More than seven months after Mondadori first offered to buy RCS Media, the sale, for 127.5 million euros — less than Mondadori’s initial offer of 135 million euros– was approved by RCS’s board of directors over the weekend. The deal will still need approval from Italy’s antitrust body, which will take between 60 and 90 days. Should it go ahead the combined RCS Mondadori will account for roughly 35 percent of the Italian trade book publishing market. While Rizzoli, as well as the Bompiani, Marsilio, Fabbri, Bur, Sonzogno, ETAS imprints, will move to Mondadori ownership, as will the education unit, […]
International News
Harper Buys Out Harlequin Mondadori Joint Venture (and News Corp. Sells Amplify), As Big Italian Merger Discussion Continues
HarperCollins announced on Wednesday the creation of its latest international branch based on top of Harlequin, HarperCollins Italia. The publisher bought out Mondadori’s 50 percent share in the 34-year-old Harlequin Mondadori joint venture. Mondadori said that Harper paid 6.7 million euros for the buyout, and each party took another 1.6 million euros in cash out of the business. The company is reported to have had sales of 9.1 million euros in 2014, with net income of 1 million euros. “The business will continue to publish romance under the iconic Harmony imprint, and expand its commercial trade publishing with titles from HarperCollins and Harlequin, as well as local authors,” the […]
Deadline Looms for Mondadori RCS Media Acquisition
Wednesday marks the day when the extension of the exclusive negotiation period runs out on Mondadori’s offer to buy the book publishing assets of RCS Media — a process that began back in February. The Italian press is treating it as a done deal, with both sides reportedly having been working hard on finalizing the details. One source says the deal will “close by the deadline barring unforeseen circumstances.” Some accounts expect the closing could slide by a few days, though one account reports that any extension would require specific board approval. Mondadori is thought to be eager to have […]
People, Etc.
At Doubleday, Michael Goldsmith has been promoted to publicity manager, reporting to Todd Doughty. Journalist and author of 18 books Phil Patton, 63, died last week from complications of emphysema. Nantucket author of DEAR MR. JEFFERSON and several historical novels Laura Simon, 66, died last Friday. Forthcoming The Oregon Shakespeare Festival has commissioned translations into modern English of all of Shakespeare’s plays, and intends to have those new versions ready to perform on stage in three years. John McWhorter makes the case in the WSJ for what Conrad Spoke calls a “revolutionary 10% translation” that enables “every student to make contact with the original text.” […]
People: Nussbaum Leaves F+W for America’s Test Kitchen, Silverberg to S&S
CEO and chairman of F+W Media for the past 8 years David Nussbaum is leaving that post to become ceo of America’s Test Kitchen/Boston Common Press, starting October 14. COO and CFO Jim Ogle will serve as interim CEO of F+W as well while the board looks for a permanent replacement. Controlling owner Tinicum’s co-managing member Terence O’Toole will take on the role of chairman of the board. O’Toole says in the announcement, “We thank David for his leadership and wish him all the best in his new position. We look forward to working with Jim and the entire F+W management team to continue F+W’s transformation.” Tinicum […]
Germans Ask For Second Investigation, Into Amazon’s Audio Empire
After helping to spur a European Commission investigation into Amazon’s ebook contracts with publishers, announced this June, Germany’s Publishers and Booksellers Association filed a new complaint with Germany’s Cartel Office and the EC. Now they are asking for additional scrutiny of Amazon’s Audible subsidiary, accusing the company of misusing the leverage from a near-monopoly in digital audiobooks. German accounts claim Audible wants to move publishers to a “flat-rate” service, and has threatened to stop offering publishers’ product if they do not agree to the new terms. Association head Alexander Skipis says, “The business model of Amazon and Audible is aimed […]