At Hachette Book Group, Todd McGarity has been promoted to the new, expanded role of vp, business development. He will now “lead HBG’s growth through acquisition efforts,” while continuing to run the client services (distribution) business. Nobel laureate V.S. Naipaul, 85, died on August 11 at his home in London. Born in Trinidad to emigrants…
Riggio and Mantel Try to Mollify Publishers; CEO Search Could Go to Year-End
Barnes & Noble’s executive chairman and largest shareholder Len Riggio had some private meetings with top publishing executives in the wake of the abrupt dismissal of ceo Demos Parneros, the WSJ reports. Chief merchandising officer Timothy Mantel joined Riggio at the meetings, and he is seen as “on the rise at the company, the people said.”…
People, Etc.
MacGregor Literary, run by Chip MacGregor, now operates as MacGregor & Luedeke. Amanda Luedeke, who has worked with MacGregor for ten years, becomes a partner in the agency. Barnes & Noble filed a general release and waiver with the SEC outlining the termination terms for retiring chief digital officer Fred Argir. (who receives cash severance of…
Harper Has Big Gains In Sales, Profits
News Corp reported fourth quarter results on Thursday, with HarperCollins turning in a strong quarter, recording sales of $490 — up $83 million from the same period a year ago. Along with the higher sales, book publishing EBITDA was much higher too, at $71 million, compared to $39 million a year ago. One big, profitable…
Treasury Department Proposals Could Give High-Earning Authors, Agents Benefit of New Tax Cut for Businesses
The Treasury Department released proposed regulations to clarify and codify how the big tax cut (aka the Tax Cuts and Jobs Act) applies to owners of sole proprietorships, partnerships, trusts, and S corporations. By early interpretations, high-earning authors would qualify for the new 20 percent deduction of qualified business income, and it appears as if…
Bookselling Round-Up, and More
On Indigo’s investor call, cfo Hugues Simard clarified that they had a total of 16 superstores under renovation in the just-reported quarter. Two renovations were completed in that period, and another 12 will be finished “between now and November.” Additionally, the timeline on their first US store in Short Hills, NJ has slid just a little….