Activist hedge fund Ananym Capital Management disclosed in a recent SEC 13F filing that they have acquired 4.8 percent of Scholastic’s common stock. They hold approximately 1.25 million shares. Scholastic’s stock has been trading at its lowest levels since the depths of the 2008-09 recession lately, to the point that management signaled a strategic review of the education solutions division and emphasized the value of their “non-operating assets that could be monetized, if and when the company chose to,” including the headquarters building in Soho and their three warehouses. Ananym says it “focuses on constructive, value-enhancing engagements with undervalued public […]
Finance
Globe Pequot Acquires Bower House
Globe Pequot Publishing Group has acquired Bower House, an independent publisher of books about the American West. Globe Pequot’s sister company National Book Network will continue to sell and distribute Bower House titles. On September 1, NBN and Bower House will be distributed by Simon & Schuster. “Bower House has built a strong list that complements our focus on the outdoors, regional interest, and cultural history,” said Globe Pequot ceo Jed Lyons said. “We’re excited to integrate these titles into our expanding catalog. This acquisition aligns with our strategy to grow our publishing program in these core areas.” “Bower House […]
Alliance Cancels Agreement to Purchase Diamond
In the continued saga of Diamond Comics’ bankruptcy, on Thursday top bidder Alliance Entertainment terminated their purchase agreement to acquire the company’s assets, according to an SEC filing Earlier this month, Alliance had sued Diamond after the comics company chose to sell to the backup bidders, Universal Distributors and Ad Poplum, after first agreeing to sell to Alliance. Soon after, a judge approved the sale to Alliance and Alliance dropped their suit. Alliance did not specify a reason for terminating the agreement. Diamond did not announce the new purchaser, saying only that it had “pivoted to alternative, exceptionally well-known purchasers […]
Acquisitions: Square One Publishers
Globe Pequot Publishing Group has acquired independent nonfiction press Square One Publishers, making it a standalone imprint for Globe Pequot starting May 1. Longtime Square One publisher Rudy Shur will continue in his role and acquire new books for the imprint. Square One books will be sold and distributed by Globe Pequot’s sister company NBN, effective immediately, and will move with Globe Pequot to Simon & Schuster on September 1. Globe Pequot ceo Jed Lyons said in a release, “I have known and admired Rudy Shur for decades. He founded his first company, Avery Publishing, in 1976, a year after we […]
Albert Whitman Files for Voluntary Bankruptcy
Children’s book publisher Albert Whitman has filed a voluntary petition for Chapter 11 bankruptcy in the Northern District of Illinois. According to the filing, the company owes approximately $1.66 million to creditors, the largest sum being nearly $256,000 to Lakeside Book Company. For years now, going back to 2020 but also recently, there have been complaints about the publisher being delinquent on royalty payments. In 2023, Whitman sold the rights to the Boxcar Children books to Random House Children’s.
WH Smith to Sell Bookstores to Modella Capital
British retailer WH Smith has agreed to sell its High Street bookstore business to Modella Capital, valued at £76m on a cash and debt-free basis. They expect gross cash of £36 million at completion, £6 million a year later, and another £10 million “based on timing and realization of certain tax assets within the High Street business.” The deal is expected to close in the final quarter of the company’s fiscal year, ending August 31. The company is represented by Greenhill & Co. International for financial advising and Herbert Smith Freehills for legal advising. During a “short transitional period,” the […]