Media Source Inc., the parent company of Library Journal, School Library Journal, The Horn Book and the Junior Library Guild, was sold to RLJ Equity Partners, one of the hedge funds created by Black Entertainment Television founder Robert L. Johnson. 21st Century Group, LLC and New Canaan Funding Mezzanine, LLC also took part in the deal, for which terms were not disclosed. LJ and SLJ had been acquired by Media Source in early 2010; Media Source was in turn previously owned by Riverside Company, which bought them in 2007. Media Source had been on the block for a while, according […]
Finance
A Burst for Barnes & Noble
In a day when the overall market was down more than 3 percent, Barnes & Noble’s shares worked up nicely during the day Tuesday and then took off like a shot right after 3:00. Shares finished the day up almost 14 percent, at $13.68, and have continued to trade up this morning, now above $14 a share–their highest point since August. With no obviously discernible reason, the pop was likely driven by some kind of Wall Street rumor or expectation that the company could be back in play. At 1:00 yesterday, Liberty Media announced Barnes & Noble would present at […]
Kobo Sold to Japan’s Rakuten for $315 Million
eBook start-up Kobo is being sold to Japanese internet giant Rakuten for $315 million on a fully-diluted basis. Kobo will continue to operate as a stand-alone entity, based in Toronto, Canada. Kobo’s majority shareholder Indigo Books & Music said they expect to receive $140 million to $150 million in proceeds, though they told shareholders “the account gain cannot be determined at this time.” Those proceeds are almost equal to Indigo’s total market cap as of yesterday. As you would expect, their thinly-traded stock jumped by over 50 percent this morning, though at $10.50 a share the price is still well […]
HarperCollins Paid $200M To Acquire Thomas Nelson
News Corp disclosed in its quarterly 10-Q report on Friday that HarperCollins acquired Thomas Nelson for $200 million, and that the deal took place in October. The number is less than half the $473 million former owner InterMedia paid for Thomas Nelson back in 2006. The filing also disclosed that HarperCollins is now subject to 23 different consumer class action suits filed in New York and California relating to purported anti-trust issues and the use of the agency model by the six largest publishing houses. The defendants, including HarperCollins, filed a motion with the Judicial Panel on Multidistrict Litigation to […]
HarperCollins to Buy Privately-Held Thomas Nelson
HarperCollins announced Monday afternoon it “has entered into a definitive agreement to acquire Thomas Nelson for an undisclosed sum.” (The deal is of sufficient scale that the purchase amount will be disclosed in a quarterly report from Harper parent News Corp. after it is finalized.) The acquisition is expected to close by the end of the calendar year, and combining Nelson with Harper’s Zondervan unit would create a sizeable Christian publishing division. Harper ceo Brian Murray says in the release, “HarperCollins’ global print and digital publishing platform, which includes e-book distribution into more than 175 markets, print-on-demand, digital-to-print at retail, […]
Struggling Eichborn Is Bought by Luebbe
Germany’s Eichborn Verlag, which has endured a year of troubles and transition, is being sold to privately-owned Bastei Luebbe. Owner and publisher Stefan Luebbe says in the announcement, “Eichborn also has great authors and a strong reputation for unconventional, off the beaten track iconic books. Both companies share a belief in the creative power of authors, editors and marketing. Together, we will be in an enviable position to face future challenges as a major independent media force.” Luebbe sold 30 million euros of bonds recently, though the publisher said the borrowings were unrelated to any acquisitions. Die Welt says that […]