Hachette Book Group has agreed to acquire the assets of Nashville, TN-based Christian publisher Worthy Publishing. When the deal is finalized, Worthy will become part of Hachette’s Nashville publishing division. Worthy publishes across categories including inspiration, fiction, Bible study, current events, devotion, leadership, biography, and personal growth. Their fall list includes Mike Huckabee’s new book,…
Finance
Treasury Department Proposals Could Give High-Earning Authors, Agents Benefit of New Tax Cut for Businesses
The Treasury Department released proposed regulations to clarify and codify how the big tax cut (aka the Tax Cuts and Jobs Act) applies to owners of sole proprietorships, partnerships, trusts, and S corporations. By early interpretations, high-earning authors would qualify for the new 20 percent deduction of qualified business income, and it appears as if…
Briefs: UTA Sells Stake; Clinton and Patterson Sales Milestone; NEH Book Grants
In the capital-raising arms race among the big Hollywood talent agencies — which have grown into entertainment conglomerates themselves — United Talent Agency sold a minority stake to Investcorp and PSP Investments. Deadline and Variety say they sold approximately 40 percent of the agency, for an estimated $200 million. (When the search for investors was initiated…
Deja Vu All Over Again: Vivendi Negotiates to Buy Editis
In reporting half year results, French conglomerate Vivendi announced that they are in “exclusive negotiations with Grupo Planeta” to acquire the French book publishing division Editis. (Once upon a time, Editis was owned by a different incarnation of Vivendi, Vivendi Universal Publishing, which also used to own Houghton Mifflin. Hachette Livre bought and retained 40…
Abrams Acquires Overlook Press
Abrams announced the acquisition of The Overlook Press, two and a half months after the death of founder and publisher Peter Mayer. As of August 1, Abrams will handle all aspects of the publishing, marketing, and business operations for The Overlook Press’ books, including its forthcoming titles, while sales and distribution will be handled by…
Investor Schottenfeld Tries A Little Agitation Again with Barnes & Noble Stock
Investment groups associated with hedge fund manager Richard Schottenfeld acquired holdings in Barnes & Noble sufficiently as of July 12 to file with the SEC, indicating control of more than 5 percent of the company’s stock. In this case they control 4.16 million shares, or 5.68 percent of the bookseller’s shares, and according to the filing…