RBMedia announced the acquisition of audiobook publisher Upfront Books, founded in 2019 by Tyler Finkelstein. The company works with publishers, self-published authors, and literary estates. RBmedia CEO Tom MacIsaac said in the release, “We’re impressed with the quality of the business and catalog that Tyler and his team have built in just a few years. This acquisition supports RBmedia’s continued business growth and expansion initiatives.” Upfront says they have a “technology-driven process to identify, license, produce, and publish great titles as audiobooks for the very first time.”
Finance
CAA Closes Acquisition of ICM
Following an extended delay awaiting government review, CAA has completed their acquisition of ICM, first announced in September 2021. The deal is reported as valuing ICM at $750 million. (When ICM sold a minority one-third share in the agency to Crestview Partners in 2019, the price was reportedly approximately $150 million.) In the original announcement, CAA had emphasized the strength of ICM’s books department: “ICM’s industry-leading books division superbly complements CAA’s content-driven motion pictures, television, and podcasting businesses, in addition to its speakers arm, and other divisions.” Today’s announcement adds, “ICM brings to CAA a leading literary agency in the […]
Barnes & Noble Education Splits Top Job In Two, Renews Standstill with Investor
Ahead of reporting their fiscal fourth quarter later this week, Barnes & Noble Education announced that it has separated the roles of board chair and ceo, effective immediately. Lead independent director Vice Admiral John R. Ryan now serves as board chair, with Mike Huseby remaining as ceo. Additionally, Outerbridge Capital Investment’s chief investment officer Rory Wallace has been nominated to join the board at the next annual meeting in September and the investment firm renewed its standstill “cooperation agreement” first struck two years ago, when BNED explored and then abandoned a sale of the company. (Outerbridge currently holds 2 of […]
Booktopia’s Value Has Plunged
It took Australia’s leading online bookseller Booktopia years to pull off a public offering of shares in late 2020 — and in retrospect, it probably never should have done so. Shares have been sinking since last summer, accelerated by their surprise warning of low profits expected for the current year in early May. Since late August 2021, the company’s market cap has evaporated, going from $411 million (AU) down to about $26 million now. The Sydney Morning Herald ran a long “investigation.” While they note that, “In recent weeks, Booktopia has been laying off staff through redundancy rounds” — and […]
Acquisitions: Spectrum Publishing Buys Odd Portal Studios
Spectrum Publishing has acquired sci-fi and fantasy publisher Odd Portal Studios. Spectrum owner Kelly Rinne said, “Everyone here at Spectrum is excited about this acquisition. We have a solid foundation of science fiction and fantasy titles, and I look forward to expanding our roster of talented authors and narrators in these genres.”
Bloomsbury Reports Record Sales, Profits
Bloomsbury announced results for fiscal year 2022, ending February 28, reporting its highest ever sales and profit. Sales were £230 million, up 24 percent from last year and 41 percent from 2020. Profit before tax was £22.2 million, up from £17.3 million last year. Recent acquisitions, led by Head of Zeus, accounted for £17 million of the increased sales, with “organic” sales up 15 percent for the year. “Both the Consumer and Non-Consumer divisions gave outstanding and resilient performances, highlighting Bloomsbury’s unique strength in combining general and academic publishing,” ceo Nigel Newton said. “Bloomsbury plans to invest robustly in continued […]