Scholastic Will Sell Direct-to-Home Business Scholastic exceeded analysts’ diminished expectations for the company in their fiscal second quarter, though that hardly makes it a great performance. With the Harry Potter 7 tailwind still at their back, net profits were flat at $75.6 million, on sales for the quarter of $746 million, up close to $11 million (or 1.5 percent) from a year ago. And those results are attributable to the weak dollar as much as anything, as the international segment yielded $28.5 million in extra revenue though it grew only 2 percent in local currencies, producing extra profit of $4.5 […]
Lunch for Wednesday, December 19
Steroid Informants Look for Deals The NY Post reports on book proposals related to the baseball steroid scandal. Former Mets employee-turned-informant Kirk Radomski “was getting ready to pitch a book last week” through agent Scott Waxman — but “those meetings were abruptly canceled and no new sit-downs have been scheduled, said one publishing source. Waxman said he could not comment on anything – or even confirm if he is representing Radomski.” Yankees coach Brian McNamee, the former Yankees coach who says he gave steroid injections to pitcher Roger Clemens, “also hasn’t found a publisher.” NYP Lynne Spears Book “Delayed Indefinitely” […]
Lunch for Tuesday, December 18
CEO Resigns at Quebcor with Liquidity Problems Pressing Printing company Quebcor World’s problems continue to grow. CEO Wes Lucas announced his resignation yesterday as the company is “facing growing concerns about its financial liquidity,” according to Reuters. A deal to sell their European business fell through, as did a refinancing attempt last month. The stock has fallen over 90 percent this year, and “observers have raised questions about the company’s ability to remain solvent and, with its share price plunging, speculation emerged that it could be sold in its entirety.” In the meantime, CFO Jacques Mallette takes over as president […]
Lunch for Monday, December 17
2007: The Way We Whined The LAT looks at the year in publishing and concludes that “even by the standards of the book world, 2007 saw more hand-wringing than usual… amid store closings, declines in sales, profits, book review sections — even literacy.” Among the views quoted: Washington Post Book World editor Marie Arana: “It’s one of those years — they come along every once in a while — where everyone worries and pulls their hair.” NYTBR senior editor Dwight Garner: “There was a lot of excitement about books by major writers — Roth and DeLillo and Martin Amis and […]
Lunch Weekly for Monday, December 17
Deal Reports Just e-mail to deals@PublishersMarketplace if you aren’t using the online form linked below. Report a deal using the online form The Key As usual, the handy key to our Lunch deal categories. While all reports are always welcome, those that include a category will generally receive a higher listing when it comes time to put them all together. “nice deal” $1 – $49,000 “very nice deal” $50,000 – $99,000 “good deal” $100,000 – $250,000 “significant deal” $251,000 – $499,000 “major deal” $500,000 and up FICTION Debut Tan Twan Eng’s Booker-nominated debut novel THE GIFT OF RAIN, set […]
Lunch for Friday, December 14
Google Scans Columbia The Columbia University libraries have joined Google’s Library Project, the 28th institution to sign on. They will “evaluate and review hundreds of thousands of volumes from the libraries’ collections over the next six years” and intend to scan “a large number.” Significantly, and similar to some of the more recent institutions joining the program, they say that they will only contribute public domain volumes. Because of that condition, Columbia will receive “a digital copy of every book scanned” for their own use. Announcement Personnel News and More At Milkweed Editions, managing director Hilary Reeves will take on […]