At the Deutsche Bank Media, Internet, and Telecom Conference yesterday, News Corp CFO Susan Panuccio addressed Harper Collins’ disappointing results last year, partnering with Spotify, and the use of AI technology. Panuccio attributed Harper’s 2023 sales, which fell 10 percent, to “the Amazon reset with their logistics” and inflationary pressures on manufacturing. Additionally, she said, “quite frankly, we didn’t have as good of frontlist as what we have had in other years.” Still, Harper has succeeded in cutting costs and is in good shape for the rest of the year, she said, with the 5 percent reduction in headcount, as […]
People 3/12
Laura Essex has been promoted to audio editor at Hachette Audio.
Forthcoming: Memoirs From Al Pacino, Björn Borg
Penguin Random House will publish a new memoir by Al Pacino called SONNY BOY in September. The publisher describes the book as a “memoir of a man who has nothing left to fear and nothing left to hide.” The book was acquired in 2022 for a reported $5 million. Swedish publisher Norstedts will publish tennis player Björn Borg’s memoir in 2025. The publisher describes the book as Borg’s “own account of his career, his choices, and the experiences that shaped him as a person.” Norstedts Agency will handle translation rights.
People 3/11
Vanessa Haughton is promoted to editor at Knopf.
Rabe to Exit Bertelsmann In 2026
Bertelsmann CEO Thomas Rabe will move on from his job when his contract expires in 2026. He told FAZ, “My contract runs until the end of 2026. My plan is to then move on to other tasks.” It will be “the right time for new impulses,” Rabe said. Thereafter, “I would like to be free.” He noted, “I can only imagine taking on one or two entrepreneurial roles, but more as a supporter and advisor.” Members of the company’s controlling owner the Mohn family have been rising quickly in Bertelsmann’s management ranks. Carsten Coesfeld joined the company’s supervisory board in […]
Tattered Cover Hopes to Come Out of Bankruptcy This Year, Considers Moving Stores
After filing for bankruptcy in October, closing three of their seven stores, and laying off approximately 25 employees, Tattered Cover Book Store has updated its reorganization plan. The company hopes to emerge from bankruptcy by June 2024, and return to profitability in 2025 “by reducing costs and improving operations,” the Denver Gazette reports. That work is ongoing, however, since an earlier filing indicated the company lost approximately $340,000 in January due to costs from the holiday season and it was expecting to record additional losses in February. “Without a doubt we still have complicated negotiations to complete, challenging local economic […]