Hachette UK acquired business book publisher Kogan Page, as of April 30. Founded in 1967, Kogan Page has a backlist of over 1,200 titles covering business, management, marketing, human resources, and professional development. The announcement notes that, “Kogan Page complements Hachette UK’s existing strengths and aligns with the longer-term strategy to diversify into specialist areas.” Kogan Page will operate as part of the John Murray Group where it will be maintained as a “distinct publishing brand within the division.” Founder Philip Kogan died in late 2022. In an obituary, the Guardian noted, “Independent of mind and spirit, he was determined […]
Finance
Buyer of WH Smith Bookstores Prepares A Restructure to Avoid Bankruptcy of Renamed TG Jones Chain
Modella Capital, the private equity firm that purchased UK retailer WH Smith’s bookstore business last year, is creating a restructuring plan to avoid bankruptcy, the Times of London reports. The plan would close up to 100 of the chain’s 500 stores, which have been renamed TG Jones, and “demand rent cuts,” according to the Times. The proposal is a “cram-down,” which requires the consent of only one class of creditor, but also needs the approval of a judge. Modella must prove that their only other alternative is bankruptcy. The largest creditor is reported to be Secure Trust, which provided a […]
Callaway Attorney Says Company is Looking For a Buyer
At a bankruptcy court hearing on Wednesday, Nicholas Callaway continued to blame other people for his business failure, especially the one entity that was willing to loan him money. Bloomberg reports, “Getting loans from banks or other traditional lenders after the pandemic was difficult, Callaway said. The publisher borrowed $2 million from a foundation, but the loan included onerous terms that contributed to the bankruptcy filing, including a $1 million premium and penalties, he said.” The most recent court filings show a secured lien from the Hoffen Family Foundation, for $1.034 million. Callaway’s current attorney (multiple former attorneys are creditors) […]
Scholastic Buys Back 2.85 Million Shares
Scholastic completed its Dutch auction tender offer, and in a preliminary report, expects to purchase 2.85 million shares at $40 each, totaling $112.1 million before fees and expenses. After the purchase is completed, the company will have 17.9 million outstanding shares, down about 13.7 percent from before the tender offer. Over the past year or so, the company has bought back roughly 10 million shares, or over a third of their stock. And it looks like those purchases will continue, since they had allocated up to $200 million for the Dutch auction, as part of a new board-authorized repurchase authority […]
Tokyopop Launches Crowdfunding Equity Offering
Manga company Tokyopop announced a regulation crowdfunding equity offering, that will allow the public to invest in the publisher. They write in a release, “This offering is designed to provide growth capital to scale that model—investing in new IP, expanding development opportunities, and increasing the company’s ability to bring stories to a global audience. Rather than relying on single, hit-driven outcomes, Tokyopop is building long-term value through a diversified portfolio of IP that can scale across formats and markets.” Currently, the share price is $5 and the minimum investment is $1000. They will raise up to $1.235 million. The company […]
Acquisitions: Red Wheel/Weiser Acquires Watkins Publishing
Red Wheel/Weiser has acquired Watkins Publishing, the flagship imprint of Watkins Media. Both companies are focused on mind, body, and spirit publishing. The transaction does not affect the company’s other publishing imprints (Angry Robot, Datura, Moon & Bird, Nourish and Repeater) or other properties. Distribution in the US will continue through PRH Publisher Services, and in the UK through Wiley, until June 30, 2026. Starting July 1, Mare Nostrum Group will handle UK and European distribution and Red Wheel/Weiser will oversee distribution in the US through its partnership with Books International and internationally through its partners. “There is a long […]