Independent Canadian publisher D&M–which owns Douglas & McIntrye and Greystone Books–announced Monday evening it intends to file for bankruptcy protection. The company said in a short statement “it has filed a Notice of Intention to make a proposal under the provisions of the Bankruptcy and Insolvency Act.” As part of that process, “D&M management will be working with the Bowra Group to locate an investor or purchaser for its assets.” Current ownership purchased a majority interest in D&M in 2007, with former investment banker Mark Scott leading an investor group that included “two of the founders of one of Canada’s largest and […]
International News
eNews: Guardian Highlights Harsh Amazon UK Kindle Contracts; Bertrams Partners on Online Bookseller Wordery; and More
The Guardian reports on a UK Amazon contract they have seen that seeks to account for 20 percent VAT before calculating the publisher’s share of digital list price–even though Amazon sells ebooks via their Luxembourg subsidiary and only pays 3 percent VAT at the moment. (That said, by 2015 EU law will change and the loophole will be closed–VAT will be applied based on where the purchaser resides, rather than the country pretending to sell the goods.) Former IT director of the Book Depository Will Jones is launching another independent online bookseller, Wordery, with titles supplied by Bertrams. The platform […]
International: Bertelsmann Drops Gruner + Jahr Buyout Plan; UK Kindle Lending; Casual Vacancy Passes A Million
Gruner + Jahr said in a statement Friday that, contrary to earlier indications from August, Bertelsmann will not buy up the remaining 25.1 percent in the company not already under its control. “In our intensive and constructive talks with Bertelsmann, we came to the conclusion that the challenges ahead for G&J can best be mastered together,” Jahr managing director Winfried Steeger, managing director of Jahr Holding said in the statement obtained by Bloomberg. Bertelsmann ceo Thomas Rabe added: “Bertelsmann will continue its more than 40 year long, successful relationship with the Jahr family. We are in a strong position to […]
Amazon, From New York Publishing to Potential Brazilian Acquisition
We know how you can be, and some of you may be enjoying the WSJ’s piece “Amazon Struggles to Crack Publishing” piece a little too much this morning. The focus of the article is that print sales for Amazon’s recently launched New York-based trade imprint are low–because most other outlets are not stocking the company’s titles. (Nielsen BookScan shows sales of approximately 7,000 hardcover copies of Penny Marshall’s My Mother Was Nuts, which includes print sales through Amazon.com itself. But there is no data available on ebook sales.) Tim Ferriss, who approached Amazon directly to sell them his next book […]
Pearson Pays $650 Million for Learning Services Company; Springer Hires JP Morgan and Goldman Sachs
Pearson announced Tuesday an agreement to acquire online learning services provider EmbanetCompass for $650 million from an investor group led by Technology Crossover Ventures and Knowledge Universe. Those services include providing colleges and universities with “program design and development, marketing and student recruitment, faculty training and support, data-driven student retention and learning analytics; student services (counseling, tutoring, mentoring), technology support and launch funding.” The investment is similar to Wiley’s purchase earlier in the month of Deltak.edu for $220 million. EmbanetCompass’s sales are expected to hit $130 million in 2012. Further to reports earlier this month that Springer‘s latest owners would […]
Owner of Germany’s Thalia Bookstores Arranges Sale
Douglas Holding, the parent company of Germany’s struggling bookstore chain Thalia, has arranged a buyout that might take the company private, and at the least it will increase the stake of the founding Kreke family. US private equity firm Advent International is leading the bid, which values the company at 1.5 billion euros. Douglas Holding includes successful a perfume and cosmetics chain, a jewellery seller, clothing stores and candy stores. The company’s results have suffered mainly due to the continuing restructuring at Thalia, recording a group net loss of 73 million euros in the first nine months of their most […]