Text Publishing in Melbourne, Australia announced a deal in which they will be acquired by Penguin Random House. The publisher was founded in 1990 and has been majority owned by publisher Michael Heyward and senior editor Penny Hueston, in partnership with Maureen and Tony Wheeler (the founders of Lonely Planet). Heyward said in the release, “Text has created an unparalleled space for itself in Australian publishing. Now it’s time for a new owner to provide a home for the company’s entrepreneurial energies and its family of brilliant authors. We are lucky to have the right custodian in Penguin Random House […]
International News
UK Seeks Views on Controversial AI Opt-Out Change to Copyright Law
The UK government has begun a consultation period for a proposal that would make exceptions to copyright law, allowing tech companies to use copyrighted material to train AI unless rights holders specifically opt out. In a statement, the government said, “At present, the application of UK copyright law to the training of AI models is disputed. Rights holders are finding it difficult to control the use of their works in training AI models and seek to be remunerated for its use. AI developers are similarly finding it difficult to navigate copyright law in the UK, and this legal uncertainty is […]
Louis Hachette Group Stock Jumps On First Listing
The new spin-off company created by Vivendi, the Louis Hachette Group, started trading in France on Monday morning. The stock was priced at €1.12 per share, giving the company an initial market capitalization of €1.11 billion–though shares jumped at the open, trading above €1.40 per share during the morning. The group comprises Vivendi’s controlling share in Lagardere, which still trades on its own, as well as Prisma Media. The value of the new spinoff seems modest, however, given that Lagardere on its own has a market cap of almost €3 billion.
Vivendi Spin-Off Plan Is Approved, and Lagardere Stake will Trade As Louis Hachette Group
Vivendi shareholders approved the company’s plan to break up the conglomerate into multiple parts, with new stock listings later this month for the Canal+ broadcasting assets, the advertising agency Havas, and a newly-named Louis Hachette Group. That Louis Hachette Group will comprise Vivendi’s controlling 66.5 percent stake in Lagardere (which includes both Lagardere Publishing as well as the big travel retail division), alongside Prisma Media, France’s leading magazine publisher. The Bolloré Group, which currently controls Vivendi, will own roughly 31 percent of the Louis Hachette Group, which will begin trading on the Euronext Growth (Paris) stock exchange on December 16, […]
Bloom Books Expands to Brazil and Germany
Sourcebooks’ fast-growing Bloom Books imprint — which had close to $100 million in gross sales in 2023 — is expanding with two international imprints alongside partner companies at Penguin Random House. In August, the company launched Bloom Germany with the publication of a German-language edition of Sophie Lark’s Kingmakers: Year One, working with Penguin Random House Germany. They expect to publish 14 titles next year. SVP audio, strategic & digital development at Penguin Random House Germany Matthias Aichele says in the announcement, “The positive feedback from our partnership has been overwhelming, and we are thrilled to unveil a lineup of […]
Small Investor Tries to Block Vivendi’s Plan to Split Itself Up
Ahead of a planned December 9 shareholders’ meeting, Vivendi announced that CIAM, an investor holding a very small position (a 0.025 percent stake), has filed suit to try to block their plan to divide the conglomerate into four separate companies. A hearing is scheduled before the Paris Commercial Court on December 4, for arguments on both an expedited suit looking to block the spin-off project, as well as an appeal of a November ruling from France’s market authority (AMF) finding that the spin-off plan does not trigger a mandatory buyout offer. As a result, the December 9 meeting and vote […]