The former leader in self publishing Author Solutions has been sold by the Najafi Companies, to Center Street Ventures. Najafi took Author Solutions off of Penguin Random House’s hands at the end of 2015. Penguin had acquired the business for $116 million in mid-2012 from Bertram Capital — about 3 months before Penguin and Random House agreed to merge.
Finance
Houghton Mifflin Harcourt Owner Looks to Merge Company with Cambium Learning
Veritas Capital, the investment firm that took Houghton Mifflin Harcourt private in 2022, is reported to be preparing a merger between HMH and Cambium Learning — which Veritas acquired in 2018. Citing two people familiar with the plans, Bloomberg indicates the standard disclaimers: “Deliberations are ongoing and no final decisions have been taken, the people said, asking not to be identified discussing confidential information. A representative for Veritas declined to comment.” The merger has been expected since Veritas acquired HMH. Cambium carries $2.15 billion in debt and HMH has $2.5 billion in loans outstanding, according to Bloomberg. A year ago, […]
Storytel Acquires Majority Stake in Bokfabriken
Swedish streaming audio company Storytel has acquired a 70 percent stake in Swedish publishing house Bokfabriken. The publisher will work independently within Stortel with ceo Lasse Brahme remaining in the position. Bokfabriken’s current owners will retain a 30 percent stake. “We are happy to welcome Bokfabriken to Storytel Group,” Storytel ceo Bodil Eriksson Torp said in a release. “Driven by entrepreneurship, they have established themselves as one of the leading publishers in the audio segment in Sweden and have a proven track record of publishing commercially successful content across various genres that resonates well with the Storytel audience. This acquisition […]
Full Circle: HMV Said to be Interested in WH Smith High Street Stores
HMV, the UK retailer that oversaw the near-death of Waterstones before selling the book chain in 2011 — and then went through two bankruptcy reorganizations — is now reported by the Sun to be “in discussions” about purchasing WH Smith’s high street stores. HMV is now owned by Doug Putman, a Canadian entrepreneur. Restructuring firms Hilco and Alteri and PE firm Modella Capital are also considered as likely bidders. The paper says, “The retail group has been in negotiations with several prospective buyers of the high street division for several weeks.” The Telegraph notes that “analysts have suggested the business, […]
Penguin Random House to Acquire Australia’s Text Publishing
Text Publishing in Melbourne, Australia announced a deal in which they will be acquired by Penguin Random House. The publisher was founded in 1990 and has been majority owned by publisher Michael Heyward and senior editor Penny Hueston, in partnership with Maureen and Tony Wheeler (the founders of Lonely Planet). Heyward said in the release, “Text has created an unparalleled space for itself in Australian publishing. Now it’s time for a new owner to provide a home for the company’s entrepreneurial energies and its family of brilliant authors. We are lucky to have the right custodian in Penguin Random House […]
Bankrupt Diamond Owes Penguin Random House Over $9 Million
In Diamond Comic Distributors’ bankruptcy filing, Penguin Random House is listed as their largest creditor, owed $9.2 million. Among other publishing companies, Disney Consumer Products is owed $1.7 million; Simon & Schuster $600,000; VIZ Media $421,000; and Titan Publishing $357,000. Restructuring firm Getzler Henrich & Associates is a “financial advisor” in the bankruptcy and managing director Robert Gorin is co-chief restructuring officer of the company now according to the filing. Raymond James & Associates is the investment banker advising on the sale of the business units.