The scrappy billionaire tells the WSJ there’s “not a chance” he would sell CBS or Viacom to alleviate his debt issues as he struggles to restructure $1.6 billion in loans. “Redstone ruled out selling any shares in either of the two companies he controls, even if negotiations with lenders about a debt restructuring turn sour. Mr. Redstone acknowledged there is ‘no guarantee’ those negotiations will result in a deal, but he described them as ‘extremely constructive.'” He adds: “I will not sell Viacom and I will not sell CBS. They’re two great companies.” Plus: “We have no intention to sell […]
How Badly Does Reed Need RBI Sale?
The longer the auction for the Reed Business Information goes on, the more the reported price drops, as the economy continues to slide. The latest rumor in the British media has the offering prices heading below 1 billion pounds, against an initial valuation of at least 1.25 billion pounds. The three bidders left are Bain Capital, TPG and Strauss Zelnick. One person involved in the deal tells the FT, “Reed Elsevier won’t sell at any price but buyers can’t ignore what they are hearing and seeing in the marketplace.” Plus, “Just how much below £1bn remains to be seen.” But […]
German Publisher Will Issue Complete Works of Pope
Germany’s Herder will publish The Complete Works of Joseph Ratzinger in a 16-book series, according to Bishop Gerhard Muller of Regensburg. The Catholic News Service says “Bishop Muller said the pope wants to make it clear that the works, almost all of which were completed before his election in 2005, reflect his personal theological thought and not the magisterial teaching of the church.” Director of the Vatican Publishing House Father Giuseppe Costa “said discussions already are under way with the U.S.-based Ignatius Press to publish English translations of the volumes.” CNS
People and More
Laetitia Rutherford is leaing Tody Eady Associates after five years to joing Mulcahy Conway Associates as an agent, starting November 1. I gave the wrong link for the promotional letter at Amazon UK from Harper UK ceo Victoria Barnsley: it’s been featured on the books home page, not the general home page, at www.amazon.co.uk/books History and military publisher and distributor Casemate will distribute recent start-up history publisher Amberley Publishing as November 1 in the UK and the US. “With a team already numbering 16 and shortly increasing to 30, Amberley will provide a fresh approach to local and specialist history […]
Should Have Seen that Coming Dept.: Murdoch Unhappy with Wolff Book
It took a dizzying set of manipulations to produce today’s NYT story about Michael Wolff’s forthcoming book about Rupert Murdoch, which treats Murdoch’s path to an early look like a leak harmful to national security. The essence: Murdoch obtained an early copy of the book, and objected: “I have just read four or five chapters of your book,” he wrote to Wolff. “It contains some extremely damaging misstatements of fact which I will be happy to point out to you if we could meet. Otherwise I will have no option other than to speak to Random House.” The NYT says […]
Woe Canada; Currency Plunge Squeezes Publishers
This time last year Canadian publishers and retailers were grappling with consumer anger over higher Canadian prices for books after the US dollar hit historic lows against the country’s currency. Discounts were applied at all levels (in part to keep sales from crossing the border to US retailers and suppliers) and for 2009 most major publishers repriced their books to be near or equal to US pricing. But it was what you would call a “good problem,” helping Canadian divisions of the big publishing conglomerates to produce another year of strong financial results. But now, in just under a month’s […]