Bertelsmann raised 1.4 billion euros ($1.8 billion) in cash proceeds by selling a 17 percent stake and creating a public listing for their television and broadcasting company, RTL. Bertelsmann retains 75 percent of RTL’s shares. Why should publishing people pay any attention? Because that cash will be put to work buying other companies, as Bertelsmann expects to spend up to 3 billion euros on acquisitions over the next 3 years. CEO Thomas Rabe reiterated in a statement, “Our goal is to make Bertelsmann a faster growing, more digital and more international company in the years ahead.” They sold the stock at […]
International News
Pearson Starts Well; Quarto Is Up In the US and Down Overall
In a short first quarter trading update ahead of their annual meeting–in the British style–Pearson said overall sales were £1.2 billion, up 3 percent at constant exchange rates and 4 percent overall (but down slightly on an underlying basis). Penguin “has had a good start to the year with market share gains in all key territories boosted by bestsellers from Harlan Coben, Nora Roberts, Jamie Oliver and John Green.” The FT “is facing weak trading conditions for advertising” and otherwise their performance is in line with their forecast from last month when they reported 2012 results. Pearson In another brief […]
Penguin Settles with EC On eBook Pricing
The last holdout, Penguin has now agreed to settle with the European Commission by making “commitments” on changes in ebook pricing and contracts. The proposed terms are “substantially the same” as those already agreed to by the other four agency publishers as well as Apple. (They will terminate existing agency agreements and move to agency lite for two years, and avoid any MFN clauses for 5 years.) As with the previous agreements, there is a a one-month comment period, after which the “commitments” can be made legally binding. In the EC’s view: “Penguin chose not to offer commitments to the […]
Bookselling: Closures, and More
Murder By the Book in Portland, OR has failed to execute a deal with a new buyer so, as warned in January, the store will close for good this Saturday. Co-owner Barbara Tom indicates “several people with good hearts expressed interest,” but nothing was finalized. The Oregonian adds: “Good hearts were everywhere in the weeks leading to the closing. Longtime customers offered to donate money; one sent a care package from California with pocket-sized packs of Kleenex for when the employees needed to cry. Seattle author Kevin O’Brien sent a box of chocolates. Many other authors, local and national, sent […]
Spain’s Alfaguara Is In Play
Spain’s PRISA Group has officially denied recent reports in Spanish media that they have agreed to sell their literary line Alfaguara and its imprints to Random House. But at the same time, the company admits that it “has maintained and is in talks for the transmission of this asset and other Grupo Prisa assets with various partners.” PRISA says it will communicate further if and when a deal is agreed upon. Spain’s leading media company, PRISA has suffered under debt of billions of euros, made worse by the poor Spanish economy, and has already been through multiple restructurings. Book publisher […]
Awards: Women’s Prize Shortlist; Guardian Hot Key Winners; Pulitzer Reprint Plans
The UK prize formerly known as the Orange, now called the Women’s Prize, posted a powerful shortlist, as Hilary Mantel looks to add a third award alongside her Booker and Costa. The winner will be named June 5: Kate Atkinson, Life After Life AM Homes, May We Be Forgiven Barbara Kingsolver, Flight Behavior Hilary Mantel, Bring Up the Bodies Maria Semple, Where’d You Go, Bernadette? Zadie Smith, NW You can find previous winners listed here. The first Guardian Hot Key Books Young Writers prize has awarded publishing contracts to two young YA writers in their twenties. Hot Key Books will […]