Vivendi announced it is abandoning its plan to spin off publishing company Editis into an independent, publicly traded company, and instead they are negotiating to sell the division outright. Vivendi “received several offers for the sale of 100 percent of the shares of Editis,” and has “decided to enter into exclusive negotiations” with International Media Invest (IMI), a subsidiary of billionaire Daniel Kretinsky’s Czech Media Invest (which owns a number of prominent French magazines). Kretinsky’s portfolio also includes stakes in the newspaper Le Monde and the TV group TF1. The sale of Editis is designed to win approval from regulators […]
International News
Bertlesmann Subsidiary Gruner + Jahr to Sell or Close 23 Magazines, Cut 500 Jobs
Bertelsmann’s magazine division Gruner + Jahr — which they sold to Bertelsmann-controlled TV division RTL in 2021 — will retrench significantly, RTL Deutschland announced Tuesday. The company plans to close or sell 23 publications “against the background of the rapidly changing media landscape and the challenging macroeconomic situation” and focus on their core brands. Approximately 500 jobs will be eliminated at the Hamburg, Germany offices over the next few years, and they expect another 200 jobs to be transferred to new owners, from a total workforce of about 1900 people. “Costs will be reduced in all areas, especially in the […]
PRH UK Proposes Closing Center for Distro Clients
Penguin Random House UK has proposed closing its third-party distribution center in Grantham in 2025 due to rising costs and “supply chain challenges”, the Bookseller reports. The warehouse handles distribution for more than 40 publishers and has a staff of approximately 200, who are at risk of being laid off. In an email to staff, ceo Tom Weldon said, “While we are very proud of our work with our third-party partners, our findings have shown that it is not commercially viable for us to continue running this aspect of our operations. As a result, we are proposing to close this […]
Booktopia to Cut Staff and Expenses
Australian retailer Booktopia announced that it would cut 30 to 40 jobs (or 10 to 15 percent of employees) and implement other cost-cutting plans, “to improve shareholder returns and in response to changing consumer sentiment, greater competition online and inflation.” A company spokesperson told the Brisbane Times that the layoffs are predominantly in “administrative roles.” Booktopia chairman Peter George said, “Letting some of our talented staff go as part of these cost-cutting initiatives is a disappointing but necessary step in these economic times.” He also noted, “Booktopia is focused on building a profitable, sustainable business in the interests of all […]
Russian IBBY Award President Resigns Amid Criticism
Hans Christian Andersen Award jury president Anastasia Arkhipova has resigned from the 2024 award committee. Reuters reports that Arkhipova, a Russian illustrator, is on the board of the Moscow Branch of Artists Association of Russia (MOCX), which last year ran a contest for artists to create Russian war propaganda. After Arkhipova was elected to the award committee in September, several IBBY member countries protested and withdrew from participation in the award, which has been called the Nobel Prize of children’s literature, reports Danish broadcaster DR. The queen of Denmark, Queen Margrethe II, withdrew her patronage of the award, and the […]
PRH UK Gives Lowest Paid Staff 9% “Pay Awards”
PRH UK has given its staff earning £30,000 and under a 5 percent raise as well as a one-time payment of 4 percent, to combat inflation. Those earning £30,000-£50,000 will get a 5 percent raise and a 1 percent one-time payment; those in the £50,000-£80,000 a 4 percent raise and a 1 percent payment; and those earning over £80,000 will receive a 2 percent raise. HR director Val Garside told The Bookseller, “Our annual pay review discussions with the union were detailed and positive, and we are pleased that they have accepted our company offer. We understand that the economic […]