Ingram Content Group has an agreement to sell their etextbook platform VitalSource Technologies to Francisco Partners, an investment firm focused on technology businesses. The acquirer says in the announcement it is, “Committed to furthering the VitalSource mission of improving learner outcomes and accelerating our commitment to developing innovative, forward-thinking solutions and platforms that open doors to affordable and impactful learning experiences to students and professionals around the world.” The deal is expected to close this summer. Ingram bought the business in 2006 and has grown it to service 16 million learners worldwide. VitalSource president Kent Freeman says in the announcement, […]
Finance
People, Etc.
At McClelland & Stewart, Anita Chong has been promoted to the new role of executive editor. Joe Lee has been promoted to associate editor. Emma Holmes has joined Chronicle Books as head of brand, Ridley’s Games. She was previously at Wild + Wolf. Distribution Peachtree Publishing will move their sales and distribution to Penguin Random House Publisher Services a year from now, starting May 1, 2022. PRH already distributes Holiday House and Pixel+Ink, which like Peachtree are owned by Trustbridge. Peachtree current handles their own sales and distribution. Finance Primarily on the strength of the expected proceeds from the $349 […]
New CEO Promises “The Continued Development of Hachette Livre”
On Monday, Hachette Book Group USA ceo Michael Pietsch wrote to employees about the departure of longtime Hachette Livre/Lagardere Publishing ceo Arnaud Nourry, “I’m deeply saddened by this news. In the fifteen years that we have been part of Hachette Livre, Arnaud has strongly championed HBG, our employees, and our authors, while also advocating for a healthy publishing ecosystem. His vision and integrity, combined with his keen understanding of the publishing business on a global scale and the cultural importance of books and writers, have been core to our successes…. We will miss Arnaud enormously.” At the same time, Pietsch […]
News Corp to Buy Houghton Mifflin Harcourt Trade for $349 Million
As expected, Houghton Mifflin Harcourt Books & Media will be acquired by News Corp for $349 million in cash and operated as part of HarperCollins. The deal is expected to close in the second quarter, “subject to customary closing conditions, including regulatory approvals.” The announcement indicates that HarperCollins “expects to realize immediate cost savings, accumulating to more than $20 million annually within two years, including manufacturing, distribution and other cost efficiencies. HarperCollins also anticipates revenue synergies by leveraging its global scale and further expanding licensing opportunities.” HMH Books & Media had sales of $192 million in 2020, with net income of […]
Penguin Random House’s Deal to Buy S&S Faces Increased Scrutiny In Both US and UK
Penguin Random House’s pending $2.175 billion deal to acquire Simon & Schuster drew headlines Monday following an announcement from the UK’s Competition & Markets Authority that it launched a merger inquiry last Friday. Of potentially greater significance, however, and reported here exclusively, is that the acquisition is now facing a more detailed level of scrutiny from regulators in the US. Within the last week or so, employees report, the Department of Justice extended its review with a “second request” for more detailed information. Second requests require a far more extensive, and expensive, production of documents and information from the deal […]
Briefs: Barnes & Noble Announces New Tablet, Endeavor Eyes IPO Again
Barnes & Noble will replace their out-of-stock Nook branded tablet with a new model from Lenovo. Like their previous tablet, the new model will be 10.1 inches and priced at $129.99, available as of April 5. After pulling their planned IPO at the last minute in September 2019 and broad layoffs during the pandemic, Endeavor is reported to have filed confidential paperwork for another public offering of shares with the SEC.