF WONDER and Laura Hillenbrand’s UNBROKEN topped the Indie bestseller lists for hardcover fiction and non-fiction, respectively, in 2011. Indie Bestseller Lists page Also from the ABA, this year’s Winter Institute 7 in January will feature a new One Institute, One Read program. Tying in […]
Finance
Earnings Suffer At Wiley, On “Slowdown In Education”
Wiley’s net income of $50.7 million was down over 5 percent in their fiscal second quarter, falling more than sales, which declined less than 1 percent, at $447 million. The company lowered their sales guidance for the year, from mid-single-digit growth to low-single-digit-growth, while keeping their earnings forecast the same. It’s “the slowdown in education [that] continued to weigh on overall results,” ceo Stephen Smith said in the release. On the reduced earnings, the company cited “technology spending to support investments in digital products and infrastructure and facility costs related to consolidation of operations.” The professional/trade division “continues to perform […]
Splitting Off McGraw-Hill Education Will Eliminate About 550 Jobs
McGraw-Hill issued a statement updating investors on their “growth and value plan” after the close of the market on Wednesday. As announced in September, the company is preparing to separate McGraw-Hill Education and McGraw-Hill Financial into two separate companies by the end of the 2012. At MH Education, they expect to eliminate approximately 10 percent of their workforce, or approximately 550 people (while noting that the “executive ranks” will be reduced by 20 percent). Most of the layoffs will occur this month, coming “by the end of the fourth quarter”–which is aligned with calendar year–though “some actions [are] expected to […]
Amazon Enters Children’s Book Market By Acquiring Marshall Cavendish’s Trade List
Amazon announced Tuesday afternoon that it has a deal to acquire Marshall Cavendish Children’s Book’s US trade publishing list, comprising more than 450 children’s books. Terms of the deal were not disclosed. Amazon will publish the acquired titles “under an imprint of Amazon’s New York publishing unit” under Larry Kirshbaum, who is now described as publisher of Amazon Publishing, East Coast Group, vaulting the company into the children’s book market. Signaling larger intentions, the company says in the announcement “the acquisition creates the foundation for Amazon Publishing to further expand into picture books, chapter books and YA novels.” The deal allows Marshall Cavendish […]
Penguin Takes 45 Percent Stake In Brazil’s Companhia das Letras
Penguin has expanded its relationship with Brazil’s Companhia das Letras, taking a 45 percent stake in the publisher. The two companies have collaborated on co-publishing Penguin Classics in Brazil since fall 2009, when they formed Penguin Companhia Classicos and Penguin Companhia. Co-founder Luiz Schwarz writes, “Nothing will change in our philosophy or direction. Our editorial choices will be made as independently as always, but with a closer contact with the great editorial team of the Penguin family around the world. This is how Companhia plans to face the important challenges of publishing’s future: we will join forces with one of […]
Corporate Briefs: Sourcebooks Buys College Costs Sites; Bertelsmann to Add Advisory Group
Through their recently launched division focused on college applicants and attendees, Sourcebooks EDU, the company has acquired two online financial aid resources, the free website managingcollegecost.com and the subscription site myfinancialfit.com. Both were founded by veteran admissions and guidance counselor Frank Palmasani to help families manage the cost of college. Sourcebooks “plans to make these tools more widely available, as well as enhance these resources with additional video, content, webinars, seminars, books, interactive ebooks, and software tools.” Incoming Bertelsmann ceo Thomas Rabe is forming a new high-level advisory committee comprising seven senior executives from the company’s individual divisions which will […]