At Princeton University Press, Alison Kalett has been promoted to editorial director for the sciences; Eric Crahan moves up to editorial director for the humanities; and Sarah Caro has been promoted to editorial director for the social sciences, with all three reporting to Al Bertrand. In addition, Amanda Peery has been promoted to associate editor, history, and Jessica Yao moves up to associate editor. Sports book publicity firm Press Box Publicity will become a division of Smith Publicity starting March 1. Smith Publicity ceo Dan Smith said, “This represents what I see as the perfect marriage of a top, genre-specific […]
Finance
Correction: Abrams Exited Barnes & Noble By Last Fall
Thursday morning’s report on investor David Abrams at Abrams Capital’s sale of his remaining shares in Barnes & Noble was incorrect. While the 13D filing did confirm his investment companies no longer hold BKS shares and was filed on February 14, those shares were actually sold some time prior to September 30, 2017. A separate SEC form 13F filing from November 2017 disclosed by omission that some time between the second quarter and third quarter of 2017, Abrams sold all of his shares in Barnes & Noble.
Abrams Exits Barnes & Noble, Former Employees Lament Layoffs Online
Barnes & Noble received another vote of no confidence from long-term investors David Abrams at Abrams Capital. After holding approximately 5.9 million shares of the bookseller’s stock, the investor revealed in an SEC filing that as of February 14, that entire stake has been sold. As we have noted, Barnes & Noble’s stock has declined significantly since the poor holiday sales report in January, down over 31 percent so far in 2018 and trading near all-time lows. The last time Abrams sold BN stock in April 2017, he sold 4.5 million shares at $8.575 a share. Now the stock is […]
People, Etc.
The University of New Mexico Press will become a part of the College of University Libraries and Learning Sciences starting March 1, as part of a university reorganization. The $7 million debt owed by UNM Press to the university will be disposed of, though the university has not yet determined how. Interim provost and executive vice president for academic affairs, Richard Wood said, “UNM Press was at risk of closure,” adding of the debt, “we’ll have to absorb it into the budget somehow.” The press doesn’t plan any editorial changes, but distribution will be outsourced to a third party and the south campus […]
Waterstones Negotiating Sale to Elliott Advisors
Elliott Advisors, the UK branch of Paul Singer’s hedge fund Elliott Management, has been given “a short period of exclusivity within which to conclude negotiations” to purchase UK bookselling chain Waterstones, Sky News reported, citing a single source. The report has a measure of credibility since, as we have been writing all along, “one insider suggested it was likely to be much lower than the £250 million that a newspaper report said Mr. Mamut was seeking last autumn.” Reportedly, there are more private equity firms lined up negotiate if Elliott Management does not conclude a deal.
Corporate: Pearson Celebrates the Mediocre, UMB and Informa Try Again
Despite Pearson’s recent string of disappointing results, which have wiped out half of the company’s market value over the past two and half years, their official releases maintain an orderly calm, using various comparison stats to make their world seem stable. The newest trading update fits squarely in that genre; they expect that full-year earnings will be at the higher end of their very modest guidance — if only the dollar had not dropped in value against the pound, so actual profit is below that guidance (but it’s not their fault). And while they are “expecting growth” in 2018, given […]