Rob Weisbach is starting a “new generation management company,” Rob Weisbach Creative Management, designed to “re-conceive the traditional literary agency as a cross-training development company–one that will work with new and established talent on all aspects of career building. Weisbach represented Norman Ollestad’s CRAZY FOR THE STORM last July. At the time he expressed little interest in serving as a full-time agent, but he explains that his new venture “is broader in scope and service, allowing me to take significant advantage of my range of experience as an editor, publisher, promoter, and entertainment executive. I’ll get to work with both […]
Finance
Random House Buys Ten Speed Press
Random House announced their acquisition of previously independent Ten Speed Press. Ten Speed’s four imprints–Ten Speed Press, Celestial Arts, Crossing Press, and Tricycle Press–will operate as parts of the Crown Publishing Group. The unit will maintain its editorial, marketing, publicity, design, and production staff in Berkeley, CA. Founder Phil Wood, who started the company in 1971, will serve as publisher emeritus, but “a new reporting structure for Ten Speed Press will be announced in the coming weeks.” Ten Speed has an active backlist of over 1,000 titles, which they have self-distributed. Random House will officially take over distribution on May […]
Barnes & Noble Sells Calendar Club Share, Takes Loss
Barnes & Noble has sold its majority interest in the Calendar Club to the company and its ceo for $7 million (comprising $1 million in cash and $6 million in notes). The chain will “continue to have a working relationship with Calendar Club.” BN is taking an after-tax writedown of approximately $9.7 million in their fiscal fourth quarter as a result of the sale. For 2008, Calendar Club contributed $113.5 million in revenues to Barnes & Noble, but the effect on earnings per share is “de minimis.”Release
Lonely Planet to Shrink Staff by 10 Percent
With travel (and travel publishing) in a slump due to the recession, Lonely Planet is eliminating approximately 50 jobs worldwide, or about 10 percent of their workforce, with up to 40 of the layoffs in Australia. Spokesperson Adam Bennett says “it represents the decline of the guidebook market in tough times.” Some reductions will come through not renewing employment contracts, and others from direct layoffs. (There will be modest cuts in the UK and US offices as well.) Acting chief executive Stephen Palmer notes, “Even the most optimistic forecasts do not predict any sustained recovery until 2010 at the earliest, […]
More Big Cuts At Borders HQ
Borders Group is eliminating another 136 corporate positions, representing approximately 12 percent of their corporate employees, primarily from their Ann Arbor headquarters. The company says “the workforce reduction was spread across virtually all business areas, including marketing, human resources, field management and corporate sales. The reductions were made at various ranks, ranging from entry level to middle management.” New CEO Ron Marshall comments: “While reducing payroll is never easy and we respect the impact it has on employees and their families, it is one of the necessary steps we must take along with other non-payroll expense reductions to help get […]
Reed Elsevier Slashes Value of Stake in Houghton Parent Co.
When Reed Elsevier sold Harcourt Education to Barry Cunningham’s debt-driven publishing mashup (now operating as Education Media & Publishing Group) bankers forced them to take a small share in the company, valued at $300 million. But in yesterday’s earnings report, Reed disclosed that they have marked down the value of that stake in EMPG to 15 million euros. As the Independent notes, “Reed Elsevier’s valuation on its stake points to an overall equity valuation of ¬127m for EMPG, which has a debt mountain of over $7bn.” EMPG tells the newspaper that “across our group of shareholders, investors carry their investments […]