Wednesday, July 12, 2017

Publishers Lunch

Today's Meal

Rather than exit the Penguin Random House joint venture entirely, Pearson agreed to sell a 22 percent stake to majority owner Bertelsmann in a deal yielding $1.034 billion, as part of a recapitalization of the trade publisher, while retaining a 25 percent holding going forward. The deal gives PRH an enterprise value of $3.55 billion, at 1.05 times annual sales of $3.387 billion (or 6.7x EBITDA). Pearson will receive $968 million "from the sale and associated dividend payments" (the sale itself yields $781 million at the enterprise value), plus another dividend of $66 million in April 2018.

To read our far more extensive report on the transaction, become a Publishers Marketplace member

Jeff Shreve has joined The Science Factory as an agent, based in New York, specializing in science, technology, business, health, and self-improvement. Previously, he was an editor at Norton.

Laura Biagi has left the Jean V. Naggar Agency, where she was an agent for nearly eight years, to pursue an MFA at the University of Houston. She can be reached at

Frank Autunnale was named chief financial officer for Independent Publishers Group (IPG) and its subsidiaries. He replaces Cara Sample, who has left the company to pursue other opportunities. Autunnale was vp, finance at Hachette Book Group until late last year.

Gregory Henry has joined Rare Bird Books as director of publicity. Previously, he was senior publicity manager for HarperCollins.

Publishing consultant and literary agent Erin L. Cox is joining the House of SpeakEasy Foundation as executive producer.

The late Denis Johnson has been
awarded the Prize for American Fiction by the Library of Congress. The award honors an author whose body of work "is distinguished not only for its mastery of the art but also for its originality of thought and imagination." Johnson found out about the award in March before his death.

Real estate magazine the
Real Deal reports that, according to anonymous sources, Amazon will open a store in Soho at 72 Spring Street. The space includes 5,200 square feet on the ground floor and 2,154 square feet in the basement, within blocks of both McNally Jackson and the Housing Works Bookstore Cafe. It would be Amazon's third NYC location after the Columbus Circle store and the 34th Street location in progress.

The Raven bookstore in Lawrence, KS has
changed ownership. Danny Caine, who bought the store from previous owner of ten years Heidi Raak, will close for two weeks for "minor renovations" but is "not planning major changes to the store's philosophy."

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