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Viacom To Sell

Educational Units,

Retain Consumer Group

NEW YORK, NY/ 2/98--Viacom, Inc. will sell three major divisions of Simon & Schuster, including the educational, professional and reference groups, for an estimated $4 billion. The announcement was made in mid-January by Viacom chairman, Sumner Redstone.

The Simon & Schuster Consumer Group will not be part of the sale. Other units remaining part of Viacom are the Simon & Schuster trade and children's divisions, Pocket Books and the New Media and International divisions. Viacom will keep the $400 million consumer group because it is tightly integrated with Viacom's entertainment divisions, such as MTV and Nickelodeo book imprints.

The higher-education division includes Prentice Hall, and Allyn & Bacon; the K-12 division, together with Prentice Hall School and Silver Burdett Ginn; the educational technology group, embracing Computer Curriculum Corp. and Educational Management Group; and Macmillan Publishing USA, with all computer-book imprints, Macmillan Reference USA and Macmillan Digital Publishing USA . International divisions within that group will also be for sale. The units to be sold represent about $2 billion in annual sales.

According to Redstone, a number of companies have already expressed interest in the Simon & Schuster properties and a buyer (or buyers) is expected to be announced in the second quarter this year.

Potential buyers might include Pearson, The McGraw-Hill Cos., The Thomson Corp., Harcourt General and John Wiley. & Sons. In addition to interested publishers, investment groups may also be interested in buying the group as one block, then taking the resulting organization public.

Perseus Books

Adds Four

New Imprints

1/98--Perseus Books begins the 1998 year with four new imprints, including Public Affairs, Civitas Books, Basic Books and General Publishing Group. The first two units were estblished by Perseus, and the last two were acquired last year. The little-known company, which also owns the literary line, Counterpoint Press, plans to publish about 140 titles in 1998.

McGraw Hill,

Bellcore To Launch

New Book Line

WASHINGTON, D.C. 1/28/98--McGraw-Hill, the global publisher and information services provider, and Bellcore, a world leader in telecommunications software, consulting and training, will launch a new line of books as part of the McGraw-Hill Professional Book Group.

Supervised by McGraw-Hill senior editor Steven Elliot, reporting to publisher Michael Hays, the new imprint will serve as the exclusive publisher of Bellcore professional reference books on leading-edge communications technologies and trends, based on Bellcore's technical expertise and consulting insight. Bellcore will work with McGraw-Hill to identify potential book subjects and authors, while McGraw-Hill will provide editorial, publishing, marketing and distribution functions.

The imprint will sign, develop and publish about 10 titles per year authored by Bellcore employees or consultants. The companies expect future book topics to cover such emerging technologies as Advanced Intelligent Networks, Cellular and PCS, Fiber Optics, SONET, xDSL technologies, and Internet related technology.

Bellcore, an SAIC company, is a leading provider of communications software, engineering, consulting and training services based on world-class research. Bellcore creates business solutions that make information technology work for telecommunications carriers, businesses and governments worldwide.

McGraw-Hill is a division of The McGraw-Hill Companies, the global information services provider. More information about McGraw-Hill books, products and services is available on McGraw-Hill's web site http://www.books.mcgraw-hill.com

Scholastic, Inc.

To Adapt Warner

Movies To Books

1/98-- Scholastic, Inc. now has the first option to adapt Warner Bros. motion pictures and TV properties into children's books. The multi-year agreement with Warner Bros.Worldwide Publishing includes all Warner Bros. children's and family-oriented properties, such as live-action and animated TV programs, Warner Bros. Feature Animation releases, and Cartoon Network programming.

Scholastic, which will produce the children's books in a variety of formats, will release its first publishing program this May, based on the Warner Bros animated film, "Quest for Camelot." The program will include a Deluxe movie storybook, two 8x8 storybooks, a digest novelization, , an Early Reader, and a Jewel Sticker Book.

Scholastic produces titles for younger readers, ranging from narrative fiction, and general-interest nonfiction to instructional materials.

Small Press

Workshop

Slated Feb 17

A distinguished panel of publishing entrepreneurs will launch, on Tuesday, February 17, 1998, a series of seven workshops on independent publishing at the Small Press Center, 20 West 44th Street, New York City (212) 764-7021. Sponsored by The New York Times, the first workshop, Meet Successful Independent Publishers, will be moderated by John F. Baker, Editorial Director, Publishers Weekly.

Panelists will include: Peter Mayer, Overlook Press; John Oakes, Four Walls Eight Windows; Nick Lyons, The Lyons Press; Eileen Gardner, Italica Press; and Cheryl Hudson, Just Us Books. The workshop will run from 5:30 p.m. to 7:30 p.m., and will be followed by an informal reception.

The speakers will discuss how they started their companies and describe their editorial and marketing philosophies, as well as provide insights into what it takes to be a successful publisher and business person. The panelists will deal with real-life problems and answer specific questions presented by workshop participants.

The second workshop in the series, Legal and Business Basics for Smaller Publishers, will be held Tuesday, March 3, 1998, from 5:30 p.m. to 7:30 p.m. at the Small Press Center.

Individual workshops: $25.00 (non-members); $15.00 (Small Press Center members). Series subscription: $125.00 (non-members). Advance registration is encouraged. For reservations and membership information, please call (212) 764-7021.

THE SMALL PRESS CENTER. At the center of the small press movement since its founding in 1984 by Whitney North Seymour, Jr., the Small Press Center is located in a literary landmark building, at 20 West 44th Street, in the shadow of the New Yorker and the Algonquin Hotel. For more than thirteen years, the Small Press Center has served as a resource for independent publishers, writers and other creators, encouraging excellence in publishing and the book arts. The Center offers educational programs, sponsors the Small Press Book Fair, and maintains a resource library for members at its mid-Manhattan location. The Center is co-founder, with the Publishers Marketing Association (PMA), of Small Press Month (March 1998). A nonprofit membership organization, the Center is an educational program of the General Society of Mechanics & Tradesman of the City of New York. The Small Press Center, 20 West 44th Street, New York, NY 10036 (212) 764-7021 (telephone) (212) 354-5365 (fax) E-mail: smallpress@aol.com

ABC To Air

News Interviews

By Medialink

NEW YORK,NY/-1/28/98--Medialink Worldwide Inc. (Nasdaq: MDLK) has signed an exclusive agreement with ABC Radio International to distribute interview material produced by Medialink for its 1,300 clients, particularly those in the entertainment industry, to the radio network's global audience.

ABC Radio International distributes its programming to radio networks and stations in 140 countries. Under the agreement, Medialink will provide ABC Radio International with recorded material from Medialink-produced radio media tours (RMTs) for the network's radio stations around the world. RMTs are one-on-one interviews conducted with an author, performer, executive or other spokesperson detailing news about a new book, feature film, recording or corporate project. The interviews are conducted on behalf of the spokesperson's company and are distributed by Medialink to more than 2,500 news/talk radio stations throughout North America and the United Kingdom.

Medialink's celebrity-based interviews will provide content for ABC Radio International's entertainment programming.

This is the third agreement between Medialink and units of ABC Radio, and the second exclusive contract. Medialink delivers US radio projects via satellite through ABC Radio among other facilities; earlier this year, Medialink signed an exclusive agreement with ABC NewsWire to transmit the text advisories of Medialink projects into more than 1,000 US radio newsrooms.

ABC RADIO NETWORK is the largest individual Radio Network in the United States with an estimated reach of 140 million people per week, and is heard in over 140 countries.

Medialink is the world leader in providing video and audio production and satellite distribution services to thousands of television and radio stations for corporations and other organizations seeking to communicate their news to the public. Medialink also provides corporate consultation and production through its Medialink Corporate Television division. In addition to broadcast media services, the Company also provides press release distribution services as well as tracking and analysis of print and broadcast news coverage to help its more than 1,300 clients understand how they are perceived in the media, including the Internet, and to gauge the effectiveness of their public relations efforts.

Medialink, founded in 1986, is based in New York and maintains offices in Los Angeles, Washington, DC, Chicago, Dallas, Atlanta, San Francisco and Norwalk, CT; international headquarters in London with a regional office in Birmingham, England; and a network of affiliates in more than 18 countries in Europe, Asia, the Pacific Rim and Latin America. The New York office can be reached at 212/682-8300 and via the Internet at www.medialink.com.

Disney, B&N

To Create Online

Disney Book Sections

NORTH HOLLYWOOD, CA/ 1/28/98-- Disney Online and BarnesandNoble.com, a subsidiary of Barnes & Noble Inc. (NYSE:BKS) have agreed to create Disney book boutiques on both Disney.com and BarnesandNoble.com.

BarnesandNoble.com, which will be the bookseller of Disney books on Disney.com, will also create a unique Disney book boutique on its site featuring more than 2,000 Disney titles. BarnesandNoble.com will handle the transaction and fulfillment of all purchases of Disney books from both sides.

The Shop channel on Disney.com (www.shop.disney.com) is where Disney fans can find and buy all things Disney, from toys and apparel to videos and books. The new book boutique within the Shop Channel of Disney.com is represented by graphical links from the main Shop page, as well as the Books subcategory within The Disney Store Online.

The boutique offers more than 2,000 Disney titles, including "Winnie the Pooh's Valentine" storybook, "Mickey's Gourmet Cookbook" and "William Wegman Puppies," providing the most extensive selection of Disney books online.

The unique Disney book boutique on BarnesandNoble.com will mirror the monthly promotions and themes found in-store and on the book boutique on Disney.com. Guests to BarnesandNoble.com will find the boutique from various links within the site.

BarnesandNoble.com is a leading online retailer of books and is the exclusive bookseller to America Online's 11 million subscribers. Barnes & Noble Inc. is the world's largest bookseller. It is the leading operator of book superstores in America, with 455 stores nationwide, in 48 states. It also operates 556 bookstores in shopping malls. The company also publishes books under its own imprint for exclusive sale through its retail stores and nationwide mail order catalogs. General financial information on Barnes & Noble can be obtained via the Internet by visiting the company's investor relations Web site: http://www.shareholder.com/bks.

Founded in 1995 with the vision of bringing Disney magic to the online world, Disney Online creates and publishes a variety of award-winning services for kids and families, including Disney.com, the leading family Web site, and Disney's Daily Blast, the one-of-a-kind online service for kids.

People

On the Move

in Publishing

HYPERION NAMES VP/EDITOR: Martha K. Levin has been named vice president, editor-in-chief, Hyperion, effective February 9, 1998. She joins Hperion from Anchor Books/Doubleday where she served as senior vice president and publisher.

MCGRAW-HILL GETS NEW CEO: McGraw-Hill Co. has named as CEO Harold McGraw III, whose great-grandfather founded the publishing company. He succeeds Joseph Dionne, who remains as chairman of the board. McGraw has served as president and COO of McGraw-Hill since 1993. The appointment is effective April 29, 1998.

INGRAM PROMOTES EXECUTIVES: Five executives have been promoted at Ingram Book Group. Lavona G. Russell, has been named chief administrative officer of Ingram Book Group. Previously she served as president. of the group. James E. Chandler, president and CEO of Ingram International Inc., has been named president of Ingram Book Company. Martin P. Keeley, III, president of Ingram Library Services, has been promoted as president of Ingram International Inc.Youngsuk Chi, has become president of Publisher Resources Inc. and will continue as senior vice president for Product Services. Michael J. Focht has been named senior vice president for Distribution.

NETWORLD PROMOTES AD DIRECTORS: Network World, a leading newsweekly of enterprise network computing, has appoined two regional advertising Directors. Network World Regional Managers Sandra Kupiec and Tom Davis have been promoted to advertising Director, Western Region and Advertising Director, Eastern Region, respectively. Network World is a subsidiary of IDG, the world's leading IT media, research and exposition company. IDG publishes more than 285 computer magazines and newspapers and 500 book titles and offers online users the largest network of technology specific sites around the world through IDG.net (http://www.idg.net), which comprises more than 200 targeted Web sites in 52 countries.

Pocket To Publish

Official Transcripts

Of Titanic Hearings

NEW YORK,NY 1/27/98--Pocket Books will publish the official transcripts of the 1912 Senate Titanic Hearings. The book is titled The Titanic Disaster: The Official Transcripts of the 1912 Senate Investigation, edited and with an introduction by Tom Kuntz. Kuntz is the editor of the Word for Word column at The New York Times. The Titanic Disaster will be published in mid-February as a mass market paperback (640 pages with a 16 page black and white photo insert/$7.99).

The release of the blockbuster movie has renewed the nation's century-long fascination with the events surrounding the tragic maiden voyage of the Titanic. Primary source material for the movie included the Senate transcripts contained in The Titanic Disaster which reveal the truth behind the catastrophe and offer real insight into the real-life characters seen in the film. The Titanic Disaster reveals the content and conclusions of the Senate investigation hearings which themselves were a major event of the era.

Pocket Books is a division of Simon & Schuster, the publishing operation of Viacom Inc.

Poet Reveals

Story of Late

Wife Sylvia Plath

NEW YORK,NY/2/1/98--British Poet Lureate Ted Hughes, 67, talks about his relationship with his late wife and well-known poet, Sylvia Plath, in his newly-released poetry collection called, "Birthday Letters." The book will be released by FSG in mid-February. Ms. Plath committed suicide in the early 1960's.

FSG, which acquired the book from British publisher Faber & Faber last Fall, has received 20,000 orders for the book, based on rumors that the collection was special. FSG plans an immediate second run of another 15,000 copies.

Mitchard Letter

May Become

TV Movie

LOS ANGELES,CA/2/98--According to Publishers' Weekly, Mandalay Entertainment has optioned the TV movie rights to a letter by Jacquelyn Mitchard, author of "Deep End of the Ocean". The company is already producing the screen version of "Deep End," starring Whoopi Goldberg and Michelle Pfeiffer.

Ms. Mitchard wrote the letter to her editor immediately before publication of "Deep End," her first novel. She related how the book's publication had changed her life. The editor showed it to an executive at Mandalay, who was so moved he optioned it as a TV movie.

Houghton-Mifflin

Reviews Financial

Results for 1997

BOSTON MASS/ 1/27/98--Houghton Mifflin Company (NYSE:HTN) reported a 38% increase in income from operations before special items, for the year ended December 31, 1997. Income from operations rose to $42.7 million, or basic earnings per share of $1.51, from $30.8 million, compared to basic earnings per share of $1.11, in 1996.

Higher sales and improved operating margins contributed to the increase in profitability. Each of the Company's seven divisions reported increased sales, driving revenues up 11% to $797.3 million from $717.9 million reported in 1996.

In 1998, HM will increase its investment in new products and services in order to respond to changes in the timing of statewide adoption opportunities and to take advantage of opportunities in all of its markets.

The educational publishing segment reported net sales for 1997 of $709.2 million, an 11.5% increase over 1996's $636.1 million, with all divisions reporting increased revenues over the previous year. McDougal Littell, the Company's secondary school division, did extremely well in the 1997 statewide adoptions, emerging as the market leader in most of the major opportunities. The School Division, which sells to the elementary school market, posted strong sales gains in open territory states. Great Source continued to build its franchise in the supplemental materials market, and Riverside Publishing, the testing division, reported significantly higher net sales for the year, benefiting from increased national attention on student assessment. The College Division posted above-industry growth; net sales rose 7.7% to $149 million from $138.3 million in the previous year.

Although the trade marketplace remains unsettled, Houghton Mifflin's general publishing segment reported 1997 revenues of $88.1 million, an increase of 7.7% from the $81.8 million reported in 1996. The Trade & Reference Division benefited from strong market response to Mariner, the new paperback line, and higher net sales of adult, children's, and reference titles. Houghton Mifflin Interactive's products continued to win market recognition. Net sales increased nearly 40% over the previous year as HMI continued to expand its presence in the consumer software market.

Due to both significant revenue growth and improved operating efficiencies, operating margins increased to 13.4% in 1997 from 12.2% reported in 1996. As a percentage of net sales, cost of sales declined to 45.5% from 45.9%, reflecting the greater proportion of more profitable products in the sales mix and lower development costs. Total selling and administrative expenses also declined in 1997, to 41.2% from 41.9% of sales. Benefits from a new warehouse management system and other operating improvements offset percentage increases in selling and advertising costs.

For the full year, interest expense declined to $38.9 million from $40.9 million in 1996. The decline resulted from the 1996 year-end debt repayment and lower working capital requirements during 1997. This interest savings

McGraw- Hill

Ryerson Ltd.

Reports New High

WHITBY, ONTARIO/ 1/26/98--McGraw-Hill Ryerson (TSE:MHR) Positive performances by all operating divisions of McGraw-Hill Ryerson Limited resulted in the Company achieving record revenues and profits for the fiscal year ended December 1997.

During this period, the Company experienced growth in revenues and profits of 40 percent and 175 percent respectively over fiscal 1996.

Revenue growth in the educational market resulted primarily from the recent acquisition of new product imprints and benefits from an improved integration of editorial, sales, marketing and support functions. The Company has significantly strengthened its core product offerings and has become the market leader in the introductory business/economics markets at the University and Community College levels, and in the extensive Senior High School Math market. In addition, the educational markets benefited in 1997 from stabilization in public spending.

In 1997, revenues in the Trade and Professional markets increased with the growth of the Chapters and Indigo Chains, and the expansion of book sales in non-traditional outlets.

Ian Macdonald, Chairman of the Board, announced that in recognition of the company's positive results and favourable operating plan for the year ahead, the quarterly dividend declared on January 22, 1998 was increased to 10 cents per share from the previous level of 5 cents.

McGraw-Hill Ryerson Limited is one of the foremost educational and trade book publishers in Canada.

The Producers

Entertainment Group

Posts Record Profits

LOS ANGELES, CA/1/28/98--The Producers Entertainment Group Ltd. (Nasdaq:TPEG)(BSE:TPG), a Los Angeles-based diversified entertainment company posted record revenues of $11,969,962 for the six months ended Dec. 31, 1997. Revenues for the same period in 1996 were $1,693,922.

During the quarter ended Dec. 31, 1997, the company completed the acquisition of Grosso-Jacobson Productions. The company's current and historical operating results include the results of Grosso-Jacobson, acquired through a pooling-of-interest merger on Oct. 21, 1997.

Operating income for the period was $846,364 compared with a loss of $972,856 for the same period last year. According to Irwin Meyer, TPEG's chief executive officer: "This has been an incredible period for our company. For the first time in its nine-year history, we are breaking records in both revenues and profits. We are confident that TPEG's annual growth will continue to show improvement."

Larry Jacobson, TPEG's president, further stated "since the acquisition of Grosso-Jacobson, the company's production and development slate has increased significantly. Our recent two- picture production arrangement for the USA Network for two new Mary Higgins Clark television movies further substantiates our belief that this is a valuable television franchise."

In addition to the USA commitment, TPEG and its wholly owned subsidiary Grosso-Jacobson Productions have five new series in development: "The Border" (in association with Rysher Entertainment) for CBS; "Beneath the Robes" (in association with Columbia TriStar) for ABC; "Rod Serling's: Stops Along the Way" for Tribune Entertainment; "Knights of the Millennium" for USA Network; and "Arresting Women" for Lifetime Television.

TPEG's Chief Operating Officer Sonny Grosso added, "We are increasing development from our New York office substantially. Both 'Beneath the Robes' and 'The Red Phone' were developed in New York, and we have numerous other projects currently in the pipeline."

In addition to its Los Angeles headquarters, the company has a New York office with a full development staff. Additionally, Grosso-Jacobson furnishes production and studio rental services in its 75,000-square-foot facility in Toronto.