Houghton parent company Education Media is hardly the only overindebted conglomerate with book publishing interests. This morning Spanish media group Prisa said it would sell a 25 percent stake in book publisher Grupo Santillana for approximately $362 million. The buyer is Credit Suisse-run private equity firm DLJ South American Partners. Spain’s biggest media company, Prisa carries debt of over 5 billion euros, so the sale of the Santillana stake will have little overall impact. Santillana is “one of Prisa’s most profitable units,” the WSJ notes, adding that “the fact that Prisa is selling off part of such a lucrative unit […]
International News
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Boston Globe books editor for the past seven years Jim Concannon is leaving the paper to work as news editor at Harvard’s public affairs office.Phoenix In the UK, publishing director at Chatto & Windus for the past 12 years Alison Samuel announced that she will retire at the end of the year. Editorial director Clara Farmer will move up to publishing director in January. Samuel says in the announcement: “I wanted to go out on a high. How could I possibly better the last 18 months in which Rose Tremain won the Orange Prize, Alice Munro was awarded the Man […]
Rights News: Canada's Cooke Takes Over Rights Sales for Random Canada and McClelland & Stewart
Agents and business partners Dean Cooke and Sally Harding are creating a new company, the Cooke Agency International, to sell rights for Canadian publishers and agencies. Sub rights director Suzanne Brandreth will oversee daily operations from a new office, with Cooke and Harding working for both the new company and their existing Cooke Agency. Random House Canada will use the new operation to sell “the majority of our subsidiary rights,” including foreign rights, permissions, and domestic book club sales. Random House Canada ceo Brad Martin says “the reality of our business is that we can no longer financially justify maintaining […]
Venezuela's Crackdown on Book Imports Hurts Booksellers, Publishers
In March 2008, what was originally seen as a “minor bureaucratic change” to downgrade the import status of books from “essential goods” to requiring government certification of how many copies could be brought in has, according to Publishing Perspectives, begun “gradually choking off the flow of imported books, which make up 80% of the market in Venezuela” and created a “catastrophic” shortage of books. With bestselling titles, even if demand is great, only a select number of copies may be approved at one time and by the time a publisher is allowed to reapply for permission to import additional copies […]
Indigo Up Slightly In First Quarter, But Loss Widens
Sales at Canada’s dominant bookseller Indigo rose 1.6 percent in the first quarter at $193.6 million (Canadian), with same-store superstore sales up 1.4 percent and same-store sales at their smaller-format stores up 0.8 percent. Online sales continue to decline, though, down 9.1 percent to $19.1 million, and the company says they have “eliminated certain non profitable business.” Their net loss was worse, at $2.3 million compared to a $1.2 million loss a year ago. CEO Heather Reisman says the “drop in bottom line results reflects our increased operating investment this year in both Pistachio and Shortcovers.” (Pistacho is “an eco-friendly […]
International Earnings: Mondadori Down More than 20%; Restructuring To Come
Sales at Italy’s book and magazine giant Mondadori fell over 21 percent in the first six months of the year, to 730 million euros (from 930 million a year ago). Net income fell further still, down 80 percent to 7.3 million euros (with EBITDA of 40 million euros, down 61.5 percent). The company also carries 474 million euros of debt. Despite the drops, Mondadori’s results were actually ahead of analysts’ expectations. Reuters says “it gave no clear indication about much-awaited cost cuts but said it expected a ‘strong’ restructuring in the coming months.” The company called the year “difficult and […]