That new feature we’ve been working on at PublishersMarketplace.com is live today. The Publishers Lunch Automat takes us back to our very roots of finding news stories from all over of interest and relevance to the publishing business. But the whole idea of news and where it comes from has changed dramatically since the first Lunch was baked in 2000, and the Automat is a way of navigating literally hundreds of sources, comprising industry news, commentary, financial updates, blog posts and more. Organized pages present hundreds of the latest headlines for trade news, blogs from people who work in the […]
It's Official: Reed Can't Sell Magazines
After nearly a year of trying almost anything to get someone to take their magazine unit, Reed Elsevier announced “it has terminated discussions with potential bidders,” saying the board “has judged it not possible to structure a transaction on acceptable terms at this time.” Keith Jones, who had run RBI UK, will serve as ceo. Reed reaffirms that it has no long-term interest in business, saying the company’s strategy “remains to divest RBI in the medium term when conditions are more favorable.”Announcement
Isn't It Ironic? Houghton Leads Amazon's "Inside Publishing"
Picking up on a program begun at Amazon.UK (with a letter from Harper UK ceo VIctoria Barnsley), Amazon.com in the US today launched an Inside Publishing promotion. And who better to take the lead for our business than Houghton Harcourt Mifflin trade and reference president Gary Gentel, right? He begins: “Dear Amazon Customers: Even as the winds of change swirl around us this Election year, some things never change. Among them is the perennial fascination with the subjects of family, betrayal, social status, and money.” Gentel goes on to recommend Meryl Gordon’s Mrs. Astor Regrets: The Hidden Betrayals of a […]
Judith Regan's Price, Revealed (and She Counterclaims Against Law Firm)
The settlement in January of Judith Regan’s lawsuit against News Corp. and HarperCollins was for $10.75 million, according to a court filing yesterday by Dreier LLP. The firm originally represented Regan in the case, and then sued her in a dispute over their fee after the settlement was reached.Bloomberg Following the revelation, Regan said she is seeking the dismissal of Dreier’s suit against her, arguing that they violated a nondisclosure agreement in revealing her settlement amount.
Macmillan Adds Salary Freeze
Similar to moves at Pearson and HarperCollins, Macmillan ceo John Sargent announced a salary freeze starting January 1 for employees making more than $50,000. “All bonus plans will stay in effect, but all are sensitive to individual company profitability and individual performance. Thus the impact on individual bonus plans will vary.” Sargent notes: “Since I spoke to you a month ago about the economic crisis and its impact on our company, I can’t say much has changed. We are now clearly in a recession and there is still no clarity on how long or deep it will be. What is […]
Pesce Remains Confident
In the Wiley conference call, ceo William Pesce noted that in the trade “Sell-through and reorders through major accounts were weak” and added that “we are operating in a very challenging retail environment, mainly in the States, but also abroad. Clearly, market conditions are having an adverse effect on our PT business.” But he also criticized other ceos and expressed a strong belief in Wiley’s future: “Wiley has endured the War of 1812, The Civil War, Two World Wars, The Great Depression and the ups and down of many economic cycles and we will navigate through the current turmoil. We […]