Three months after announcing “exclusive negotiations with Grupo Planeta,” last week in reporting third quarter earnings Vivendi said it had signed a share purchase agreement for French publishing group Editis. The deal requires approval from the French Competition Authority, though Vivendi says preliminary “favorable opinions” were issued on November 8, and September 13. They hope the deal will close “in late 2018 or early 2019.” Beyond that, there are no new details about the terms. They reiterate their previous statement from the summer that Editis’s enterprise value is €900 million.
International News
To Everyone’s Surprise, AbeBooks Apologizes and Will Retain Booksellers In Four Countries
Following a well-publicized “Banned Bookseller Week” protest from some bookseller customers over AbeBooks’ plan to abruptly remove booksellers in South Korea, Hungary, the Czech Republic and Russia from their platform at the end of November, the company reversed itself — to everyone’s surprise. “The matter was apparently resolved when Sally Burdon, an Australian bookseller who is president of the International League of Antiquarian Booksellers, spoke with Arkady Vitrouk, chief executive of AbeBooks. In a Wednesday email to her members after their talk, Ms. Burdon said Mr. Vitrouk apologized for the platform’s behavior ‘a number of times. and said booksellers in […]
People, Etc.
F+W Media has established a new standalone books group with Heidi Sachner joining as head of books (in September, according to her LinkedIn page). Most recently she had been vp, Two Rivers Distribution at the Ingram Content Group. Pam Wissman has been promoted to executive director, heading up the editorial and design teams, and Greg Nock has been promoted to production director. Moving As Penguin prepares to vacate their buildings downtown (with Penguin employees moving into the expanded PRH headquarters at 1745 Broadway), DK announced a new lease for their unit at 1450 Broadway, near Bryant Park, which they will […]
Dark Horse Sells Stake to Chinese Investor; Former Bonnier Execs Launch New Publisher; Even Kobe Bryant Is A Publisher Now
Dark Horse Comics founder and ceo Mike Richardson sold a substantial stake in the company — for what one report suggests was about $20 million — to Hong-Kong based Vanguard Visionary Assets, associated with former Walt Disney Company in Greater China chairman Stanley Cheung. Cheung joins the five-person Dark Horse Entertainment board. Richardson declined to say he retained a majority share, saying he retained a “large chunk” of the company. He said Vanguard had invested “into a number of areas, including a stock purchase… a development fund and a film fund,” with “investment in the publishing and product divisions, and expansion […]
WH Smith Comes to the US with InMotion Acquisition; Penguin Random Takes Majority Stake at Companhia das Letras
UK retailer WH Smith is buying Jacksonville, FL-based travel electronics retailer InMotion for $198 million. InMotion sells electronics including headphones, earbuds, mobile power and portable speakers at 43 US airports, further expanding WH Smith’s growing travel division. Perhaps more significantly, WH Smith says the acquisition will “support the launch and growth of WH Smith’s airport format in North America,” signaling their intention to become a bigger player here. InMotion will operate as a subsidiary of WH Smith. They are forecasting 2017 sales of $166 million, and the deal is expected to close by year end. Separately, ss Penguin Random House […]
Corporate: Endeavor Looks to Buy Out Saudi Share, Graywolf Concerned About Elliott Lawsuit
As a corporate connection to Saudi Arabia becomes untenable in the eyes of many, Endeavor Content is now reported to be working on a deal to buyback the $400 million investment made in the talent and entertainment company by Saudi Arabia’s sovereign wealth fund earlier in the year. “Sources say paperwork is being drawn up that would terminate the deal.” But a Fast Company source indicates “the termination is not yet complete yet as it’s ‘complicated to unwind.'” Harassment Files Graywolf Press, publisher of Stephen Eliott’s books The Adderall Diaries, Happy Baby, and Sometimes I Think About It, issued a statement […]