As we suggested well over a year ago, there has been little reason for Quarto Publishing to continue operating as a publicly traded company on the London Stock Exchange — and on Thursday morning, the company announced a plan to go private. CK Lau and his Honk Kong-based company 1010 Printing Limited already have a controlling 50.08 percent stake in Quarto, with lead minority investor Andrea Giunti Lombardo owning 22.34 percent. The stock trades very lightly, and fell substantially at the end of August when Quarto reported a 16 percent decline in sales for the first six months of their […]
Finance
Vivendi Finalizes Takeover of Lagardere
Following a second promised sale (of Gala magazine to Groupe Figaro), Vivendi announced Tuesday that it has officially closed its deal for a controlling interest in Lagardere. Vivendi’s executives say in the announcement, “As we do for all our businesses, while preserving its integrity, we will support Lagardère in its development and the transformation of its businesses. Together, we will strengthen our international presence in the fields of creation, content and distribution. We are delighted to start a fruitful collaboration, bringing all our activities to new heights.” Vivendi owns 60 percent of Lagardere stock, and just over 50 percent of […]
Academic Partnerships to Acquire Wiley University Services
Academic Partnerships, which provides online learning for public college students, has agreed to acquire Wiley’s university services arm, which “works with institutions to deliver career-connected education programs.” Academic Partnerships will pay $110 million along with up to $40 million in earnout based on results over the next two fiscal years. Pending regulatory approval, it is subject to close in early 2024. According to a release, “the combined company will provide universities with a best-in-class partner to support them in delivering programs online so more students can access affordable education, improve their careers, and meet employer and community needs.” “Wiley University […]
Vivendi’s Sale of Editis Approved
The European Commission has approved Vivendi’s sale of French-language book publisher Editis to Czech Media Invest (CMI), owned by Czech billionaire Daniel Kretinsky. Through equity firm Vesa, Kretinsky also owns a 25.03 percent portion of French book retailer Fnac Darty. The Commission decided that, since Kretinsky’s minority stake does not allow him to control Fnac Darty, the purchase of Editis would not lead to any competition issues between the retailer and Editis. Now that Editis is spun off, the EU will likely approve Vivendi’s purchase of Lagardere.
Simon & Schuster Officially Sold to KKR
After the close of the market on Monday, Simon & Schuster confirmed the completion of their sale to KKR for $1.62 billion. S&S ceo Jonathan Karp wrote to employees: “I believe our relationship with KKR will enable us to become an even greater version of what we already are: a company that strives for–and succeeds at–attracting and keeping a roster of the most talented authors, with a workforce of dedicated and highly motivated professionals; a pre-eminent publisher, for all kinds of readers, in all formats; a company that takes risks, seizes opportunities and cherishes innovation in its publishing and business […]
With Its Stock Languishing, Endeavor Awaits Proposal From Controlling Shareholder Silver Lake to Go Private Again
It took Endeavor multiple attempts before they executed their 2021 public offering, at a modest $24 a share, though private equity company Silver Lake retained a dominant and controlling stake. But the market has been unimpressed, particularly as Endeavor pushed through a merger between their Ultimate Fighting Championship and World Wrestling Entertainment. The stock went from a high of nearly $35 a share at the end of 2022 to less than $18 a share earlier this week. Which led to Endeavor’s announcement Wednesday afternoon that it would explore a sale or sales: “Given the continued dislocation between Endeavor’s public market […]