The future of both Barnes & Noble and the digital reading business took new shape Monday morning as the bookseller announced the creation of a new subsidiary, into which they have transferred all of the Nook and BN College units (comprising “their digital device, digital content and college bookstore businesses.”) Microsoft is investing $300 million in that subsidiary–called simply NewCo for now (a standard corporate placeholder before the real name is finalized)–in exchange for preferred shares representing a 17.6 percent stake. That gives the newly-formed unit an approximate valuation of $1.7 billion (with BN’s share valued at $1.4 billion) — far more than […]
News
People, Etc: Schnittman to Hachette As Chief Marketing & Sales Officer
Evan Schnittman is joining Hachette Book Group on May 7 in a new executive position of evp, chief marketing and sales officer. He will oversee marketing and sales for all divisions of the company, which includes digital sales and marketing, advertising and promotion, and the market research and analytics group. He has been managing director, group sales and marketing, print & digital at Bloomsbury. HBG ceo David Young says in the announcement, “He brings great marketing and sales experience to his new role, and has worked at the intersection of technology and content for much of his career – expertise […]
People, Etc.
Publishing veteran Marie Coolman joins Bloomsbury as senior director of publicity and communications on March 19, reporting to Cristina Gilbert. Coolman comes to Bloomsbury from Hyperion, where she has overseen publicity and communications since November 2008. Sarah Freese at WordServe Literary has been promoted to associate agent. Lucy Abrahams has been appointed as literary scout for Metaichmio in Greece and Natur & Kultur in Sweden. BEA has announced its full slate of author breakfast appearances. Tuesday’s author breakfast, hosted by Stephen Colbert will feature Junot Diaz, Barbara Kingsolver and Jo Nesbo; John Green, Lois Lowry and Kadir Nelson will speak at […]
Briefs: Encyclopedia Britannica Discontinues Print Edition; Vieser Werlag Declares Bankruptcy; and More
Encyclopedia Britannica will no longer publish print editions after more than 244 years of doing so, the NYT first reported Tuesday with an advance look at the press release, with the 32-volume set published in 2010 deemed to be its last-ever. (That edition has sold just 8,000 copies, a far cry from Britannica’s peak in 1990, when 120,000 sets sold; there are another 4,000 copies of the 2010 edition still sitting in the company’s warehouse.) Instead Britannica will concentrate on its online business and a wide range of editorial products, including several different digital versions of Encyclopedia that has, to […]
Dorchester Says It’s Entertaining Offers From “Reputable” Houses
Following up on our report last week on the Dorchester’s deep financial woes and foreclosure by its owner John Backe, company ceo Robert Anthony sent a letter to authors and agents, obtained by Kristin Nelson and republished on her blog, with further information about the sale process and the status of their office. In the letter Anthony said that Dorchester “has not closed” but due to “challenging economic conditions” they are vacating their offices at 200 Madison Avenue to “become a virtual business,” with a delivery box on East 34 Street. “Though the transition was not as seamless as we […]
Dorchester’s Office Closed, Assets To Be Auctioned After Owner Forecloses
Dorchester Publishing, plagued by financial troubles for years and having recently divested itself of its remaining editorial staff, appears to be marching towards an ignoble end after more than 40 years in business. In a twist worthy of Dorchester’s tortured road to collapse, the publisher’s owner is the one foreclosing, on a personal basis, against the company itself, and will collect the proceeds from the sale of at least some of its property–raising questions about whether any assets will remain to pay creditors. On February 28, John Backe filed a notice of foreclosure after failing to collect on an outstanding […]