Forthcoming Bloomsbury will publish Emeritus Pope Benedict‘s Last Testament worldwide in November, in which the retired pope will formally break his silence after being the first Pope to resign from his position in 750 years. Bloomsbury says Pope Benedict will address “controversies and reveals how at his late age, governing and reforming the Papacy and particularly the Vatican, was beyond him” and “admit that he entirely lacked Pope Francis’s common touch with people.” The book is co-written with Peter Seewald and translated by Jacob Phillips. Investments Rakuten announced it has agreed to acquire a “substantial minority stake” in getAbstract, which […]
Finance
Hastings to Liquidate Between Now and October 31
Per our previous reports, the stalking horse bid from liquidators Hilco and Gordon Brothers has prevailed, and it appears that no other offers were made at Wednesday’s scheduled auction. While the plan requires final acceptance by the Bankruptcy Court on Friday, complete documents for a “notice of successful bidder and agency agreement” were filed last night. Once approved, the liquidation sale will begin immediately, and continue through October 31 at the latest, with all Hastings stores to be closed. (Locations can be closed earlier than that on a store-by-store basis, with seven days notice to the employees.) As we indicated […]
Liquidators Approved As Hastings Stalking Horse Bidder
At a hearing on Monday afternoon, a Delaware Bankruptcy Court judge approved the stalking horse bid for the inventory of Hastings Entertainment from liquidators Gordon Brothers and Hilco that we reported on last Friday. Per that earlier report, the bid “provides for a guaranteed payment of 75 percent of the cost of the debtors’ inventory which is based on in excess of $110 million of inventory and should provide more than $82 million in proceeds.” The bidders were granted the bid protections that they sought from the court, including fees and expenses if their offer does not prevail, along with a requirement that any […]
Random House Studio Taken Over By Bertelsmann’s FremantleMedia
Random House Studio, the eleven-year-old film and television group operated by Penguin Random House, has been “acquired by” and transferred over to FremantleMedia North America, part of PRH parent company Bertelsmann’s RTL division. In turn, FMNA has entered into a partnership with Meridian Entertainment, a China-based global content developer that will “work with FMNA and Random House Studio to finance and produce theatrical film projects.” FNMA adds that Meridian “will operate and grow the studio’s theatrical slate.” Meridian chairman Jennifer Dong adds in an announcement, “Meridian has the determination, strength and ability to make full use of the rich and varied […]
Potential Stalking Horse Bid Has Hastings On Likely Path to Liquidation
With a potential auction — if there are any bidders — scheduled for July 20, a number of motions have been filed in which Hasting Entertainment is trying to secure a stalking horse bid. After filing for bankruptcy protection just over a month ago, the distressed entertainment retailer looks to be headed for liquidation rather than reorganization, however, since the prospective bid is from liquidators Hilco and Gordon Brothers. In its current form, that bid would just cover the secured lenders, and leave little or nothing for unsecured trade creditors, including many publishers. The proposed stalking horse bid “provides for […]
People, Etc.
Matt Mullin has joined Ingram’s Lightning Source as key accounts sales manager in their New York office. Previously, he was at The Reading Room and before that at Barnes & Noble. Rachel Poloski has joined Random House Children’s as editor. Previously she was an associate editor for Disney Publishing’s Marvel Press. Alexis Kirschbaum will move to Bloomsbury UK on September 13 as publishing director, reporting to Alexandra Pringle. She is currently editorial director at Penguin Press UK. At Harlequin UK, Lucy Gough has been promoted to assistant managing editor. “Leading literary figure of Southern California” Carolyn See, 82, died Wednesday in […]