“Sources” confirm to Reuters that Paramount Global has begun shopping Simon & Schuster again through a financial adviser. Liontree advised the company on the sale to Penguin Random House that was blocked by the court. As expected, those sources also suggest the company is focusing on the clear, uncomplicated path to successful sale this time: “Paramount will court private equity firms as potential buyers of Simon & Schuster because they do not compete with it and would not raise competition concerns with U.S. regulators that led to the demise of the Penguin deal last year, the sources added.” Of course […]
Finance
Bertlesmann Subsidiary Gruner + Jahr to Sell or Close 23 Magazines, Cut 500 Jobs
Bertelsmann’s magazine division Gruner + Jahr — which they sold to Bertelsmann-controlled TV division RTL in 2021 — will retrench significantly, RTL Deutschland announced Tuesday. The company plans to close or sell 23 publications “against the background of the rapidly changing media landscape and the challenging macroeconomic situation” and focus on their core brands. Approximately 500 jobs will be eliminated at the Hamburg, Germany offices over the next few years, and they expect another 200 jobs to be transferred to new owners, from a total workforce of about 1900 people. “Costs will be reduced in all areas, especially in the […]
Audio: Obamas to Audible; Playaway to PRH
Audible will release taped conversations from Michelle Obama’s THE LIGHT WE CARRY tour as an eight-episode podcast. Michelle Obama: The Light Podcast will air weekly, starting on March 7, and available exclusively on Audible for two weeks before opening up to other streaming platforms. This marks the first release after the Obamas’ Higher Ground productions moved from Spotify to Audible last year. A press release notes that it is an “exclusive, worldwide, multi-project, multi-year first-look production deal between Audible and Higher Ground.” “After the remarkable reception to The Michelle Obama Podcast [produced by Spotify], we’re excited to bring listeners more […]
UTA Acquires Fletcher & Company
UTA announced that it has acquired literary agency Fletcher & Company. Founder and ceo Christy Fletcher will co-lead the UTA Publishing division along with current head Byrd Leavell, with both reporting to UTA President David Kramer. (Fletcher and Leavell had been colleagues at Carlisle and Company many years ago.) The entire team at Fletcher & Company will join UTA, in the agency’s New York office, and the Fletcher name will be retired. The acquisition builds on UTA’s purchase of Curtis Brown UK in 2022, and continues to expand the scope of their publishing division. UTA president David Kramer says in […]
2022: The Year In Mergers
2022 was an odd year for publishing mergers, in multiple ways. In line with the larger market and the broader economy, the year started strong with a series of deals of note, following pandemic-driven strength. Then as interest rates rose and the economy cooled, deal activity got quiet quickly. Some of the year’s biggest deals were the ones that didn’t happen. There was Penguin Random House’s planned $2.175 billion acquisition of Simon & Schuster that was blocked by the court, of course. (Which means S&S will be back up for sale in 2023.) But also, it became clear in early […]
Pearson to Acquire PDRI
Pearson will acquire Personnel Decisions Research Institutes, which provides workforce assessment services, including to the US federal government. PDRI will join Pearson’s Assessment & Qualifications division. The companies have already partnered on assessments for federal jobseekers, and a release states, “This acquisition unlocks synergies between Pearson and PDRI, whilst bringing new capabilities for Pearson to explore as the company grows its long-standing enterprise learning presence.” PDRI is valued at $190 million, which Pearson will pay using existing cash and available liquidity. The deal is expected to close in the first half of 2023, pending regulatory review.