Legal Agents Beth Phelan and Kelly Van Sant and author Isabel Sterling received cease & desist letters from an attorney representing agent Dawn Frederick at Red Sofa Literary after speaking out about Frederick’s response to protestors in St. Paul. On May 28, Frederick posted on Twitter that she had called the police about an incident near her home (the tweet has since been deleted). Subsequently, three agents, including Van Sant resigned from Red Sofa. Phelan, Van Sant, and Sterling wrote in an open letter that Frederick “demanded that we delete our respective posts regarding Dawn’s actions and further, publish retractions […]
Finance
Briefs
Acquisitions Welbeck Publishing Group bought the assets of mind, body and spirit publisher Eddison Books for an undisclosed sum from The Fisher Company. Welbeck will continue working with Eddison’s authors on 2020 titles and publish its 2021 list under Welbeck’s imprints. Welbeck executive director Marcus Leaver said, “Mark and I have admired from afar the books and products that Eddison has made over the years. This deal gives us the opportunity to expand Welbeck’s publishing in a new category that complements our existing publishing.”
Billionaire Arnault Buys Stake In Arnaud Lagardere’s Holding Company
Lagardere has enlisted another billionaire to keep the company and its controlling owner solvent during the pandemic. Longtime family friend Bernard Arnault’s investment firm Groupe Arnault has agreed to buy 25 percent of Lagardère Capital & Management, the holding company of Arnaud Lagardere. Arnault is reportedly paying less than €100 million for the stake. LCM owns a 7.3 percent take in Lagardere, but has control of the company through its corporate structure. “The move shores up its finances after LCM’s debts exceeded the value” of those shares, Reuters report. LCM owes as much as €200 million to Crédit Agricole. Activist […]
Bertrams Confirmed Up For Sale, Ahead of Bankruptcy Filing
In line with previous reports, the Bookseller reports — based on an ad submitted to the publication — that UK wholesaler Bertrams (and its subsidiaries Dawson Books and Education Umbrella) has been put up for sale. It’s being offered by Middleton Barton Valuation (MBV), a restructuring firm. Earlier in the month, the Sunday Times had reported that parent company Aurelius was preparing to appoint bankruptcy administrators for the wholesaler.
People, Etc.
At Macmillan Children’s, Morgan Kane has been promoted to assistant director, publicity; Justin Krasner to senior editor of Odd Dot; Rachel Murray to associate editor at Holt Children’s; and Jessica Chung to junior designer. Daniel Ehrenhaft is leaving Soho Teen to devote more time to the nonprofit WAAC and to explore new opportunities in service of young adult literature. Alexa Wejko has been promoted to editor at Soho Teen, in addition to her role as publicist. Bill Shannon, 57, longtime director of contracts at the Knopf Doubleday Group, died on May 9, from complications of kidney cancer. He joined Knopf in 2000. […]
Walker/Candlewick Sold to Trustbridge Partners
Walker Books Group, whose divisions include Candlewick Press in the US, has been sold to China-based Trustbridge Global Media (a unit of private equity firm Trustbridge Partners). Walker had been the largest employee- and creator-owned publishing company. (The ownership had included more than 75 employees, and over 150 authors and illustrators.) In recent years, Trustbridge acquired Peachtree Publishers in Atlanta (2018) and Holiday House (2016), and they partnered with Chronicle Books for the Chronicle Bridge imprint in China (and France’s Bayard for a Bayard Bridge imprint). The deal closed on or about May 7 according to a UK Companies House […]