For those watching the dates, the parties in the publishers’ lawsuit against Audible seeking to block their Captions feature had been expected to report back to the court on the execution of their settlement agreement as of Tuesday, January 21. But in the meantime, based on the previous report that an agreement had been reached, Judge Valeri Caproni went ahead and dismissed the case with prejudice. She left it up to the parties to decide if they “wish for the Court to retain jurisdiction to enforce their settlement agreement.” In that event the settlement agreement would still be submitted to […]
International News
Springer Nature Hires Bankers For Another Try at An IPO
After pulling their IPO on the Frankfurt Stock Exchange at the last minute in 2018 on weak demand, Springer Nature’s owners are determined to try again, hoping that capital markets remain strong long enough for them to get to the finish line this time. Co-owners BC Partners and Holtzbrinck are reported to be working with Goldman Sachs and Morgan Stanley as lead bookrunners (Morgan Stanley led the previous effort as well), “which could take place as early as May or June” according to Reuters’ sources. One of those sources insists that “leverage has come down significantly, making it a much […]
Quarto Needs More Money: Lau Will Take Control In $18.2 Million Equity Raise with Help from Italy’s Giuntis
With $54 million in bank debt and another $13 million short-term loan from major shareholders that’s due in August, Quarto Group needs far more money than it can generate or access. In order to extend their loan for another year, to mid-2021, they need to raise money now or face severe consequences. The latest solution to this long-running intractable problem is that the company plans to recapitalize (and dilute) itself by doubling its share base and offering current shareholders new shares if they kick in 68 pence per share. The offer is designed to raise £13.9 million (of $18.2 million) […]
French Trade Magazine Plans Big Layoffs
France’s book publishing trade magazine Livres Hebdo announced on December 30 a reorganization that if enacted would eliminate half of their editorial staff (seven out of fourteen people, including four of six editors), according to an online petition launched two days ago. That proposal would be finalized in February. The company says it plans to focus on digital news, and the magazine will become monthly by September. Parent company Electre said in a statement that the changes are needed “in order to adapt to changes in customer demand and restore its economic balance.” An online petition says, “It is to […]
Bookselling: Bankrupt Book People Fires More People; Book Culture Landlord Supports A Bookstore — with A Different Operator
Insolvent UK retailer The Book People has been unable to find a buyer for the business, and another 82 people at their main warehouse were fired last Friday as a result. Since going to bankruptcy administration, the company has let go over 150 people from a staff of just under 400 — meaning more jobs remain on the line as PricewaterhouseCoopers winds down operations. Separately, the landlord for the seized Book Culture space on Columbus Avenue in NYC tells the Gothamist, “Our intention is to keep that space as a bookstore and we’re working hard to do that. It just […]
Now It’s Official: Print Sales Were Steady in 2019 (with An Asterisk)
With NPD Bookscan reporting their tracked print sales for the week ending January 4 — their 52nd sales week of the year — we now have final counts for the year’s sales, and the bestselling titles of the year. Total print sales declined 1.1 percent following a weak holiday sales period, at 689 million units, down 7.8 million units, or 1.1 percent, from 2018. But those numbers alone don’t tell the whole story. 2018 was one of the periodic 53-week years, so the 696 million units recorded a year ago do not make for a direct comparison. Given that yields […]