Bend, OR-based publisher Blue Star Press has acquired Seattle-based Sasquatch Books from Penguin Random House, which bought the company in 2017. Both presses will continue to be sold and distributed by Penguin Random House Publisher Services, extending Blue Star’s distribution agreement for 10 more years. They write in the announcement that Sasquatch will maintain its Seattle office and continue to “operate autonomously and maintain its editorial independence and creative identity.” Peter Licalzi, ceo of Blue Star Press said, “Investing in quality content is integral to Blue Star Press’s growth strategy, and Sasquatch Books has an incredible portfolio that we’re excited […]
Finance
Webtoon Files for IPO
Webtoon has filed for a proposed initial public offering of its common stock, though the number of shares and the price have not yet been determined. The shares, under the symbol WBTN, will be listed on the Nasdaq Global Select Market. Parent company Naver will retain controlling shares after the IPO. According to a report from Bloomberg earlier in the year, the company could try to raise as much as $500 million in an IPO, hoping for a valuation of between $3 billion and $4 billion. The company reports that both sales and losses grew in 2023: Sales were $1.28 […]
Bloomsbury Acquires Rowman & Littlefield Academic for $83 Million
Bloomsbury announced that it has acquired Rowman & Littlefield’s academic publishing business, comprising over 40,000 titles, for $83 million. They paid $76 million in cash on completion of the deal, with up to $7 million in escrow, to be paid post completion. It’s Bloomsbury’s largest acquisition to date, and doubles the size of their Academic & Professional publishing business in the US, adding to the ABC-CLIO business they acquired in 2020. Rowman & Littlefield’s academic business generated revenue of $36 million in 2023, and profit before tax of approximately $6 million. The sale does not include Rowman & Littlefield’s other […]
Shareholders Approve Indigo Buyout
As expected, Indigo shareholders voted to approve the sale of the Canadian bookselling chain to Trilogy Investments, formalizing a plan that was set in motion in February. “We are pleased with the result of today’s vote and look forward to continuing our work on Indigo’s transformation strategy,” CEO Heather Reisman said in a release. “We remain deeply committed to our customers and to all our stakeholders as we work together to inspire reading and enrich the lives of booklovers across the country.” The deal is expected to be effective on May 31 after regulatory approval.
BNED Stock Is A Screaming Meme
Barnes & Noble Education is in the process of being recapitalized and taken over by Immersion Corporation, with support from a few major lenders and stockholders, after failing to make money for years and piling up debt. But recent news of some unsuccessful maneuvering by Greenhaven Capital coupled with the recent return of RoaringKitty and meme stock fever has turned BNED shares into a surprising meme roller coaster of its own. The movement is inflamed by a general misunderstanding of the pending takeover and the company’s weak position, along with additional misunderstanding of the company’s historical connection to the other Barnes […]
Greenhaven Capital Discloses “Preliminary” Efforts to Make Competing Refinancing Offer for Barnes & Noble Education
Greenhaven Capital disclosed in an SEC filing that as of March 29 it acquired a 9.9 percent stake in Barnes & Noble Education, and that it has been engaged in an ongoing series of discussions about presenting a competing offer for injecting capital into the ailing company. Greenhaven indicates in the filing that it had made multiple preliminary and non-binding proposals to the BNED board for a recapitalization of the company — some in conjunction with pre-existing investor Outerbridge Capital Management — ahead of the deal announced on April 16 led by Immersion Corporation. On April 11, Greenhaven tried to […]