Local history book publisher Arcadia Publishing has acquired Commonwealth Editions from Applewood Books; the terms of the deal were undisclosed. Applewood will continue to handle sales and distribution for Commonwealth titles “for the foreseeable future.”
Finance
Hello Sunshine Announces Big Sale
Reese Witherspoon’s production company Hello Sunshine will be purchased by a new firm financed by private-equity company Blackstone. The terms of the deal weren’t announced, but a source told the WSJ the deal values Hello Sunshine at $900 million, with Blackstone spending over $500 million to buy out Hello Sunshine’s outside investors, including AT&T and Emerson Collective. Witherspoon and some the company’s executives and investors “will roll over the remaining equity into ownership stakes in the new company Blackstone is forming.” Former Disney executives Kevin Mayer and Tom Staggs will run the new entertainment company that is purchasing Hello Sunshine, […]
Another Possible Sale or IPO Based On Your Content
It’s been a heady year for M&A among internet platforms that feature written and book-length content, including sales of Wattpad (to Naver, for about $600 million); VitalSource (to Francisco Partners); NetGalley and Quality Solutions/Firebrand (to Media Do International); Glose (to Medium); Radish (to Kakao Entertainment for $440 million); Tapas Media (to Kakao Entertainment for $510 million); and Epic (to Byju for $500 million) — as well as the giant sale of ProQuest to Clarivate for $5.3 billion. Another possible deal looms for document host and subscription service Scribd, as reported by Bloomberg recently. They note: “The company has held talks […]
More on Scholastic’s New Controlling Shareholder, and the Surprise of Robinson’s Will
The WSJ embellishes at length on the surprise revelation we reported on two weeks ago: The naming of Scholastic executive Iole Lucchese as heir to the late Dick Robinson’s controlling Class A shares in the company. The Journal says that Robinson’s will also gives all of his personal possessions to Lucchese, “with the request, but not the direction” that she distribute items to others, such as his two sons, “as she believes to be in accordance with my wishes.” It is still not clear the disposition of about $70 million in common stock in Scholastic owned by Robinson (nor is […]
Acquisitions: Open Road Buys eBook Publisher, Wonderbly Sold
Open Road has acquired UK ebook publisher Bloodhound Books, for an undisclosed amount. The Bloodhound brand “will be retained in all markets” with founders Betsy Reavley and Fred Freeman staying on. In a release, Reavley said, “The market and consumer behaviour have both changed dramatically in the past year…. We needed to find a way to expand the business from our audience reach to our marketing capabilities. We are extremely excited about joining the OR/M team, which will give us the opportunity to do just this – to provide the very best in content from our authors to a wide […]
Lagardere Under Investigation for Alleged Abuses In Fighting Dissident Shareholder
On Friday, French newspaper Le Monde reported that France’s National Financial Prosecutor’s Office opened an investigation in April into alleged illegal practices by Lagardere, saying that an investigating judge has been appointed subsequently. Following up on allegations by dissident investor Amber Capital in February, the investigation is said to focus on “misuse of corporate assets, purchase of votes, inaccurate accounts and dissemination of false or misleading information” related to the battle for control of Lagardere. Subsequent to the initiation of the investigation, in late April, Arnaud Lagardere and the principal shareholders in the company reached an agreement to restructure the […]