McGraw Hill reported second quarter earnings of $191.1 million; or 61 cents a share, a 16 percent (or $27 million) jump compared with $164.1 million, or 52 cents a share last year — in line with Wall Street expectations of 61 cents per share. Revenue was up 0.6 percent to $1.5 billion. Revenue for the education side increased by 1.8 percent to $565 million, helped by foreign exchange rates that added $3.3 million in revenue and $2.3 million in operating profits. School Education Group revenue declined 4.0%, or $13.7 million, to $324.9 million, affected by a delay in shipping a […]
Briefs: Quick Ruling Possible in Burkle/B&N Trial; Figuring Out E-Book Bestseller Lists; and More
After final arguments in the trial stemming from Ron Burkle’s complaint about B&N’s poison pill measures, a Delaware court judge said B&N “may have responded in a reasonable manner last year”, and that he would try to issue a ruling quickly. He didn’t say how soon that would be and acknowledged his ruling may be appealed to the Delaware Supreme Court.AP The New York Times Book Review is now available as a standalone subscription for the Kindle. In related news, TIME’s Andrea Sachs wonders when e-books will be incorporated into the NYT and other bestseller lists, the way it now […]
People, Etc.
Michelle Andelman has joined Regal Literary, where she will represent children’s fiction. Previously she worked as a foreign rights scout and with the Andrea Brown Literary Agency. Roger Jon Ellory has won the Theakstons Old Peculier Crime Novel of the Year Award for A Simple Act of Violence (Orion)The Guardian Booksource will shut down its Irish subsidiary CMD Booksource this fall, citing “very difficult trading conditions.”The Bookseller
Macmillan CEO Is “Appalled” by Wylie Publishing Deal with Amazon
In a blog post on Macmillan’s website, CEO John Sargent has issued his response to Andrew Wylie’s move to distribute select backlist titles exclusively via Amazon. First, Sargent “welcomes” Wylie to the fold as a publisher, joking that he’ll be knocking on the agent’s door to ask for AAP dues: “In today’s world job functions, channels of distribution, and age-old relationships are constantly shifting. Combining the functions of agent and publisher raises serious issues that I feel strongly about, but if Andrew wants to attempt to disintermediate publishers, that is his right.” But Sargent is “appalled” that Wylie has chosen […]
Wylie Agency Launches eBook Company, Gives Amazon Exclusive on First Titles
Andrew Wylie has made good on threats to create his own company to distribute ebooks by making deals directly with etailers rather than traditional publishers, announcing the launch of Odyssey Editions. In the first announcement, Odyssey will issue ebook versions of select titles from some of the key authors and literary estates The Wylie Agency represents, including John Updike, Salman Rushdie, Martin Amis and Hunter Thompson–and has given Amazon a two-year exclusive. The 20 titles announced so far including the Rabbit tetralogy from John Updike, MIDNIGHT’S CHILDREN and LOLITA by Vladimir Nabokov. Many of these titles are appearing in digital […]
Scholastic Beats Expectations with Robust Q4 and Decent Fiscal Year
Scholastic reported sales from continuing operations in their fourth quarter of $538.4 million, up 9 percent from the prior period. Consolidated earnings per diluted share were $0.79 in the quarter, compared to $0.76 in the prior year period, taking into account a one-time, mostly non-cash expenses of $0.18 per share in the current period and a net one-time item gain of $0.06 per share in the prior period. Their children’s publishing and distriibution division, sales were up 6% to $273.5 million, “outperforming the book publishing and book selling industry during the period.” Segment operating income increased 40% to $50.7 million, […]