As we reported earlier, LSC recently told shareholders it is in “limited default” on its loans and absent a restructuring of that debt or injection of capital they may not “continue as a going concern,” which means they could be facing bankruptcy. On Tuesday activist shareholder Sententia Capital, which nominated its own slate of directors for the board in February, took a more aggressive stance. In a new letter, they accused the current LSC board of “frustrating the will of stockholders” and expressed concern “that the board and management’s next step at the expense of stockholders will be to accelerate […]
Finance
UK Raises Concerns Over McGraw-Hill and Cengage Merger, Gives Five Days to Address
The United Kingdom’s Competition and Markets Authority (CMA) has given McGraw-Hill and Cengage five working days to address concerns that their planned merger will adversely affect the quality and price of textbooks available to their students. If they fail to do so, the CMA will move to an “in-depth” Phase II investigation, which could delay the merger further still. The two companies have already moved their expectations for completion of a deal from March to August, due to a slower-than-expected regulatory review in the United States. The Australian competition agency’s initial finding is also due this week. In its first […]
People, Etc.
At Abrams Children’s Books, Hallie Patterson has been promoted to director of publicity and Brooke Shearouse to publicity manager. In the UK, John Murray publisher Mark Richards and Profile Books commercial director Diana Broccardo have founded Swift Press. They expect to publish 6 to 8 titles in 2021. The principal investors are Geoffrey Faber Holdings and Set Copyrights, co-owners of Faber & Faber. It’s the first time they have invested in another publisher. Swift will join the Independent Alliance for sales. Duke University press editorial director since 2005 Ken Wissoker is staying with the house, now as senior executive editor, […]
The Shoe Drops at ViacomCBS, Which Will Explore Sale of Simon & Schuster
Simon & Schuster ceo Carolyn Reidy wrote to staff Wednesday morning “to let you know that today ViacomCBS CEO Bob Bakish announced that the company is beginning the process by which ViacomCBS will potentially sell Simon & Schuster.” Bakish was speaking at the Morgan Stanley Technology, Media and Telecom Conference in San Francisco: “We’ve been conducting a portfolio review of our company. And coming out of that we’ve made the determination that Simon and Schuster is not a core asset of the company. It is not video based; it doesn’t have significant connectivity to our broader business. At the same […]
People, Etc.: Rubin Joins S&S As Consulting Publisher
Former Holt chairman Stephen Rubin has joined Simon & Schuster as a consulting publisher, reporting to Jonathan Karp. Rubin will acquire fiction and nonfiction for all of the company’s adult publishing imprints. Karp says in the announcement, “Steve has an extraordinary eye for talent and keen judgment as a publisher on both sides of the Atlantic. He’ll be a valuable adviser and a rainmaker.” Rubin adds, “Jon and I have had a mutual admiration society since we met more than two decades ago. The opportunity to discover and champion notable authors, the great joy of my career, and publish them […]
People, Etc.
At Tin House, Nanci McCloskey has been promoted to associate publisher, director of marketing and sales. Masie Cochran becomes editorial director. At Little, Brown Jessica Chun has been promoted to marketing director; Shannon Hennessey to associate publicist; Alyssa Persons to senior publicist; Juliana Horbachevsky to assistant director of publicity for the Spark and Voracious imprints; Tracy Shaw to executive art director / Jimmy Patterson Books; and Kirin Diemont to junior designer, Little Brown trade art department. Lisa Quach has joined Simon & Schuster Children’s as marketing manager. She was most recently senior marketing coordinator at Big Honcho Media. At Random House Children’s […]