CBS reported fourth quarter earnings after the close of the market on Thursday, with Simon & Schuster recording a 6 percent decrease in sales, down $14 million to $215 million. Consistent with their recent pattern, however, profits rose even with lower sales. Adjusted OIBDA gained $3 million (or 11 percent) to $31 million, and adjusted operating income rose $2 million, at $27 million. S&S took a $3 million restructuring charge this quarter related to their realignment into new “publishing groups” and the elimination of some positions. (This time a year ago they took a $2 million charge.) As usual, CBS […]
A Status Check on Penguin Random House Reviews Outside of the US
Following Thursday’s swifter-than-expected DOJ approval of the Penguin Random House merger, we thought it instructive to check in on regulatory reviews of the deal in other countries. As we pointed out in December, Penguin Random House would, if approved, operate as two distinct entities: a Delaware corporation “that will own Bertelsmann and Pearson’s consumer businesses that operate in the USA”; and a UK-incorporated Penguin Random House that will be responsible for the additional consumer publishing businesses that operate in the rest of the world. The proposed company split may explain why the DOJ could move at a hastier speed than […]
People
At Harlequin, Mira executive editor Valerie Gray will retire at the end of March after more than 13 years with the company. As a result, Tara Parsons will move into the role in addition to her duties as executive editor for HQN and Luna. Also at Mira, Nicole Brebner has been promoted to senior editor, while both Leonore Waldrip and Michelle Venditti move up to assistant editor (Waldrip will also work on HQN titles.) In addition, Susan Swinwood has been promoted to executive editor, HQN and Luna, while Margo Lipschultz moves up to senior editor. Finally, Emily Martin has been […]
DOJ Approves Penguin Random House Merger
The US Department of Justice has provided an unexpected Valentine to Penguin and Random House: The department notified Bertelsmann and Pearson “that it has closed its investigation into the proposed merger of Penguin and Random House, without conditions,” according to a statement from Penguin. The swift approval is remarkable, particularly since the DOJ took roughly nine months to sign off on the much smaller acquisition of Thomas Nelson by HarperCollins. (The merger deal was announced in October 2012.) That also makes the US the first country to approve the proposed merger. Review is still underway in Canada, at the European […]
Finally, An Internet Guy Is Reinventing Publishing
As you know, there’s a bull market for overblown startups claiming to reinvent publishing. NetMinds is the latest of those to make a media tour, with a press release timed in conjunction with today’s TOC conference and their first book set for publication in March (though the company was founded in 2011 and has announced itself previously). On the one hand, the company is somewhere between harmless and hilarious: check out their web site. Would you want to engage with a publishing enterprise that has so much trouble explaining what it does, while wrapping it in so many layers of […]
People, Etc.
Dawn Davis will join the Atria Publishing Group on April 1 as vp, publisher of a new yet-to-be-named imprint, reporting to Judith Curr. Davis was most recently publisher at Amistad. “Dawn Davis has impeccable credentials, great taste, and a discerning eye that enables her to discover unexpected books and unknown authors that go on to receive the highest praise and find wide audiences” Curr said in the announcement. “That she will now be bringing her ample talents to Atria and Simon & Schuster is a boon for us and readers everywhere.” Hannah Rahill will join Ten Speed Press as vp, […]