Though months later than expected, the European Commission taken another step forward in their antitrust investigations of Amazon, expressing a “preliminary view that it has breached EU antitrust rules,” set out in a statement of objections. At the same time, the EC opened a second antitrust investigation against the etailer. Building on preliminary fact-finding from over a year ago, the EC charges “the abuse of a dominant market position.” They found that Amazon uses “very large quantities” of proprietary data about Marketplace sellers who use their platform in order to compete with them directly. Which is therefore not competition at all, […]
International News
Lagardere Denies French Media Reports that Company Will Sell International Publishers to Vivendi
During yesterday’s presentation of third quarter results, Arnaud Lagardère denied rumors circulating in French media that he had been negotiating the sale of Hachette’s international business to Vivendi. “There are no negotiations on any disposal of the group; no negotiations on any change of limited partnership currently,” said Mr. Lagardere, then added, “Obviously, we’re having some discussions with all the shareholders because it is good governance.” But according to French station BMF-TV, and consistent with speculation that we have covered for a while now, Mr. Lagardere, and investors Bernard Arnault of LVMH and Vincent Bollore of Vivendi have been in […]
The Second Wave: Book Sales Lockdowns in Europe
As France and the UK impose broad lockdowns again in the wake of rapidly rising Covid-19 infections, the treatment of book sales is receiving more focused attention this time versus the spring shutdowns. In France, Prime Minister Jean Castex said on Sunday night that he would prohibit supermarkets — which are still open — from selling non-essential products including books “as a matter of fairness” to specialty retailers such as bookstores, which are closed. This morning, Finance Minister Bruno Le Maire said the government would consider allowing small stores to reopen as early as November 12, rather than December 1, […]
Booktopia Sets IPO for December 3
The Australian online bookseller Booktopia announced terms for a planned December 3 listing on the ASX exchange, with an aim to raise $25 million in proceeds from new shares. Existing investors plan a selldown of shares that would make another $18 million of stock available. At the current projected price, the company would have a market capitalization of $315 million. (Previously reported fiscal 2020 sales were $165 million, with EBITDA of $6 million. At publication, PL had not seen the official term sheet.) The company intends to use the cash to expand their distribution center and repay debt, as well […]
People, Etc.
At Writers House, Maria Aughavin has been promoted to evp, finance; Albert Araneo moved up to evp, business affairs; and Cecilia de la Campa is now evp, global media & licensing. Jonathan Morris has been promoted to production coordinator at Random House Children’s. Rights At the end of the year Penguin Random House Canada is taking back in-house the sub-rights business that they turned over to The Cooke Agency International in 2009, in “a strategic shift…in order to drive international growth across our publishing.” Adrienne Tang has been hired as vp, subsidiary rights, reporting to ceo Kristin Cochrane. Tang was at Kids Can […]
French Court Rejects Vivendi’s Request for an Early Lagardere Shareholder Meeting
A French commercial court has rejected the request of Lagardere shareholders Vivendi and Amber Capital to hold a special shareholder meeting, saying the two groups were acting in their own interest, not the corporate interest. “The plaintiffs do not demonstrate with the required evidence that they are pursuing a goal other than that of their own interests,” the court said in its October 14 decision. The decision is a win for Arnaud Lagardere, who is fighting Vivendi and Amber’s attempt to reseat the board and reduce his influence over Lagardere. Lagardère SCA released a statement saying that it welcomed the […]