Springer Science & Business Media has succeeded in getting three private equity companies to bid again for a share of their business after the previous round of offers was too low. With a 3.1 billion euro debt load, Springer hopes to sell a stake up to 49% to raise 500 million euros in order to alleviate the burden. A decision on the bids from TPG, Sweden’s EQT and a consortium comprising Carlyle Group and Providence Equity Partners (with Apax said to be in discussions, but not formally bidding) is not expected for weeks. UBS and Goldman Sachs have been hired […]
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Judge Dismisses Part of Rep. Dennis Kucinich's Suit Against Phoenix; Viner In Bankruptcy. TrumpNation Suit Also Dismissed
An LA Superior Court judge has dismissed the fraud portion of Dennis Kucinich’s lawsuit against Phoenix Books over the publication of his 2007 book THE COURAGE TO SURVIVE. Kucinich’s attorney says it was because the alleged to have made the fraudulent representations, company president Michael Viner, has filed for bankruptcy, which exempts him from the fraud action. Kucinich’s claim of breach of contract against the company goes forward. Attorney Stanley Leiber says, “We requested and demanded that they give us an accounting of all books sold. They have never done that. That is part of their obligation.” General counsel for […]
Hachette Offers Free "Open Access" to Selected Books
Hachette Book Group has inaugurated a promotional program that allows visitors to their web site to read a variety of books in their entirety on the HBG web site, in partnership with LibreDigital. The first group of titles “represents a wide range of bestsellers, critically acclaimed authors, and eagerly anticipated books…to build buzz for authors and new titles, as well as help them discover popular backlist books.” The title selection will change every 30 days,a nd now they are offering 17 books from across the company’s divisions.
DOJ Officially Opens Google Settlement Antitrust Investigation; Must Present Views to Judge by 9/18
The Department of Justice officially indicated Thursday that it “has opened an antitrust investigation” into the proposed settlement between Google and authors and publishers. “At this preliminary stage, the United States has reached no conclusions as to the merit of those concerns or more broadly what impact this settlement may have on competition,” deputy assistant attorney general William F. Cavanaugh said in a letter to the federal judge overseeing the settlement. Justice says they were spurred by “public comments expressing concern that aspects of the settlement may violate the Sherman Act.” In response, the Southern District of New York set […]
Hachette Relaxes Stance on Text-to-Speech
Hachette Book Group issued a statement this morning that the company is willing to support Text-to-Speech functionality more widely for the titles they publish in digital book format, citing the likelihood of TTS being a feature on an increasing number of devices due to be released in the coming months. “We have a primary duty to respect our authors’ wishes,” said Chairman and CEO David Young. “If our authors do not object,” he continued, “then, based on the current technology, we would not take issue with the availability of this functionality for the vast majority of our books, excluding books […]
Borders UK Moving Closer to Potential Sale
Retail Week reports that Borders UK, which had already appointed Clearwater Corporate Finance to “seek new funding”, has sent out an information memorandum to “selected private equity houses and trade buyers”. The opportunity may be there for Borders UK to broaden its scope, Retail Planet Analyst Paola Montealegre commented that the store’s potential plans “may not be enough to compete with new channels such as supermarkets and internet retailers.”Retail Week